This section will briefly introduce the basic infomation, revenue sources and operating procedures of liquid mining.
1. What is Yield Farming
"Yield Farming" in DeFi refers to the process of depositing or lending designated token assets as required through DeFi products with a mining mechanism to provide liquidity for the swap fund pool and obtain income. This income may be the native token of the project.
On the MOBOX platform, deposit the MBOX-BNB LP to increase liquidity for the pool. As a reward for providing liquidity, participants can get airdrop of MBOX.
2. LP Token
What is LP
LP can be understood as a pledge certificate: when the user puts the asset into the fund pool and adds liquidity to the pool, the fund pool will return a certificate to the user.
In traditional finance, the user's deposit in the bank is to increase the liquidity of the bank's fund pool. After a user deposits successfully, the bank will return a savings certificate, counterpart is the LP.
Uses of LP
LP can be deposited on the MOBOX platform to participate in yield farming and earn income.
How to get LP
Deposit two designated digital assets (MBOX and BNB) in the liquidity pool of the Pancake platform to obtain LP.
3. HOW MBOX is Farmed？
1) Exchange BNB/MBOX
LP tokens come from liquidity, before adding liquidity make sure you have enough BNB and MBOX tokens in your wallet;
You can exchange tokens directly through the MOBOX platform, follow the steps shown below.
2) Add Liquidity
Click "Liquidity" from MOMO farmer. In the pop-up window, click to add liquidity, and enter the quantity.
3) Deposit LP tokens
Click "deposit" on MOMO farmer. Enter the number of LP tokens in the pop-up window.
4) View APY
Follow the step to check "My APY", and recommendations of boost strategy.
There are two steps to withdraw your tokens:
Withdraw your deposited LP tokens.
Remove liquidity, click on "liquidity" from MOMO farmer and select "remove liquidity". After wallet authorization is completed, the tokens will be returned back to your wallet.
5. Mining Booster
System will automatically accelerate the mining output after getting veMBOX; The current rate will be displayed at APY on the homepage.
How to get veMBOX?
Click "veMBOX boost" on MOMO Farmer. Enter the staked amount of MBOX in the pop-up window, and select the time you want to staked.
6. Claim $MBOX
Click "Rewards" on the MOMO farmer to withdraw the mining income.