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Liquidity Mining
Liquidity Mining, also known as yield farming, is an incentive to encourage users to actively participate in protocol usage. That is to say, you can earn $LEV by depositing and/or borrowing supported assets on Lever. Basically there are 3 mining strategies.
1. Only Depositing
2. On the Markets page find assets that offer $LEV rewards and select any one you like to deposit, then click on the Deposit button. (Below is an example of USDT)
3. On the deposit page, enter the amount you want to deposit. You will see an Approve button if this is the first time you interact with the USDT contract on Lever. Click to approve the action. Once the transaction is confirmed, you will see a Deposit button. Click on it to proceed with your depositing.
4. Once the above transaction is completed, your depositing will be successful and you will start earning USDT interest (corresponding asset) and LEV reward.
5. Your mined LEV will be shown on the top right section of the Markets page. To claim your LEV, you need to stake enough LEV in the Staking program. Here is an example:
- On Day 1, Bob mines 100 LEV. To claim this 100 LEV, he needs to have at least 100 vLEV, i.e., 100 LEV being staked.
- On Day 2, Bob mines 90 LEV. To claim this 90 LEV, he needs to have at least 190 vLEV as his accumulative claimable has become 190 LEV.
- On Day 3, Bob mines 80 LEV. To claim this 80 LEV, he needs to have at least 270 vLEV as his accumulative claimable has increased to 270 LEV.
Related Concepts:
- vLEV required: the vLEV amount required to claim all of your unclaimed LEV reward. vLEV required = LEV claimed + LEV unclaimed.
- Unclaimed: the max LEV amount you can claim from Liquidity Mining when you meet the vLEV requirement.
- Claimable: the amount of LEV you can claim at present based on your vLEV owned. Minimum amount to claim is 10 LEV and you can only claim once every 24 hours.
Pros & Cons
Simple and 0 fees, but will only enjoy LEV rewards from the deposit pool, i.e., low mining APR.
2. Borrowing without Leverage
1. To start borrowing, you need to first deposit any supported asset on LEVER. See above for how to deposit funds.
2. Once you've finished depositing, go to the Markets page and find the asset you want to borrow. Then click on the Borrow button.
3. On the borrow page, enter the amount you want to borrow and click on Borrow. The max amount you can borrow is limited by both LTV of the asset and total available in the loan pool.
4. Once the above transaction is complete, your borrowing will be successful and you will start earning LEV from both the deposit pool and the loan pool.
5. To claim your LEV, see above.
Pros & Cons
Enjoy mining rewards from both the deposit pool and loan pool, but need to pay loan interest and service fee.
3. Borrowing with Leverage
1 . To get started, you need to first deposit any supported asset on LEVER. See above for how to deposit funds.
2. Once you've finished depositing, go to the Margin page. Borrow any asset you like with leverage and buy another asset. By doing so, you are actually opening an either long or short leverage position on the asset. See more about Margin Trading.
3. Once complete, your Borrowed asset will start earning LEV from the loan pool while your Bought asset will be deemed as your deposit and will start earning LEV from the deposit pool. (Tips: best practice is to borrow stables and buy stables.)
4. To claim your LEV, see above.
Pros & Cons
Can amplify your mining rewards with leverage. But on one hand you need to pay loan interest and service fee; On the other hand, you will take the risk of being liquidated.
The above has explained all 3 basic strategies for LEVER's liquidity mining, to calculate your mining APR, use this tool APR Calculator.