HomecaretCoin98 Wallet

How To Use SolFarm: Yield Optimizer Platform on Solana

Publish by The Junior Builder at 08 October 2021

If you have joined AutoFarm, Beefy Finance, or Pancake Bunny in the Binance Smart Chain, do not miss the opportunity to optimize your profits with SolFarm. In this article, I will guide you on how to use SolFarm step by step.

Let's get started!

SolFarm Overview

SolFarm is the first Yield Aggregator Platform on the Solana ecosystem. SolFarm users can provide liquidity to Vaults on Raydium, Orca, or Saber. The special feature of SolFarm is the Auto-compounding which automatically accumulates interest to Farm, saving costs and time while achieving the most optimal interest rate.

Now SolFarm supports the following vaults: RAY/USDT, RAY/USDC, RAY/SRM, RAY/SOL, PAI/USDC, STEP/USDC, MEDIA/USDC, ORCA/USDT, ETH/SOL,…

The fee structure:

  • Control fee: 0.01%
  • Platform Fee: 0.1%
  • Vault Fees: 0.0%
  • No deposit/withdrawal fees.

How to start using SolFarm

Download and install Coin98 Mobile Wallet

SolFarm is now available on the Coin98 Mobile Wallet for both iOS and Android users:

Read the detailed instructions about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Download and install Extension Wallet

Coin98 Extension Wallet now supports both Chrome and Firefox. If you are a new user, currently you can directly install the Extension Wallet on your computer.

  • Install Coin98 Extension Wallet on Google Chrome here.
  • Install Coin98 Extension Wallet on Firefox here.

Create the Solana (SOL & SPL tokens)

SolFarm is a protocol of Solana, so you definitely need a Solana wallet (SOL, SPL) to use this platform.

After installing the Coin98 Wallet, you can refer to the guidelines below to create a Solana (SOL, SPL) wallet, or restore Solana wallets from other platforms to Coin98 Wallet.

  • How to create a Multi-chain Wallet (recommended).
  • How to create a Solana (SOL, SPL) wallet here.
  • How to import Solana (SOL, SPL) wallet from Sollet wallet here.
  • How to import Solana (SOL, SPL) wallet from Phantom wallet here.

If you are already a Coin98 Wallet user, you can refresh or import multi-chain wallets to update your Solana wallet (SOL, SPL) as well as other new wallets available in this version!

On SolFarm, whether you’re using USDT, USDC, or SOL, you need to transfer them to your Solana wallet.

Prepare SOL to pay for the gas fee

SolFarm uses SOL for the gas fee, therefore, to start experiencing on SolFarm, you need to have SOL in your account.

You can buy SOL on centralized exchanges like FTX,.. and withdraw to Solana Wallet to be able to experience the product.

So now that everything is ready, let’s start trading.

Prepare LP token for Vault

Solfarm will use LP tokens from other platforms such as Orca, Raydium, Saber.

The instructions below introduce how to add liquidity to Raydium. Also, you can see more in those articles:

Step 1: To access Raydium, after logging into your Coin98 Wallet account, click Browser on the home screen. Enter Raydium in the search bar, tap the Raydium logo in the results.

At the main interface, convert the network to Solana by clicking on the selection tab at the bottom right corner of the screen. If you have more than 1 Solana wallet, you can select the preferred wallet.

Then, In Raydium main interface, click Connect on the right of the screen → Select Coin98 Wallet from the list.

Step 2: Click on the hamburger icon at the right of the Swap transaction → Choose Liquidity.

Step 3: Select the pool and token pair you want to add liquidity to or find on the search bar. We will take the RAY-USDC trading pair on Raydium Pool as an example.

Step 4: Choose the amount you want to supply. Just insert the amount of one coin/token and the system will automatically calculate the other.

Double-check the information and choose Supply. The system will calculate a small fee. Wait a few minutes for the system to process.

