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How To Start Yield Farming Within 20 Minutes on HECO

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Centralized exchanges are trying to create DeFi ecosystems for their customers for some time now. The Binance Smart Chain is certainly leading the charge, but HECO is also becoming a competitor in this space.

The HECO chain has attracted over $1B in TVL since February 2021 along with a lot of protocols and projects that launched on this chain. If you are looking to start farming on HECO in just 20 minutes here is how it can be done:

Metamask Setup #

Like with every other chain, you will need to configure your Metamask wallet first. This can be done by clicking on the “Custom RPC” or “Add network” button in the dropdown menu on your wallet.

From here you will need to enter the following information:

Network Name: Huobi
New RPC URL: https://http-mainnet-node.huobichain.com
ChainID: 128
Symbol: HT
Block Explorer URL: https://hecoinfo.com

All you have to do next is click on “save” and the Huobi network will be ready to use with your Metamask wallet.

Funding Your Wallet #

The best and easiest way to get some funds over to the Huobi network is through their exchange. If you have a Huobi account, you can purchase the Huobi token on the exchange and withdraw it directly to the HECO network. This is mandatory because transactions on the HECO network are settled in HT.

Bridging funds from other chains is also an option but there are very few bridges that support HECO at this time. YouSwap is one the few, and currently it only supports swaps from ETH mainnet to HECO.

Keep in mind that you will need some Huobi Tokens in your wallet even if you bridge Ethereum over to HECO because transaction fees are paid with HT.

Farming #

When the funds finally reach your wallet you will be able to start farming. Vfat tools is indexing all available farming opportunities on HECO and you can always use it as a starting point. Once you make up your mind and choose a farm that seems appropriate you will need to add liquidity to it.

If we take ElkDex as an example, it offers triple digit apy for liquidity providers but only for certain pairs.

To reap these rewards, you will need to deposit the pair of your choice in a liquidity pool at a 50/50 ratio. This means that if you are depositing $50 of Ethereum in a ETH/BTC pool, you will also need $50 worth of Bitcoin.

After adding your liquidity, the protocol will give you LP tokens that represent your liquidity position. These LP tokens are then deposited to the corresponding contract of your selected pair on the farming page and once the deposit is confirmed the rewards will start accumulating.

Depending on the farm of your choice these rewards can be in many different currencies and tokens. It is always best to get very familiar with the project before participating in it.

Conclusion #

Heco can be great for those that are seeking cheap transaction fees without a high emphasis on decentralization. It can help users get started with DeFi and experience farming for the first time without the need to invest a lot of money. Since the transactions cost a fraction of a cent users can start farming with just a few dollars.

As always, it is highly advised that users new to farming get familiar with the risks first. They should learn how impermanent losses, coding mistakes or simply malicious project owners can hurt their investment before putting money in such protocols.

Updated on December 2, 2021
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Disclaimer: This is done with our best knowledge and effort, nothing can be known for certain – always DYOR and risk management. This is NOT financial advice. Use the information presented here to inform your own decisions. Referral links may be included on any outbound link.

  • What do the risk ratings mean?

Our mission here at RugDoc is to screen for hard rug code that results in 100% theft of ALL underlying funds for ALL participants.

This is the ONE part of the due diligence process that most people cannot simply do on their own as it costs thousands of dollars to hire a senior solidity developer to look over a farm for safety.

A project coin with terrible code can go up in price, and a project with good code and a good team can also go down in price.

Do NOT use our ratings to refer to your likelihood in making money if you invest in the project. They are ONLY in reference to code safety.

Everything else beyond code safety is YOUR responsibility to go do research on. We just make sure the casino you’re betting in won’t rob you before you even get to place a bet.

Our reviews for projects are organized into a few colors.

🟢 Least Risk
These projects are the least likely to hard or soft rug. Usually reserved for cornerstone projects of an ecosystem where it makes no financial sense for them to rug in any manner as they make more money just being legit.

🔵 Low Risk
These projects are usually established projects in an ecosystem that have a track record of success or have KYC’d to us or other authoritative sources in the real world. As a result, it is extremely unlikely for them to soft rug or hard rug their projects. The projects can still fail and the token price can go down, but usually more as a result of natural market forces.

⚪️ Some Risk
This is the default rating for projects with unknown teams but have code that is unlikely to have hard rug risk. Since the team is unknown and doesn’t have a track record of success, it’s entirely possible that they may try to soft rug by dumping tokens, abandoning the project, etc. Even a last minute contract swap to a malicious contract is possible. The only thing that is unlikely is a complete hard rug as long as you are 100% sure you deposit into the contract we review.

🟠 Medium Risk
Similar to Some Risk, but the underlying code itself is custom enough or complex enough that it warrants an elevated risk rating that needs deeper research. Make sure you read every point presented to make sure you’re comfortable with that before entering. Still unlikely to hard rug, but more chances of custom code behaving incorrectly and causing other issues.

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Project contains code or practices that are HIGHLY LIKELY to lead to catastrophic losses as they are right now. Make sure you read the description carefully as we will always warn what these issues are. If you see the words Hard Rug anywhere in the review, STAY FAR AWAY!

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