Farming: Step-by-step guide
Last updated
Last updated
In this quick guide we’ll take you through the PembRock farming functionality step-by-step, giving you all the info you need to get higher returns by leveraging your current holdings by up to 3x.
There are two roles on PembRock Finance, lender and yield farmer. Farmers are able to leverage their current holdings to receive great rewards, while lenders provide the funds that make this possible. As yield farmers, users can take advantage of up to 3x leverage, maximizing returns while being able to adjust their positions in response to any changes in the crypto market.
Our platform ensures that your positions can be up and running quickly, with most processes automated. One of our main goals is to extend yield farming opportunities to more people — even those who have never participated in farming before.
Note: If you haven't created a NEAR wallet and loaded it with crypto, see the NEAR Guide for how to do it in the easiest possible way: https://docs.near.org/docs/develop/basics/create-account
Once you have NEAR or other tokens in your wallet, they can be swapped for PEM, REF, or other tokens not listed on centralized exchanges through Ref Finance, Spin or Tonic.
Then, follow these few easy steps to start lending on PembRock Finance:
Step 1: Open the PembRock Finance app and connect your NEAR wallet by clicking on the Connect wallet button in the top right corner.
Step 2: Once you connect, in the Portfolio Overview section, you can view all the Lend and Farm pools. You can also do this in the respective Farm and Lend sections of the app.
Step 3: Once you have selected the token pair you wish to farm, click Farm.
Please note: When farming a pair with leverage, you will need to have funds representing (at least) one of the coins in your wallet.
For example: If farming the PEM-USDT pair, you will need to have funds in your wallet in either PEM (if borrowing USDT) or USDT (if borrowing PEM). If you are holding wNEAR, it will need to be swapped on Ref Finance or Jumbo Exchange to one of the coins in the pair.
Step 4: Once you have clicked Farm, you’ll be taken to the corresponding page where you can choose which asset in the pair you wish to deposit, the asset you wish to borrow, the exact amounts, and how much leverage you wish to farm with through the slider (1x to 3x).
Then, click Farm to confirm the transaction.
Step 5: Congrats, you’re officially farming with PembRock Finance! Through automation, we allow you to farm in the click of a button — no need to go to another exchange, add liquidity, collect LP tokens, and then deposit them into separate farming pools.
You will be able to check your balance and adjust your position by clicking the Farm Position tab.
Please note: You can open more than one farming position at a time. It simply depends on how many different types of currencies you have in your NEAR wallet.
Step 1: Go to your Portfolio and click Farm Positions.
Step 2: In this section you will see all the active positions in your portfolio. Click Close next to the position you wish to exit.
Step 3: You will be taken to a screen where you have the option to close the entire position, or just a certain percentage of the position value.
Please note: Not all data is working properly right now; however, all available positions are secure.
Minimize Trading means that we will convert the minimum required amount of tokens into the borrowed token to pay back any debt and return the remaining assets to you. This can potentially save on trading fees and a negative price impact.
Convert all means that your entire position will be converted to the borrowed token and returned to you after the debt is paid.
Step 4: If you wish to completely close your position. Go to the bottom of the screen and click Close Position, then approve the transaction in your NEAR Wallet.
Step 5: When the position is closed, the tokens automatically fall into the corresponding lend pools. In case you want to get them on your wallet, you need to make withdrawal specifically from lend pools.
To learn more about leveraged yield farming and how you can profit, visit our School of PembRock.
