Yield Guild Games Kicks Off ‘YGG-RON Liquidity Pool Farming’ Program With 3.6M YGG In Rewards
In Brief
Yield Guild Games has launched a liquidity pool farming rewards program, allocating 20,000 YGG daily to YGG holders participating in the YGG-RON liquidity pool on Katana DEX.
Web3 gaming guild Yield Guild Games (YGG) announced the launch of the YGG-RON liquidity pool (LP) farming rewards program. Starting on February 13th, the program will allocate 20,000 YGG tokens daily to YGG token holders participating in the YGG-RON liquidity pool on Katana, Ronin‘s official decentralized exchange (DEX). YGG has committed a total of 3.6 million YGG tokens over 180 days in rewards for providing liquidity to the Ronin network.
The program aims to offer the YGG community additional ways to utilize their token holdings. It complements recent updates to the Guild Advancement Program (GAP), such as the Rewards Center and The Stake House, which provide further opportunities to engage with the YGG ecosystem.
The Ronin network has become a key hub for many members of the YGG community, making it a suitable platform for this rewards initiative. The YGG-RON liquidity farming program will kick off just before GAP Season 9, giving participants a chance to enhance their YGG and RON rewards as the season unfolds.
Token swaps on DEXs like Katana are facilitated by LPs, which are shared pools of tokens provided by community members. These LPs ensure liquidity for both tokens involved in a trade, allowing the DEX to successfully execute transactions. In exchange, liquidity providers receive a portion of the trading fees generated by the pool. This share is determined by the provider’s contribution relative to the total value of the LP.
The 20,000 YGG tokens allocated daily will be distributed in a similar manner. The more liquidity a person provides to the pool, the larger their share of the rewards.
How To Participate In YGG-RON LP Farming Rewards Program?
In order to participate in the program, a user will first need to start contributing to the YGG-RON LP on Katana.
Users can begin by visiting the Ronin decentralized application (dApp). They should ensure having the Ronin extension installed in the browser or the Ronin Wallet application on the smartphone. In the top-right corner, users can click “Connect wallet” and sign the transaction to proceed. From the left-hand menu, they need to select “Katana” to expand the options and then click on “Liquidity pool” to view the available LPs. The YGG-RON pool is located within Katana’s V2 Pools section. To narrow the options, users can click “Farms Only” and select the YGG-RON pool.
Next, users can choose how much liquidity they wish to provide. Katana will calculate equal values in USD for YGG and RON tokens to deposit into the pool from the wallet. If this is the participant’s first time using these tokens in this way, they will need to approve the transfer of the specified YGG and RON tokens when prompted.
Subsequently, users are encouraged to review the details of their contribution, including the LP tokens they will receive and the share of the pool. Once ready, users can click “Confirm add liquidity” to proceed.
Once the contribution to the YGG-RON liquidity pool is successfully made, users can participate in the YGG-RON LP farming rewards program by staking LP tokens. Staking tokens will make a user eligible to receive a portion of the 20,000 YGG tokens distributed daily to YGG-RON LP contributors.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
