How to earn rewards by farming Saros LP tokens on SarosFarm

You have LP tokens on Saros and wanna farm them to earn rewards on SarosFarm.

Check out this blog to know how to make it.

1. Set up Coin98 Solana Wallet

At the moment, users can connect to Saros Finance via Coin98 Extension.

How to download Chrome Extension

• Coin98 Extension: https://chrome.coin98.com

Create a Solana Wallet (SOL & SPL) on Coin98 Extension

Because SarosFarm is a Yield-Farming platform on Solana, you must own a Solana Wallet to use it.

After Coin98 Extension is downloaded or updated, you can follow the instructions below to create a Solana Wallet (SOL&SPL) or restore Solana wallets from other platforms to Coin98 Extension:

• How to create a Multi-chain Wallet (suggested) or Solana Wallet: here
• How to create a Solana Wallet: here.
• How to import your current wallets to Coin98 Extension: here

Gas fee and SPL standard

It should be noted that Saros Finance is on the Solana chain, which means that you can only farm tokens in SPL standard.

SarosFarm uses SOL (SPL standard) as transaction fees; therefore, you should prepare SOL before any transaction on Saros.

2. How to use SarosFarm

Access to SarosFarm: ​​https://saros.finance/farm

If you already installed Coin98 Extention, Coin98 Extension will automatically connect to the corresponding Solana Wallet.

How to farm on SarosFarm

Step 1: Before staking, you must have LP tokens in your wallet. To own LP tokens, you can refer to “How to add liquidity on Saros Finance”.

Step 2: On the Active tab, choose your desired pool -> Click Stake. This tutorial will take the C98-USDC LP as an example.

> You must read the information carefully before staking:

• APR (Annual Percentage Rate): the number of rewards you will receive if farming this LP token in one year. The bigger the number, the more rewards you will receive in the pool.

Notice: Yield farming can give high APYs/ APRs rewards, but it comes with a risk of Impermanent Loss. It is not as scary as it sounds, but it is worth learning about the concept before you get started. Check out this great article about Impermanent Loss from Binance Academy to learn more.

• Earn: the token reward you will earn from farming LP in the pool.
• End at block: Once the pool has reached that block, the rewards for that pool will stop being distributed.
• Liquidity: total liquidity currently deposited in the pool.

Step 3: Select the amount of LP Token you want to stake, check the gas fee -> Click Stake

Step 4: Wait a few minutes for the system to process. After processing successfully, the system will display a notification and your staked LP Token will be shown as below.

Note:

• The rewards will be real-time updated, you can harvest anytime by clicking “Harvest”
• You can stake more LP tokens by clicking the “+” button.
• Otherwise, you can unstake by clicking the “-” button.

How to unstake

There will be no lock-up period when you stake in SarosFarm, so you can unstake anytime.
Step 1: Choose the pool you want to unstake. To unstake, click the “-” button.

Step 2: Select the amount of LP Tokens you want to unstake, check the gas fee -> Click Unstake LP Tokens.

Step 3: Wait a few minutes for the system to process. After the unstake process is successful, the amount of Unstaked LP tokens will be recorded in your initial pool.

To remove the LP tokens, you can refer to “How to remove liquidity”

Note: If you Unstake the LP tokens on the farm, the Rewards will not be automatically harvested, you must harvest them yourself.

How to harvest

The rewards will be real-time updated and you can harvest anytime.

Step 1: To harvest, click the “Harvest” button.

Step 2: Check the total received rewards -> Click Confirm

Step 3: Wait a few minutes for the system to process. After the harvest process is successful, the rewards token will be recorded in your wallet.

3. FAQs

Are more yield farming pools coming to Saros?

New yield farming pools will come to Saros in the near future. There will be an announcement when there is a new pool on our Telegram channel, Discord, and Twitter.

Are there any fees associated with the SarosFarm?

SarosFarm uses SOL (SPL standard) as transaction fees; therefore, you should prepare SOL before any transaction on Saros.

Currently, Saros does not take any additional fees.

Have the new contracts been audited?

The new contracts have been audited by Inspex.

How to calculate and distribute the reward?

You will receive Liquidity Provider tokens (LP tokens) when you add liquidity to a pool, which represents your proportional share of the pooled assets. For example, if you deposited $C98 and $USDC into a pool, you would receive C98-USDC LP tokens.

When farming, Saros Farmers will receive both rewards:

• Trading reward

Every time a user swaps within the pool between $C98 and $USDC, a 0.25% of the fee on the swap amount goes back to the LP pool.

• Farming reward

The farming reward will be distributed and calculated evenly by block. To check the block, users can access https://explorer.solana.com/.

Closing thought

We hope this instruction above will help you know how to farm Saros LP Tokens on SarosFarm and increase your rewards.

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If you have any questions or have any problems when adding liquidity on Saros, staking via Quarry, or voting on Tribeca DAO, please comment below and join the Saros Chat group for support!