Thread by @rektdiomedes

The Idiot's Guide To Yield Farming On @solidlyexchange And/Or @SolidexFantom

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Fellow frogs, frens, and countrymen...

I spent the last 24 hours figuring out how to get going on Solidly and Solidex, and wanted to do a thread outlining exactly how to do so!

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In the process, I've seen many posts on Twitter of people wanting to LP on one or both sites, but not understanding exactly how they work, or running into stumbling blocks in the process.

I too ran into some stumbling blocks, but was able to finally get it all going :)

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This was in many ways bc of the extremely helpful tweets of @Cryptoyieldinfo and @kamikaz_ETH, so big thanks to them!

So yeah, here's what you do to get started yield farming (liquidity provisioning) on Solidly and/or Solidex...

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First, make sure you understand what they are.

@solidlyexchange is a new AMM created by @AndreCronjeTech, on Fantom (for now), that incorporates some extremely interesting new tokenomics and gauge-voting properties.

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.. @SolidexFantom is a new protocol built on top of @solidlyexchange, to serve as a yield aggregator for it AND- most importantly- to provide a synthetic version of locked $SOLID.

Basically, @SolidexFantom aims to be the Convex to Solidly's Curve.

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There are additional protocols competing with @SolidexFantom for this title, and offering a similar service, however @SolidexFantom is the one I have used, so its the one I'm going to utilize in this walk-through.

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IMPORTANT: These are brand new protocols and you should DYOR. It is 100% possible that they could have broken code (more on this below), could be susceptible to exploits, etc.

This is the 'Wild West' of crypto.. Do NOT put in more money than you're prepared to lose.

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Step One: Go to @SolidexFantom and hit 'Pools'.

This lets you see the various LP positions you can provide liquidity for, and the apr's they will earn in $SOLID and $SEX emissions.

$SEX is the Solidex token they provide on top of the $SOLID apr.

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You don't have to bring your LP tokens from Solidly to Solidex though.

You can stake them on @solidlyexchange itself.

If you stake them on @SolidexFantom though, you get the extra $SEX emissions (apr) on top of the $SOLID emissions (apr) from Solidly.

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Step Two:

Once you have your pool(s) you want to provide liquidity for picked out, now its time to get the requisite tokens you'll need.

E.g. if you want to provide liquidity (LP) for USDC/FRAX, you'll need to buy equal amounts of the two tokens.

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To do this, pull up a number of different Fantom dex's, such as @beethoven_x, @SpookySwap, and a dex aggregator that can source swap liquidity through all the various AMM's.

Usually these aggregators like @OpenOceanGlobal or @FinanceFirebird will give you the best rate.

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Be very careful of slippage... if you are trying to buy large quantities of a token like $BIFI or $BRUSH that doesn't have a ton of available liquidity at any given time, you may incur lots of 'slippage'.

This is where smaller yield farmers have a HUGE advantage.

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Step Three:

Once you have your tokens, go to @solidlyexchange and hit 'Liquidity'.

Then hit 'Add Liquidity'.

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IMPORTANT: Triple-check that you are LP'ing the right pool, and that it is taking the correct amount of tokens.

If you pick the wrong pool or something goes wrong with the pool balance, you could effectively lose your funds or incur massive slippage on supplying them.

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Next, you want to hit the toggle button at the bottom that says 'Advanced'.

This will give you more choices for what to do, and is important if you want to bring your LP tokens to @SolidexFantom rather than leaving them on @solidlyexchange itself.

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Step Four A/B:

If you want to leave your LP tokens on @solidlyexchange, hit 'Deposit & Stake'.

If you want to supply them but then take them to @SolidexFantom, hit 'Deposit LP'.

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Either way, you should now see your liquidity you provided in the 'Liquidity' section (after you refresh several times - more on this below).

If you hit 'Deposit & Stake', you'll also be able to see your staked LP tokens and their rewards in the 'Rewards' section.

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Step Five (Optional):

If you want to stake your Solidly LP tokens on @SolidexFantom to earn both $SOLID and $SEX, return to the Solidex website.

