Empowering Communities: A Comprehensive Guide to Farming with SOLVE 2.0

In the dynamic realm of blockchain and decentralized finance (DeFi), community empowerment stands as a cornerstone for innovation and growth. With the introduction of SOLVE 2.0 and its groundbreaking tokenomics, community members are not just participants but active contributors to network security, innovation incubation, and governance. Let’s embark on a detailed journey into the world of yield farming with SOLVE 2.0, while also exploring the intricacies and risks associated with decentralized finance.

Understanding the Landscape: Self-Custody Services and DeFi

Before immersing ourselves in yield farming, it’s imperative to grasp the fundamentals of self-custody services and the principles of decentralized finance. At the heart of DeFi lies the concept of self-custody, where individuals have full control over their digital assets without relying on intermediaries like traditional banks. For those new to the concept, delving into resources like the Medium article titled “Importance of DeFi Self-Custody Services” offers invaluable insights into the significance of maintaining control and security in DeFi transactions. https://medium.com/@LocalBitBuddy/importance-of-defi-self-custody-services-5cb87cae3129

Selecting the Right Tools: Web3 Wallets

Equipped with knowledge, the next step is choosing the right tools for our journey. Web3 wallets serve as our gateway to the decentralized world, providing secure storage and management of digital assets. For desktop users, MetaMask https://metamask.io emerges as a popular choice, renowned for its user-friendly interface and robust security features. Meanwhile, smartphone users can opt for the Coinbase Wallet https://www.coinbase.com/wallet, offering seamless access to DeFi protocols on the go. However, it’s crucial to exercise caution and conduct thorough research before entrusting any wallet with your assets. Additionally, exploring hardware wallets like Ledger provides an extra layer of security, safeguarding your funds from potential cyber threats.

Acquiring SOLVE on the Polygon Network.

SOLVE is natively an ERC20 token on the Ethereum network. But because of the cheap fees on Polygon we have decided to host our Farming rewards on the Polygon network. In order to participate in yield farming you must hold SOLVE on the Polygon network.

But no worries we are going to walk you through the steps of acquiring SOLVE on the Polygon network.

1. Option 1: Using MATIC and QuickSwap:

• Purchase MATIC tokens from a centralized exchange that supports MATIC.
• Transfer the MATIC tokens to your Web3 wallet (such as MetaMask) that is connected to the Polygon network.
• Visit the QuickSwap exchange on the Polygon network using the appropriate link. https://quickswap.exchange/
• Connect your Web3 wallet to QuickSwap and ensure that you have MATIC tokens available.
• Swap your MATIC tokens for SOLVE tokens on QuickSwap.
• Confirm the transaction and wait for the swap to be processed.
• Once the transaction is complete, you will have SOLVE tokens in your Web3 wallet on the Polygon network.

2. Option 2: Bridging SOLVE from Ethereum to Polygon:

• If you already own SOLVE tokens on the Ethereum network, ensure that they are in your Web3 wallet (such as MetaMask) connected to the Ethereum network.
• If your SOLVE tokens are on a centralized exchange, withdraw them to your Web3 wallet on the Ethereum network.
• Visit the Polygon bridge homepage and connect your Web3 wallet to the Ethereum network.
• Choose SOLVE as the token you want to bridge and specify the amount you wish to transfer.
• Follow the instructions to complete the bridging process, which may include confirming the transaction and paying gas fees.
• Once the bridging process is complete, your SOLVE tokens will be available in your Web3 wallet on the Polygon network.

By following these steps, you can acquire SOLVE tokens on the Polygon network and participate in Yield Farming to earn rewards.

A Step-by-Step Guide to Yield Farming on QuickSwap

With our tools at hand, let’s delve into the intricacies of yield farming on QuickSwap, a decentralized exchange (DEX) compatible with various blockchain networks.

Here is also a great video on exactly how this process goes. Please review carefully. https://twitter.com/Solve_Care/status/1778033711742632289?t=9M6zxzDdVI894NsL1GTMXQ&s=19

1. Connect Your Web3 Wallet:

Navigate to https://quickswap.exchange/#/pools and securely connect your chosen Web3 wallet. Ensure that you’re connected to QuickSwap’s V3 and switch to the Polygon PoS network for optimal performance and lower transaction costs.

2. Select Token Pair:

Under the “Supply Liquidity” section, carefully choose your desired token pair to initiate the liquidity provision process. QuickSwap supports a wide range of token pairs, providing ample opportunities for yield farmers to diversify their portfolios. To earn fees on SOLVE trading volume and additional SOLVE token rewards deposited by the Solve.Care team, you must deposit a WMATIC/SOLVE pair.

