Yield Farming with CoFiX $CoFi

Decentralized Finance protocol CoFiX just launched and it has raised $500,000 in a token round led by Huobi DeFi Labs and Dragonfly Capital, with participation from Coinbase.

Here is the link: http://cofix.io/ Officially launching on October 12, 2020 (UTC+8)

Useful resources:
CoFiX whitepaper
CoFiX Protocol Twitter
CoFiX product documentation

**Disclaimer: **
NO INVESTMENT ADVICE. The content is for informational purposes only.

Overview

CoFiX is an automated market-making protocol that enables traders and market makers to participate in the DeFi market without bearing such uncertainties. CoFiX is a community-driven DeFi project that was founded in March this year.

You can get $CoFi token already through liquidity mining, and there are a number of ways to farm $CoFi token, more interestingly, you can earn $CoFi token through trading (trading mining).

Mining pool A: the trading mining pool
• 80% of the tokens generated from Mining pool A goes to traders, 10% goes to the liquidity providers of the corresponding asset pool, 10% goes to the nodes.

Mining pool B: the liquidity mining pool
• 100% of the tokens generated from Mining pool B goes to liquidity providers, distributed evenly per asset pool, liquidity providers can claim the tokens from the liquidity mining rewards pool based on the XToken amount they put in for liquidity mining.

Mining pool C: the node mining pool
• 100% of the tokens generated from Mining pool C goes to the nodes. Nodes can claim the tokens from the node rewards pool based on the node token amount they are holding. So the nodes always receive 10% of the total token generated through the 3 mining pools.

Pool A (Swap)

This is the page you will see, select the trading pair you wish to trade for; currently, CoFiX supports ETH, USDT and HBTC.

Input the desired amount and click swap. Wait for the Ethereum network confirmation. Please note there is an oracle fee of 0.01ETH per interaction.

You will see how many $CoFi tokens you are earning by performing a trade.

Pool B (Liquidity Pool)

This is the page you will see, click add liquidity.

Select the market pair you wish to provide liquidity for, currently, CoFiX supports ETH/USDT and ETH/HBTC trading pairs.

Input the desired amount for both assets, and it doesn’t have to be 50% 50%. In fact, it can be any ratio. Click approve and subscribe. You will receive your liquidity provider tokens called XToken. Please note there is an oracle fee of 0.01ETH per interaction.

By default, CoFiX will automatically stake XToken for you. You can choose not to by unticking “Deposit XToken to get CoFi”.

You will see how many $CoFi tokens you are earning by providing the liquidity in the CoFiX ecosystem.

Once you have successfully subscribed, you can see your expected earnings.

Pool 3: (Dividend Pool)

Once you have earned some $CoFi tokens, you can go to the dividend tab to deposit your $CoFi tokens to receive rewards in ETH. Input the desired amount and click approve, deposit and wait for the network confirmation.

Once the system generates enough ETH reward, you can claim these ETH by clicking the claim button.

Happy farming!

1 Like

Removing liquidity doesn’t work. ETA until fix?

Low gas issue maybe? Try again with Fast or Instant