Step 5: You will see the message 'Transaction has been confirmed" to confirm adding liquidity successfully. Now LP tokens will appear in Your Liquidity.

How to use SolFarm on Coin98 Mobile Wallet

To access SolFarm, after logging into your Coin98 Wallet account, click Browser on the home screen. Enter SolFarm in the search bar, tap the SolFarm logo in the results.

Add liquidity

Step 1: After successfully creating LP tokens in Raydium, connect your wallet by selecting the wallet icon in the right corner of the screen. Then select Coin98 Wallet from the list.

If you want to change your wallet or your chain, tap on the Wallet Name in the lower right corner of the screen → Select the appropriate wallet/network.

Step 2: Choose the token pair you want to farm. I will take the RAY-USDC trading pair as an example.

Step 3: After that insert the number of LP tokens you want to supply. Then click Deposit.

After successfully adding liquidity, you will see the balance of LP tokens move from Balance to Deposited.

Withdraw Liquidity

Step 1: Find the token pair you are farming on SolFarm.

Step 2: Insert the number or slide the bar to adjust the amount of LP tokens you want to withdraw. Click “Withdraw” and complete the step.

Step 3: After withdrawing liquidity, you will see the balance of LP tokens move from Deposited to Wallet Balance.

Remove LP token on Raydium DEX

Step 1: Access Raydium as I have instructed in the preparation section.

Step 2: Find Your Liquidity section, choose the token pair you want to remove.

Step 3: To reclaim the token again, you just need to choose ‘Remove Liquidity’ and confirm the transaction.

Leveraged Yield Farm

Leveraged Yield Farm is a unique feature on SolFarm that allows you to borrow assets and use them for farming, the higher the utilization rate, the higher the interest rate.

Step 1: Choose the token pair you want to. In this guide, I will take SOL – USDC pair for example.

Step 2: Click Farm nx (n is the leverage ratio you have chosen). In the pop-up, the system will display detailed information about the selected coin/token pair also you can select the asset you want to borrow or supply by clicking the coin/token icon.

Step 3: After confirming the details, press Farm to complete this step. Once the transactions confirm, you can find your position in the Your positions tab and manage it there.

Note:

  • Before participating, you must have enough SOL in your wallet at least 0.05 SOL.
  • When participating in this feature, you will not receive TULIP token because APR is always = 0.
  • The follow information will display depend on selected leverage.
  • The default leverage always is 3. Be careful when selecting leverage to match the number of the available assets.

Lending coin/token on SolFarm

In addition to farming based on the liquidity that you have provided, SolFarm also allows users to lend coins/tokens to earn more profits.

Note: If Utilization for the pool is over 95% (Total Borrow/ Total Supply) the borrowing feature will be disabled.

Step 1: Click on the hamburger icon at the right corner of the main interface → Choose Lending.

Step 2: Choose the coin/token you want to deposit. The system will provide the following information: APY, Total Supply, Total Borrow, or Utilization of that coin/token.

In this guide, I will take USDC for example. Insert the number or slide the bar to adjust the amount of token/coin you want to deposit. Then select Deposit.

After depositing, you will see the balance of coin/token move from Balance to Deposited.

To reclaim the token again, you just need to adjust the amount of token/coin you want and choose ‘Withdraw’, and confirm the transaction.

How to use SolFarm on Coin98 Extension Wallet

Add liquidity

Step 1: After successfully creating LP tokens in Raydium, connect your wallet by selecting Connect Wallet in the right corner of the screen.

Then select Coin98 Wallet from the list.

Then select Connect to connect with Coin98 Wallet.

Step 2: Choose the token pair you want to farm. In addition to the liquidity pairs that need to convert LP tokens, you can also use coin/token by choosing Raydium, Orca or Saber platform. I will take the SOL - USDC on Orca Platform for trading pair as an example.

Step 3: After that insert or slide the bar to adjust the amount of coin/token you want to supply. Click Deposit.

