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As the decentralized finance (DeFi) world is quite on the booming side, it is unsurprising to see that many DeFi projects are trending. In fact, stats showed that the current total worth of crypto assets locked in DeFi is about $95.28 billion, which is almost three times the assets’ worth last year. Notably, a major catalyst responsible for the significant growth is yield farming.

In a bid to offer users rewarding services, Sweat Economy has announced that Ref Finance is launching “one of the most impactful liquidity farming programs.” The program will be hosted on NEAR protocol, and it promises to be an amazing experience.

You should note that liquidity farming – properly called yield farming or liquidity mining – is a passive way of earning rewards by locking up your cryptocurrencies. In other terms, it can be likened to staking. But whatever the benefits are, Sweat Economy has it all mapped out.

Extra Rewards on SWEAT-NEAR Liquidity Farm

Today, Sweat Economy, one of the most popular move-to-earn digital platforms, revealed that Ref Finance would be offering extra rewards to users who participate in the SWEAT-NEAR liquidity farm. Being a multipurpose DeFi platform, Ref Finance will handle the distribution of rewards to farmers as they function as liquidity providers.

Ref Finance will provide farmers with the chance to earn huge amounts of extra rewards for just two weeks. Anybody can gain access to the program, buy both SWEAT and NEAR tokens, as well as become a liquidity provider (LP). By providing liquidity to the pool, participants can earn massively within the two-week span. 

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The SWEAT token is the main governance token for the Sweat economy. Image Source: Sweat Economy Medium

Also, there are two ways by which participants can earn. Firstly, participants can earn rewards in form of swap fee revenues, depending on their liquidity positions in the pool. Secondly, they can earn from Ref Finance’s farmers’ rewards. Ref Finance will distribute 5.2M $SWEAT, 15K $NEAR, and 20K $REF, just for two weeks.

Liquidity Provision

Liquidity provision is a way of depositing or contributing your tokens with a decentralized exchange (DEX). Then, the tokens are used to provide liquidity to the pool of users who seek to swap their tokens.

As a result, you – the liquidity provider – receive rewards and yields as your ROI. However, providing liquidity on DEXs can lead to impermanent loss of your assets. 

In this case, you can earn yields when you deposit your $SWEAT and $NEAR tokens into the pool. Ref Finance will ensure that the process goes smoothly and all participants are satisfied.

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Yield farming with SWEAT and NEAR tokens on Ref Finance involves contributing the tokens into a liquidity pool. Image Source: Medium

How To Yield Farm with SWEAT on Ref Finance

To get started, you need to:

1. Have a registered NEAR wallet. In the absence of none, you can create a new one at NEAR.org. Similarly, you can check out MyNEARWallet and Sender regarding your wallet creation. 

2. Next, visit app.ref.finance to connect your NEAR wallet to the platform. After a successful connection, you are expected to visit the SWEAT: NEAR pool. 

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Image Source: Sweat Economy Medium

3. At the top-right corner of the screen, select ‘Get LP tokens,’ after which you should ‘Add liquidity.’ Here, it is important that you add enough liquidity to each token in order to ensure a balance at the spot price where you are enforcing the liquidity.

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Image Source: Sweat Economy Medium

4. Return to the farm page by selecting ‘Farm in v2’.

5. Choose how much you are willing to stake by selecting ‘stake’. Just below it, you will see ‘LP tokens’, which is the number of tokens you deposited into the liquidity pool. You may see it as ‘Your Power,’ but it is still the same thing. Also, you will see your shares – expressed in percentage – on the farm. This helps you to be aware of how many percent of your cut is out of the farm’s total revenue.

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LP tokens balance. Image Source: Sweat Economy Medium

Alternatively, you can use the following steps:

1. Go to the navigation bar and select ‘Pools.’

2. Choose ‘SWEAT-NEAR.’

3. Provide liquidity.

4. Go to ‘Farms.’ Here, you should ensure that it is in v2.

5. Select ‘SWEAR-NEAR.’

6. Stake LP shares.

On the final screen, you will see an ROI calculator. With the calculator, you can see how much $SWEAT, $NEAR, and $REF you will get. Also, you can see how much the values are as well as the return on investment (ROI) – expressed in percentage.

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Image Source: Sweat Economy Medium

7. Afterward, you can authorize the transaction process in your NEAR wallet.

What Is Sweat Economy?

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Sweat Economy is an upcoming Web3 addition to the already-existing Web2 Sweatcoin platform. Image Source: Medium

Sweat Economy is an anticipated Web3 addition to the existing Sweatcoin ecosystem – which operates on Web2. It works together with the Sweatcoin app, in which users earn reward points for engaging in physical activities like walking. In due time, these reward points will be convertible to SWEAT tokens which is Sweat Economy’s native cryptocurrency.

Sweat Economy is one to look out for if you are interested in the move-to-earn space. Recently, may have compared it with popular platforms like STEPN. Although STEPN is already a giant in the move-to-earn world, Sweat Economy might be worthy of competition. This is evident in its expanding community, with over 120 million people on the platform. 

Any investment/financial opinions expressed by Play to Earn Diary are not recommendations. Our content is for educational purposes only. If you plan to invest in any game or cryptocurrency then please do your own research and only spend what you can afford to lose.

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