1Hive’s version of yield farming is called the honeycomb. You can earn additional rewards on your LP tokens by adding them to the farm. These initiates are only for a short time, so there are different categories of farms, active and inactive. Let’s head over to the honeycomb and get started.
Step 1: Head over to hny.farm and use the ‘Unlock Wallet’ button to unlock the farming interface. Once unlocked, you will be able to see the following.
Step 2: Now we’re ready to see what farms are active. You can do this by hitting the farm tab at the top of the webpage. The farms that are actively giving rewards are displayed under the ‘Active Farms’ list with their respective APY %. The kinds of tokens you want to provide for the yield farming and the APY % are important to consider before choosing a farm.
Step 3:Once you decide on a farm that works for you, we are ready to add our LP tokens. For this example we will use the Dai Daisies pool, so I will hit the ‘Select’ button to see more details about that pool. The additional details indicate the time remaining in the farming period, the price per LP token & the total value of your staked tokens.
Step 4:Now click on the ‘+’ icon to add your LP tokens to the pool. A window will pop up where you can select how many LP tokens you wish to add to the pool, or you can click the ‘MAX’ button to add them all. Once you’re ready to proceed, hit the ‘Confirm’ button and confirm the transaction on your Metamask.
Step 5:Once the transaction is confirmed, your staked tokens will appear on the interface, and honey will be dripped to you for each block on the xDai network.
To Harvest: You can harvest the honey you’ve accumulated at any time you choose simply by clicking the ‘Harvest’ button, and confirming the Metamask transaction. Once confirmed, the honey will be transferred to your wallet.
Unstaking (coming soon): To unstake your LP tokens from the honeycomb, simply click the ‘Unstake’ button and confirm the transaction in your MetaMask. The LP tokens will now appear back in the Honeyswap UI under ‘Pool’