The decentralized Linkswap exchange has just launched a range of liquidity pools for farming its native YFL token but prices are down on the day despite $6 million being staked in the first few hours.
The DeFi automated market maker for the Chainlink community was officially launched in late November amid a lot of hype from the community. The platform is designed to rival Uniswap and has been targeted to ‘Link Marines’ who are somewhat fanatical about the token and project.
Those highly anticipated liquidity farms are now live as per this recent announcement;
LINKSWAP LP STAKING is LIVE!
2/ Visit https://t.co/SNyI7NgD3a to add liquidity ????
3/ Go to https://t.co/S8FFsCGlfF and stake your LSLP tokens ????
YFL rewards start on 12/7 UTC 01:00 pic.twitter.com/lcKPuCE10g
— YF⛓LINK (@YFLinkio) December 6, 2020
Within the first six hours or so since the launch, around $6 million had been staked according to the Linkswap Dapp.
Stake LINK, Earn YFL
LINK holders are now able to stake their tokens, and a number of others, in order to earn Linkswap’s native YFL token in ten liquidity pools which run for a 24 hour period. The blog post explains;
“For the first 24 hours of rewards, we will only be awarding YFL to users (with no alt rewards). Afterwards, users must restake their LP to gain access to alt rewards.”
The most popular pairs after just a few hours of staking include YFL/WETH which has over $2 million staked, and YFL/LINK with $1.5 million.
Other pools with more obscure tokens such as the DeFi Pulse Index (DPI), MASQ, CEL, GSWAP, and YAX had gained less liquidity. Staking will last for a total of eight weeks token rewards are split linearly per day to users.
Just like Uniswap, which has now closed all farms, staking is a two-stage process of firstly depositing the pair in order to get liquidity pool tokens which can then be staked into the pool to be eligible for the reward.
YFL Price Update
There has been no big boost to YF Link prices on the day that farming was launched, and it has actually retreated around 9% according to Coingecko.
YFL has declined from around $650 to $580 over the past few hours since the pools went live. Prices spiked above $800 over the weekend but have been in retreat since. The all-time high came in late November when the AMM was launched and YFL surged to above $1,150.
It has returned to support around the $600 area several times since then and appears to be poised to drop below it at the moment.