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SpookySwap: How to start Yield Farming

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Previously we’ve discussed how to get into SpookySwap and Stake your tokens on the exchange. In this guide we will explain how you can start yield farming and how to harvest your rewards smoothly!

SpookySwap provides Liquidity Pools and Farm for token holders to generate more profits.

By staking your liquidity token in a farm, you earn transaction fees whenever someone swaps between the pair you’ve provided. The amount of your spLP tokens will not increase, but the value they represent will.

Yield Farming on SpookySwap #

As mentioned earlier, spLP tokens (Spooky Liquidity Pair tokens) can be staked in farms for extra rewards. This can help offset Impermanent Loss risks by incentivizing users to provide liquidity.

To start farming, follow these steps:

Step 1: Click Farm and select the preferred farm.

Step 2: Click Approve to Stake to start staking your spLP tokens.

NOTE: You will need to convert your tokens into Liquidity Provider Tokens (LPs). If you need to learn how to do this, follow our step-by-step guide here.

Once you have finally provided liquidity to a specific token pair and received LP tokens, we can begin!

Step 3: Click Confirm on the pop-up window of your MetaMask Wallet to approve the transaction.

Now you will be able to see the total amount of liquidity in the specific Farm, and what its APR percentage rate is. (It is subject to change when there is more or less volume coming in and out of the Liquidity Farm.

Step 4: Harvesting your LP Rewards

You can always check hourly/daily to see how many BOO tokens you have been harvesting. Once you decide to take out your earnings, you just need to approve the transaction with your MetaMask Wallet.

Click Harvest All to claim the farming rewards.

Step 5: Remove Liquidity from Farm Pool

Additionally, users can remove their tokens from the farm pool at any time.

You can remove tokens by clicking on the Unstake button and entering the amount that you wish to remove. When you are done, click Confirm.

Fantastic! Now you are set to invest in your first Farm on SpookySwap! if you found this article useful, please share it with others!

Updated on January 27, 2022
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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.

🔴 High Risk
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!

⚫️ Not Eligible
We reserve the right to not review exceedingly complex projects that would require tens of thousands of dollars of senior security analyst man hours. Typically these are projects that deal with leverage, lending, options, derivatives, and anything that is overly complex and which requires tons of peer reviews and audits from top audit companies.

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  • How can I request for an update to my review?

🟢 For owners who have made impactful changes and would like an update to their farm review:

1️⃣ Use #update at @RugDocChat with your description and proof of changes and it will be forwarded to our scanners.

2️⃣ This does not guarantee a change in your review.

3️⃣ Owners who have difficulty solving the issues can consider our Consultation Package - please contact @BaymaxCrypto on Telegram to discuss.