12. $gold8 - Liquidity Pool Farming Plan
Last updated
Last updated
To be launched on 30 September 2022 at PancakeSwap $gold8-LP Farm.
Up until now, the only option we've provided for $gold8 holders who want to earn $grain has been the single-sided staking.
This changes on the 30th of September, as the first $GOLD8-LP Farm goes live on PancakeSwap. This would be our first external Farming opportunity for $gold8 holders, and it will certainly not be the last. We aim to have multiple farming opportunities to tide our community over.
This is what seasoned farmer needs to know:
You will be able to head to the $gold8-BNB Pool, supply liquidity, and then stake your received LP tokens on the $gold8-BNB Farm; this lets you earn CAKE while still keeping a position in your other tokens.
Yield Farming on PancakeSwap is easy. Yield Farming in Farms is a great way to earn CAKE rewards on PancakeSwap. You can stake your CAKE tokens further on PancakeSwap’s Syrup Pool to earn even more $grain! That’s basically double rewards; earn $CAKE and $GRAIN while staking your $GOLD8-LP token.
If you don’t have any $gold8, head to PancakeSwap to swap some BNB for $gold8.
Note: make sure to keep the equivalent dollar value in BNB for step 2.
This means adding your $gold8 and $BNB in equivalent dollar amounts to the ‘Liquidity Pool’ that is used for $gold8 token swaps on PancakeSwap. Do this under the ‘Liquidity’ tab — or through this handy link here. Remember to retain a little of your BNB for gas fees!
Note: Receive LP tokens and earn 0.17% trading fees. By Providing Liquidity, you will be given LP tokens and also receive yield — a percentage (eg 0.17%) of all fees based on your share of the Pool.
Note: The only risk is that of Impermanent Loss, or ‘IL’ — which can occur with drastic changes in relative token values.
At the specified time, you will see our GOLD8-BNB farm, with CAKE Rewards. Click on it, stake your GOLD8-BNB LP tokens. You’re now farming CAKE rewards which you can harvest at any time.
You can also head to the Syrup Pool and stake your earned CAKE rewards to earn even more OTHER tokens - including $GRAIN!
Here are several reasons:
You’re diversifying your exposure to other tokens — namely CAKE — which is currently listed on Binance & Crypto.com.
MORE $GRAIN FOR YOUR GGOOSE!! The amount of grain you will yield from the LP Farming and Syrup Pool is likely HIGHER than the 3x per-day received for single-sided staking.
As a possibility but not guaranteed, both rewarding mechanisms are different (GGoose farm being linear, PancakeSwap farm being % based) — it is highly likely to be the case. The TRIPLE YIELD (% LP Pool fees, CAKE rewards, FEED rewards - and other tokens!).
The more liquidity that is provided for $gold8, the more stable the price will become over time. If large ‘sells’ come through with low liquidity, the price is impacted quite drastically. With more Liquidity provided for $gold8, the price impact of these sell-orders becomes lesser and lesser, which is fantastic for both the longevity of the GGoose ecosystem.
