Yield Farming with Mooniswap

1inch just announced that you can farm the 1inch tokens by providing liquidity on Mooniswap!

For now, only following pools are incentivized from release date of Mooniswap by 1INCH: ETH-USDC, ETH-DAI, ETH-LINK, ETH-SRM, ETH-USDT, ETH-WBTC, ETH-AMPL, ETH-renBTC, ETH-sBTC, ETH-LEND, ETH-SNX, ETH-sUSD, ETH-YFI, ETH-CRV, ETH-GNO, ETH-MTA, ETH-REN, ETH-MKR, ETH-KNC, ETH-sETH, ETH-yCurve, ETH-AKRO, ETH-wNXM, USDT-USDC, USDC-wNXM, DAI-USDC, DAI-USDT, DAI-sUSD, DAI-yCurve, ETH-BZRX, AKRO-USDC, ETH-CHI, USDC-CHI.

Given that the rewards are calculated using this formula:

It means that the pool that you deposit into does not matter, only the amount of liquidity that you provide does, the longer and more you provide the better!

For this tutorial, I’ve chosen the DAI-yCRV pool because it should suffer from less impermanent loss and I can earn some extra interest with yCRV tokens!

  1. To get yCRV tokens, you’ll need to deposit your stablecoins at https://www.curve.fi/iearn/deposit

  1. After allowing your stablecoins to be spent and depositing, you’ll receive yCRV tokens in your wallet, go to https://mooniswap.exchange/#/add/0x6b175474e89094c44da98b954eedeac495271d0f/0xdf5e0e81dff6faf3a7e52ba697820c5e32d806a8 next. If you wish to choose a different pair, go to the blog post and click the pairs there and it will automatically direct you to the add liquidity page of that pair

  1. Approve your DAI and yCRV tokens for spending, after these two are confirmed you can then supply them into the liquidity pool.

  1. Pool weights are 50:50. Pro tip : If you’re providing assets that have price risk, check out this impermanent loss calculator by https://twitter.com/tannedoaksprout (https://baller.netlify.app/)
  2. Once these 3 transactions are complete, you will receive your Mooniswap LP tokens!
  3. Liquidity providers currently earn a total 2% to the total 1inch token supply and will be given out in the form of vouchers depending on how much and how long they provide liquidity for, read the blog here for more info: https://medium.com/@1inch.exchange/1inch-token-and-liquidity-mining-announcement-5a75bad40ded
  4. You can also swap directly from the Uniswap Liquidity Pool to the Mooniswap Liquidity pool for the same pair! https://twitter.com/1inchExchange/status/1297182579829936128
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