Sign in to Coin98 Wallet to conduct the transactions.

After successfully adding liquidty, you will see the balance of LP tokens move from Balance to Deposited.

Withdraw Liquidity

Step 1: Find the token pair you are farming on SolFarm.

Step 2: Insert the number or slide the bar to adjust the amount of LP tokens you want to withdraw. Click “Withdraw” and complete the step.

Sign in to Coin98 Wallet to conduct transactions.

Step 3: After withdrawing liquidity, you will see the balance of LP tokens move from Deposited to Wallet Balance.

Leveraged Yield Farm

Step 1: In the SolFarm main interface, select Leveraged Yield Farm.

Step 2: Choose the token pair you want to. In this guide, I will take SOL – USDC pair for example.

Step 3: Click Farm nx (n is the leverage ratio you have chosen).

In the pop-up, the system will display detailed information about the selected coin/token pair also you can select the asset you want to borrow or supply by clicking the coin/token icon.

Step 4: After confirming the details, press Farm to complete this step. Once the transactions confirm, you can find your position in the Your positions tab and manage it there.

Lending coin/token

In addition to farming based on the liquidity that you have provided, SolFarm also allows users to lend coins/tokens to earn more profits.

Note: If Utilization for the pool is over 95% (Total Borrow/ Total Supply) borrowing will disabled.

Step 1: In the SolFarm main interface, select Lending.

Step 2: Choose the coin/token you want to deposit.

The system will provide the following information: APY, Total Supply, Total Borrow or Utilization of that coin/token. In this guide, I will take USDC for example.

Insert the number or slide the bar to adjust the amount of token/coin you want to deposit. Then select Deposit.

Sign in to Coin98 Wallet to conduct transactions.

After depositing, you will see the balance of coin/token move from Balance to Deposited.

To reclaim the token again, you just need to adjust the amount of token/coin you want and choose ‘Withdraw’, and confirm the transaction.

The system will as permission for this transaction, Sign in to Coin98 Wallet to conduct transactions.

Why should you use SolFarm on Coin98 Wallet?

For both the newbies and the DeFi experts, using SolFarm on the Coin98 Wallet DApp Browser brings undeniable benefits. Such as:

Simple, easy to access

The DApp Browser is integrated into the Coin98 Mobile Wallet for both iOS and Android users. Just by clicking Browser on the home screen, you'll be seamlessly taken to the marvelous DApp world to freely explore the best of DeFi.

You can also swap C98 tokens on the Coin98 Mobile Wallet or Coin98 Exchange easily and conveniently.

Minimized risk of fraud

Coin98 Wallet constantly strives to find the top-tier games while prioritizing the safety of users’ assets by integrating the exact address of the game’s platform on the app.

Therefore, you can avoid the case of searching and accessing fake game platforms, exposing Private Keys/Passphrases, or swapping scam tokens.

The Cross-Chain Bridge

Considered one of the most innovative features of Coin98 Wallet, the Cross-Chain Bridge allows users to interact with SolFarm easily and convert ERC20, TRC20, SPL tokens to BEP20 tokens directly using the Mobile App without using third-party applications.

Ability to experience numerous DApps

If you are extremely excited about farming and staking tokens on SolFarm after reading this tutorial. Why don't you continue the great experience of other multi-chain DApps on the Coin98 Mobile Wallet DApp Browser?

Always have detail instructions and updates

At Coin98, you are always updated with all the new information and DeFi trends. In this DeFi world, the Coin98 team always gives you new updates, most accurate and objective instructions.

Summary

Hopefully, this article has guided you well to experience SolFarm directly on the Coin98 Wallet. Take advantage of this opportunity and get yourself the best profit. If you have any questions or problems, leave a comment below and join the Coin98 Wallet Chat - Global to get assisted!

Bạn là người mới, muốn học đầu tư Crypto từ đầu để có kiến thức nền tảng?

Học tại đây
back to top