Pooling on Ethereum
Overview
BiFi Pooling service rewards users who add liquidity to BFC-ETH and BiFi-ETH pools on BiFi. When you add liquidity to BFC-ETH and BiFi-ETH pairs on Uniswap, you will receive Liquidity Pool (LP) Tokens in return. Deposit these LP Tokens on BiFi Pooling and you will receive BiFi Tokens as a reward. You can withdraw the LP Tokens from BiFi and redeem this on Uniswap to get your liquidity back (plus your portion of the 0.3% swap fee accumulated in the pool).
Why is BiFi rewarding me when I deposit BFC-ETH and BiFi-ETH tokens on Uniswap?
Uniswap is a decentralized exchange (DEX) that allows you to swap (trade) ETH for BFC and/or BFC for ETH. For people to trade BFC and BiFi on Uniswap, there must be enough liquidity in each BFC-ETH and BiFi-ETH pools. That way, users are able to trade BFC and BiFi with their ETH on Uniswap whenever they want! As a token of gratitude, we have created our own Pooling service to reward users who provide liquidity for our tokens.
1. Setting MetaMask to Ethereum Mainnet
Click the MetaMask extension on your browser and set the network to Ethereum Mainnet. Then set BiFi to Ethereum Mainnet.
BiFi supports both Ethereum and BSC mainnet. If you set BiFi to Ethereum Mainnet, but have your MetaMask set to a different network, you will see an error. Make sure you set the same network for both MetaMask and BiFi.
2. How to migrate your LP tokens to SushiSwap
To continue earning rewards on your Uniswap LP tokens, you will need to withdraw your Uniswap LP tokens and migrate them to SushiSwap liquidity.
Step 1. Withdrawing LP tokens from BiFi Pooling
1. Go to app.bifi.finance/pool. Click Withdraw below My Deposited LP Tokens.
2. Set the withdraw amount to its maximum. Then, click Withdraw.
3. Withdrawing LP tokens will incur Ethereum gas fees. Click Confirm on your MetaMask to confirm spending the gas fees.
4. You have now successfully withdrawn your UNI-V2 LP tokens to your MetaMask.
Step 2. Migrating Uniswap Liquidity to SushiSwap
1. Go to app.sushi.com/migrate.
2. Click Connect to a wallet and connect your MetaMask.
3. Click Non-hardware Wallet and your Uniswap Liquidity pool will be shown.
4. Click BFC/WETH or BiFi/WETH. If you have both, you must migrate for both pools separately.
5. Select MAX. Then click Migrate.
6. Click Sign to confirm Signature Request on your MetaMask.
7. Migrating LP tokens will incur Ethereum gas fees. Click Confirm on your MetaMask to confirm spending the gas fees.
8. You have now successfully migrated your BFC-ETH LP tokens to SushiSwap. If you have BiFi-ETH LP tokens on BiFi Pooling, repeat Step 1 to migrate the liquidity.
Step 3. Adding SushiSwap LP (SLP) tokens to MetaMask
1. Click Add Token on the bottom-right of the BiFi page.
2. Select BFC-ETH or BiFi-ETH pair.
3. Select Add Token to complete adding the SushiSwap LP (SLP) token.
You are now ready to deposit SLP tokens on BiFi Pooling. Go to app.bifi.finance/pool and start earning BiFi rewards!
3. Adding New Liquidity on SushiSwap to receive SLP tokens
1. Go to https://app.bifi.finance/pool/ and click Add Liquidity to BFC-ETH Pair on SushiSwap. Or, go to https://app.sushi.com/add/ETH and click Select a token.
2. Search BFC or BiFi and select the token.
3. To add liquidity, input the same amount of ETH and BFC. Then, click Approve BFC.
4. Click Confirm on your MetaMask.
5. Click Confirm Adding Liquidity.
6. Click Confirm Supply.
7. Adding liquidty to SushiSwap will incur Ethereum gas fees. Click Confirm on your MetaMask to confirm spending the gas fees.
8. Transaction has been submitted. You can view the transaction on Etherscan by clicking View on explorer.
9. Once the transaction is complete, ‘Add ETH and BFC’ will appear on the top right corner.
You are now ready to deposit SLP tokens on BiFi Pooling. Go to app.bifi.finance/pool and start earning BiFi rewards!
4. Depositing LP Tokens in BiFi Pooling
After you have received SLP Tokens from SushiSwap, you can now deposit them into BiFi Pooling service. If this is your first deposit, you must approve the token first on BiFi.
Gas fees are required to activate the token. This step needs to be done only once.
5. Depositing tokens in BiFi-ETH on SushiSwap
In addition to the BFC-ETH pool, SushiSwap also has a BiFi-ETH pool. The same process goes for depositing BiFi-ETH LP Tokens as BFC-ETH SLP Tokens. Provide liquidity in the SushiSwap BiFi-ETH pool, deposit LP Tokens on BiFi, and get BiFi Token rewards!
6. BFC-ETH Pooling Page Overview
BFC-ETH Liquidity Provider Earnings BiFi Pooling was created to reward users who provide liquidity in the BFC-ETH and BiFi-ETH SushiSwap pool. When users deposit the LP Tokens they receive from providing liquidity on Uniswap, BiFi rewards BiFi Tokens in return.
Total Deposited Number of BFC-ETH LP Tokens currently deposited in BiFi Pooling
Earnings Rate Number of BiFi Tokens to be distributed in a given week
APY Estimated Annual Percentage Yield (APY) of BiFi Tokens on BiFi
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