Free TON DeFi Alliance Announces 15M TON Yield Farming Program
PRESS RELEASE. The 15M TON Yield Farming program will take place on TON Swap (Free TON’s DEX powered by Broxus), except for the WTON-USDT pair which will be both hosted on Uniswap and TON Swap. On June 29 the first stage of farming begins. The second stage is expected to start by the end of the week. The rewards for liquidity providers will be given within two months.
Free TON is a fast, secure and scalable network, which can process millions of transactions per second thanks to its unique dynamic sharding technology. It is on a mission to drive widespread adoption of decentralized solutions by millions of users. Other unique features of Free TON in addition to its infinite sharding paradigm include instant hypercube routing, proof-of-stake mechanics to validate new blocks, an ability to configure network parameters by voting, and many more.
Distribution for the 1st stage
Free TON has recently committed to adding $1B in liquidity before the end of 2021. Most of the network’s tokens will be put into Yield Farming in order to attract other significant DeFi protocols as well as to add more liquidity to Free TON and pull more liquidity from Ethereum before the launch of Ethereum 2.0.
This time the Free TON DeFi Alliance has partnered with FRAX (FRAX, FXS) and STASIS (EURS) protocols. The partnership will be advantageous for users of all three networks as it will open up access to highly scalable, stable, and on-chain money with low transaction costs and high TPS.
How to take part in Yield Farming and collect rewards
- Install Crystal Wallet for Google Chrome https://chrome.google.com/webstore/detail/ton-crystal-wallet/cgeeodpfagjceefieflmdfphplkenlfk?hl=en
- Send TONs to your address in the Crystal wallet
- In order to participate in yield farming, you need a pair of tokens, for example WTON-USDT
- To turn TON into WTON visit wton.io and exchange TON for WTON one-to-one
- To receive USDT in the FreeTON network, you can buy USDT via a trading pair at tonswap.io, or send from ETH to FreeTON via tonbridge.io
5a. Visit https://tonswap.io/swap and exchange the currency you need
5b. Visit https://tonbridge.io/, connect your Metamask and Crystall wallets there and use the ETH-TON tab. Select the token and follow the further instructions on the website.
- As soon as there are two tokens on your Crystal wallet in the FreeTON network (for example, WTON and USDT), go to https://tonswap.io/pool and add liquidity to the pair. After the liquidity has been delivered, take your LP tokens (click the cross next to the LP tokens at the bottom of the page), and you will receive the pool LP tokens on your wallet
- Go to https://tonswap.io/farming, select the pool corresponding to your pair where you put liquidity and click the Deposit button
- Done! After the LP tokens are credited towards farming, you will see your share in the pool and will be able to collect the reward.
Reasons behind Yield Farming and why it’s worthwhile to participate
For the Free TON DeFi Alliance:
1.Firstly, yield farming is a growth hacking technique that creates a positive feedback loop: token subsidies increase returns, returns boost capital inflows, the greater the inflows the bigger the TVL of the pool is, the more efficient way the trades can be executed; more volume is acquired, the more volume the higher the returns. The business will grow by subsidizing the activity / liquidity of users at an early stage, until the operating income for users covers the required profitability for them early on in project development. Thus, by issuing tokens to them, you make early users the beneficiaries of future revenue streams and thereby overcome their reluctance to put liquidity into early protocols.
- Decentralization of the network and acquiring new supporters.
- The opportunity to earn outsized returns either in terms of transaction fees or TON Crystal subsidies.
If you experience any difficulties at any stage of the Free TON Yield Farming Program, then visit the Broxus Telegram Chat, and the team will do their best to help you.
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