I finally initiated my Polycub farming operation after roughly two months of just accumulating airdropped tokens. Actually, the decision to grow a Polycub savings turned out to be a pretty solid decision because it enabled me to get into the farm.
In case you haven't seen any of my previous publications, Polycub is a Defi 2.0 platform that was developed by the Leofinance project. The project runs on the Polygon network and offers investors a route to earn consistent dividend through the Polycub token.
After clicking about the Leofinance tools, I was able to wrap Hive and then pool it in a farm that pays approximately 200% APR, at the moment. In this publication, I'll run down how I was able to start my farming operation.
Wrapping Hive.
The Leofinance team has mentioned pHive on a number of occasions in recent publications. Today, after one of the shortest rounds of soons in the sooniverse, we finally got a Polygon wrapped Hive.
Thanks to this addition, Hive now has a representation on the Polygon network. Also, just like pHBD, each pHive on Polygon is based on a 1:1 ratio with Hive on Hive blockchain.
Adding Hive, with all the numerous earning opportunities that the coin offers is a route for the protocol owned liquidity to accumulate value.
To wrap Hive on Polygon, here are the steps that you have to follow.
- Go to https://wleo.io/hive/
- Input the Polygon address that will receive the pHive(wrapped Hive)
- Input the amount of Hive on Hive blockchain that you want to wrap into pHive
- Click on "Transfer"
- You will then be required to input the username of the Hive account that the Hive you want to wrap will be taken from
- Click "Ok" and your Hive Keychain or Hivesigner will prompt you for confirmation.
Note that you need to ensure the specific amount of hive you input is available in the account that you input into the username field. Also, note that there's a small network charge of 0.25 Hive for every time you wrap Hive.
- Finally, to see pHive in your wallet, you will need to import it with the Polygon smart contract. You can see all Token contracts on the Polycub docs page that I included below https://docs.polycub.com/resources/polygon-contracts
Farming Polycub
What's the point in wrapping Hive you ask? Well, with pHive, you can now start passively earning Polycub tokens. At the time of writing, there's still very little liquidity in the farm, so if you're interested, you might as well get to it now that the reward is still high.
Anyway, at the time of writing, there's a pHive/Polycub farm running on Polycub. For anyone that hasn't farmed before, this basically means that you add liquidity to that trading pair by bringing equal amounts of both assets then pooling them together and staking the liquidity pool token.
To add liquidity, and start farming Polycub, you simply follow these steps.
- Go to polycub.com
- At the left side of your screen, select "Trade" and in the drop down menu that comes afterwards, select liquidity. This will redirect you to a Sushiswap terminal to add liquidity.
- Just like your metamask or any other wallet you use, you will also need to include the contracts for both pHive and Polycub, if you've not already done that.
- In the Sushiswap portal, you click on any of the "Select Token" buttons, select "manage tokens list" at the bottom of the screen, select "Token" at the top right of the list, and then input the contract for pHive that you can get in the Polycub docs page below https://docs.polycub.com/resources/polygon-contracts
- After that, pHive will always be available for you to add liquidity or trade it on Sushiswap.
- Select pHive and you'll see the Hive that you wrapped. Select Polycub in the other available tab to select token.
- You will need to approve the trading pair. After confirmation, you add liquidity to the trading pair.
- Finally, you will head back to Polycub Farms https://polycub.com/farms, enable the pHive/Polycub farm, and then stake the LP tokens that you see there to begin your farming operation.
A few thoughts
If you're thinking long term like me, then you'll realise how massive this opportunity could turn out to be for people on Hive. Thanks to this move, you have the opportunity to passively earn even more dividends from the Hive that you earn on hive.
I'm very bullish about the prospects of Polycub, so adding to this farm sits well with me. I get the opportunity to earn from my content and then use the earnings to farm for even more money. I'm getting paid and getting paid for getting paid with Polycub.
I intend to continue adding to this pool and eventually turn it into a sort of saving for the long term. I have no plan to sell any Polycub, so the likely scenario is that I'll continue adding to my position and boosting my position in the farm, even when the APR eventually reduces.
- Discord: belemo#9593
- Twitter: https://twitter.com/belemo__
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