How To Farm CGI
Earning CGI Tokens through Liquidity Provision on Wingriders DEX
Last updated
Earning CGI Tokens through Liquidity Provision on Wingriders DEX
Last updated
In the dynamic world of DeFi (Decentralized Finance), providing liquidity has become a popular way for CGI token holders to earn passive income. If you're holding CGI and ADA tokens, you can participate in liquidity farming on Wingriders DEX and earn CGI & WRT tokens as rewards. Here's how to get started:
STEP 1:
Visit CGI Farming Page
Begin by navigating to the CGI farming page on WingRiders, a decentralized exchange that operates within the Cardano ecosystem. This platform allows users to supply liquidity to various pools and earn rewards in return.
STEP 2:
Add Liquidity
Once you're on the CGI farming page, you'll see an option to "ADD LIQUIDITY" to CGI liquidity pool. You'll need to decide the amount of CGI and ADA you want to supply.
It's important to supply both tokens in a 50:50 value ratio to the liquidity pool.
Enter the amounts of CGI and ADA you wish to supply.
Review the details of the liquidity you're about to provide, including any fees or rates that apply.
STEP 3:
Confirm Add Liquidity
After filling in the amounts, proceed to confirm your action. You’ll need to approve the transaction through your connected wallet. Once confirmed, you have successfully supplied liquidity to the CGI liquidity pool and will receive liquidity pool tokens.
STEP 4:
Deposit your LP tokens
The final step is to deposit your LP tokens to gain farming rewards in CGI & WRT Tokens.
Understanding CGI Rewards Distribution
CGI Rewards Distribution: The Wingriders DEX distributes 1,500 CGI + 4500 WRT rewards every epoch (5 days), proportionally to the amount of liquidity each participant has provided. This incentivizes users to contribute to the liquidity pool and supports the overall health of the trading ecosystem.
It's crucial to note that withdrawing your liquidity before the end of each epoch (5-day period) disqualifies you from receiving rewards for that period. To maximize your earnings, plan your liquidity provision to align with these epochs.
Conclusion
Providing liquidity to the CGI pool on Wingriders DEX is a straightforward process that not only supports the CardanoGPT ecosystem but also rewards you with CGI tokens. This method of earning passive income is particularly appealing to those already holding CGI & ADA tokens and looking to maximize their investment returns.
Happy farming, may your rewards be plentiful! 👩🌾🚜