3. Connect Your Wallet:

Navigate to the top right corner and connect your Web3 wallet. If using your mobile device be sure to visit QuickSwap through the browser provided in your Web3 wallet.

4. Choose Your Strategy:

Decide on your liquidity provision strategy based on your risk appetite and market conditions. Whether you opt for a narrow concentrated liquidity or full range, ensure thorough research and analysis to maximize returns while mitigating potential risks. Additionally, consider manually inputting your designated price ranges for greater control over your liquidity provision.

5. Deposit Tokens:

Enter the deposit amounts for your selected token pair, ensuring accuracy and precision.

6. Approve, Confirm, and Complete:

Upon reviewing the transaction details, click “Approve” and then “Confirm” to finalize the liquidity provision process. Complete the transaction in your Web3 wallet, adhering to standard security protocols and confirming the transaction details before proceeding. Once confirmed, your LP tokens will be generated, representing your liquidity provision position on QuickSwap.

7. Manage and Claim Fees using Merkl:

Solve.Care has collaborated with Merkl to provide an easy-to-use platform for managing and claiming your fees from Yield Farming.

• Visit https://merkl.angle.money/ and click on the tab located in the top right corner to get started.

• Connect your Web3 wallet to Merkl by clicking on the “Connect Wallet” button and selecting your preferred wallet provider.

• Once connected, navigate to the Pool search bar and search SOLVE to view details about your farming activities, including accrued fees and rewards.

• Follow the prompts provided by Merkl to claim your fees and rewards, and to manage your Yield Farming activities effectively.
• Merkl also offers a comprehensive FAQ section and guides to assist you throughout the entire farming process, ensuring a seamless experience.

By utilizing Merkl in conjunction with the steps outlined above, you can easily manage and claim your fees while participating in Yield Farming with SOLVE tokens on the Polygon network.

You’ve successfully provided liquidity and are on your way to becoming a DeFi Master. Your LP tokens serve as a testament to your participation in the DeFi ecosystem, contributing to liquidity depth and overall network stability

You can also review you rewards by navigating to the Farm pools on QuickSwap https://quickswap.exchange/#/farm and type in SOLVE in the search bar. The WMATIC/SOLVE pool will appear. Click on it and your pool should show with your rewards. We have recently heard from the community that QuickSwap’s UI can glitch at times, not showing your pool or rewards.

No worries, you can always confirm your deposits and assets by viewing your wallet on https://polygonscan.com/ and like we mentioned earlier, we strongly recommend using our Merkl https://merkl.angle.money/?times=active%2C&phrase=Solve&chains=, as we have teamed up with them to help manage our reward distribution and FAQ. Make sure you view your rewards and read all the available information on the site to stay informed.

It’s not set in stone, but the Solve.Care team expects daily rewards for LP providers to last a year or more!!! As a result, analysts are expecting a spike in demand of SOLVE tokens. It’s a great time to be a SOLVE token holder and we welcome all the new Hodlers to the family!!

Navigating Risks in DeFi: A Word of Caution

While the potential rewards of yield farming in DeFi are enticing, it’s essential to acknowledge and mitigate associated risks effectively. DeFi platforms are susceptible to various risks, including smart contract vulnerabilities, impermanent loss, slippage and much more. Additionally, the absence of regulatory oversight and the rapid pace of innovation in DeFi amplify the inherent risks associated with decentralized finance. Therefore, it’s imperative to exercise caution, conduct thorough due diligence, and only invest what you can afford to lose in DeFi protocols.

SOLVE 2.0 represents a paradigm shift in community-driven tokenomics, fostering inclusivity, innovation, and governance in the DeFi landscape. By following the step-by-step guide to yield farming on QuickSwap and embracing the principles of self-custody and risk management, individuals can actively participate in shaping the future of decentralized finance while safeguarding their assets and contributing to community growth. As we navigate the dynamic landscape of DeFi, let us remain vigilant, adaptive, and committed to fostering a culture of empowerment and resilience within our communities.

Remember, the journey through DeFi is not without its challenges, to minimize your risk always test new applications with a small test amount of funds. With knowledge, diligence, and community support, we can overcome obstacles and unlock the full potential of decentralized finance for all.

Empowering Communities: A Comprehensive Guide to Farming with SOLVE 2.0 was originally published in Solve.Care on Medium, where people are continuing the conversation by highlighting and responding to this story.