Go to 'Pool', select your pool, then hit 'Manage', then deposit the LP tokens.

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Other Considerations:

So once you do the above steps you are all done, you can harvest your $SOLID and $SEX and either sell them or lock them, etc.

However, there's some other things to keep in mind too from a troubleshooting perspective.

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First of all, the Solidly site is still very buggy... this isn't a criticism it just is what it is and you need to be aware of it.

You'll likely have to refresh constantly, re-do failed transactions, etc.

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Also, when you go to LP, it will pop up like 3-4 MM approvals all at once... so you gotta navigate this carefully so you don't end up with them queued on top of each other not going through.

Again, 'Refresh' is your best friend, on both Metamask and Solidly itself.

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I also found it very hard to use Solidly with a hardware wallet... (although you can - its just even more tedious/buggy)... however obviously unless you have some really serious opsex you likely don't want to use a hot wallet, so is a catch 22...

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Next, there's the issue of congestion on Fantom.

This wasn't a huge issue for me...none of my transactions were over 50 cents and I didn't need to change rpc, but I did have lots of failed transactions and had to 'speed up' lots of them as well.

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Recommendation: If you have these issues then triple whatever the default numbers are on your MM for the gas variables.

So yeah, take your time, realize it may take awhile, but eventually you should be able to get it done and enjoy those amazing apr's :)

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Hopefully the above will make it easier to figure everything out and get going with @solidlyexchange and/or @SolidexFantom :)

If you found this helpful please RT and follow!

Additional:

-The APR's listed on Solidex include both $SOLID and $SEX rewards. If you stake them on Solidly itself instead you only get $SOLID so the APR will be less.

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-There was apparently an issue with the @SolidexFantom code that affected gauge voting and as a result some pools (like $MULTI / $FTM sadly) don't have any rewards and are thus 0% APR.

https://twitter.com/SolidexFantom/status/1496713271159758852

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-Again, be VERY careful and TRIPLE-CHECK everything.

See @TaikiMaeda2's tweet below:

https://twitter.com/TaikiMaeda2/status/1497250498897797120

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-I just realized I accidentally spelled out the dreaded M word in the thread... my apologies on that... try to never do that but typed it out and hit 'Tweet all' before I realized it...

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-Awesome thread on $SOLID from based yield farmer @kamikaz_ETH:

https://twitter.com/kamikaz_ETH/status/1496471836347240450

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-Another good one:

https://twitter.com/kamikaz_ETH/status/1496999377327751168

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-the legend @Cryptoyieldinfo had a great tweet about how to deal with the gas issue, but I can't find it, so here's another great tweet from him instead:

https://twitter.com/Cryptoyieldinfo/status/1497106629271363586

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-After you're done LP'ing on @solidlyexchange / @SolidexFantom, make sure to follow these chad Fantom accounts:

@FTMAlerts
@Route2FI
@milesdeutscher
@phtevenstrong
@CompleteDegen
@takegreenpill
@MJthePopstar
@mjoaris
@technovikingeth
@jai_jairad26

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And more Chads:

@noahseidman (who did great video on Solidly today too!)
@0xKepler
@AvaxGems
@KingKongShearer
@bms3king
@vfat0
@HundredFinance
@QiDaoProtocol
@ProtoFiProtocol
@HecSaurus
@Ceazor7

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And more ppl to follow if you like Fantom/ $SOLID:

@JackNiewold
@CoinSurveyor
@gsg0127
@rektfoodfarmer
@deficryptofarm
@Prof_Crypto_B
@KingsFantom
@BillyBobBaghold
@Jacktheoiler
@Dr_Liquid_
@cryptoprag
@jlontele
@multichaindave

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Also follow:

@Artisan0x
@cryptogauss1
@Crypto_Intern_

And if your a total Chad that I somehow forgot to mention my apologies! Too many impressive dudes on the TL to remember all of them :)

Also I forgot to h/t @lemiscate as father of #FrenchChart and also @excalidraw which is the tool I used to make the diagram thing on the first tweet.

Not affiliate with them but they're awesome so check them out!