[ARCHIVED] Introducing Seamless Farms 👩🌾—A Step by Step guide.
The wait is over! Staking Farms are live.
FOR THE LATEST STEP BY STEP GUIDE ON SEAMLESS FARMS, PLEASE VISIT THIS LINK
[ARCHIVE]
This post has been translated by Seamless Ambassadors in the following languages: 中文 Chinese 🇨🇳, 한국어 Korean 🇰🇷, україна Ukrainian 🇺🇦, Việt Nam Vietnamese 🇻🇳, and Россия Russian 🇷🇺. Click this Google Drive Link to access these guides!
📣Calling all Liquidity Suppliers! Ready to earn additional OG Points on your LP tokens?
By being a Liquidity Supplier on Seamless, you receive LP (Liquidity Provider) tokens in return to signify your position. To earn additional OG Points (what are OG Points again? LINK), all you need to do is add your LP tokens into the available Staking Farms. Keep reading for a quick step-by-step guide on how to participate.
Unanswered questions? Checkout the basic FAQ at the bottom of the article.
A quick step-by-step guide 👇:
1. Choose an asset to supply. Hit “Supply” to become a Liquidity Supplier. To access this screen, head to the Seamless Protocol app at: https://app.seamlessprotocol.com.
2. View your supplied assets. After supplying liquidity to Seamless Protocol, you’ll see these supplied assets on your Dashboard. LP tokens represent your position as a Liquidity Supplier. On Seamless Protocol, these liquidity-supplied tokens are currently called “sTokens” and are denominated as sWETH and sUSDbC, etc. These sTokens can be added to your wallet manually, their smart contract addresses are found here in our Gitbook: LINK
sWETH: 0x48bf8fCd44e2977c8a9A744658431A8e6C0d866c
sUSDbC: 0x13A13869B814Be8F13B86e9875aB51bda882E391
3. Click “Farms” to stake your sTokens. Select which Farm you’d like to participate in. Be sure to select the farm that corresponds to your sToken (for example wsWETH and sWETH corresponds to sWETH, while wsUSDbC and sUSDbC corresponds to sUSDbC, etc.).
4. Wrap your sTokens. Click on the “WRAPPER” tab, and select the relevant token in the “From:” dropdown (i.e. if you are holding sUSDbC, select sUSDbC). In the “To:” dropdown, make sure the wrapped version of your token is selected (i.e. wsUSDbC or wsWETH). Next, select “WRAP” at the bottom.
Why do you need to do this? Because Seamless sTokens, like their AAVE aToken predecessors, are rebasing tokens. This means they need to be wrapped into non-rebasing tokens in order to be staked into farms.
5. Stake your wrapped tokens. Make sure you are on the appropriate farm, and navigate back to the “STAKE” tab, then enter the amount of wsTokens you’d like to Stake and then click “STAKE”.
You’re all set! You’ve now staked your LP tokens and are earning OG Points 🎉
To unstake and/or withdrawal rewards please review our FAQs below 👇
FAQs
What are the security of Farms based on?
The Farms are direct forks of Ampleforth’s Geyser v2 contracts. Ampleforth’s Geysers were innovative and key drivers of the DeFi Summer in 2020, and have since operated for ~4 years with no hacks or exploits, while handling hundreds of millions worth of TVL and rewards.
What is the multiplier? Is there a hard lockup?
The multiplier represents the bonus reward rate that your staked position accrues. The longer you remain in the Farm, the higher your multiplier will grow. Each Farm has a minimum and maximum multiplier rate, which linearly increases over a certain time window. Currently, Farms are set at a minimum 1x to maximum 2x multiplier, and take 6 months to linearly achieve this. There is no hard lockup for the Farms, but if you choose to leave the Farm, your multiplier rate and timer will reset. For in-depth math and mechanics of the multiplier, view this Ampleforth forum post, or take a look through the code in github.
*Please Note: The UI for program duration shows a decreasing counter from 30 days -> 0 days as that is the current reward schedule of OG points however the multiplier moves from 1x to 2x linearly over 6 months.
What happens if I withdraw and re-stake? Or withdraw and re-stake a portion of my balance?
As noted in the question above, choosing to fully withdraw and re-stake will reset a user’s timer and multiplier. For example, if a user had an existing position with a 2x multiplier, but chose to withdraw fully and later restakes this position, the user’s timer resets to 0 days and a 1x multiplier (the current floor of the Farms). However, choosing to withdraw or re-stake a portion of the holdings will result in a blended rate. For example if a user has 100 staked tokens at a 2x multiplier and unstakes/withdraws 50 tokens, the remaining staked 50 tokens would continue at a 2x multiplier. If a user then staked back 50 tokens, this new position would begin at the 1x multiplier for a blended rate (i.e. 50 staked tokens at 1x, and 50 staked tokens at 2x). The Farms track each staked position uniquely by time of deposit and length of staking for the multiplier.
What are the OG Points?
OG Points are onchain utility points, more information can be found in the blog post here.
What is this Vault ID?
ELI5: The Ampleforth team was ahead of its time by implementing NFTs to represent liquidity positions (pre-Uniswap v3) and utilized it as a form of onchain wallet (like account abstraction). Average users do not need to be concerned with this, just know your positions are represented by this NFT.
Slightly more advanced explainer: NFTs represent “universal vault positions”. I.e. an onchain wallet that tracks all staked Farm positions of a user. This allows a user to use the same positions to stake into multiple Farms (if the option exists). This may also unlock interesting possibilities in the future with NFTs being used as composable DeFi building blocks. The holder of the NFT is also the owner of the vault / all staked positions.
Will more Farms be coming to Seamless?
Since Farms are forks of Ampleforth Geyser v2 contracts, they inherit all of the composability and flexibility of the Geyser program. This means infinite combinations of Farms can be spun up, with infinite options to choose from for tokens to stake. Additionally, rewards that are distributed can be any existing non-rebasing ERC-20 tokens.
How do I unstake and withdraw?
Approximately follow the walkthrough steps above in reverse. Go to the Farm your staked position is in, select the amount to unstake and click “unstake”. Once this transaction is processed, you will need to navigate to the “Asset View” page, by clicking on the toggle at the top of the Farm page. From here you may withdraw your positions and rewards.
How come the front-end wrapped token balance (wsToken) does not match the onchain balance on Basescan or in Metamask?
When tokens are wrapped, there may be decimal scaling adjustments (e.g., 10 tokens becoming 0.000001 token). This doesn’t affect the actual asset balance but is just a scaling factor. To ensure user-friendly balance displays, the front end increases the decimal amount for readability (it may show 0.000001 tokens as 10 tokens), though the front end number may not match onchain numbers from Basescan or Metamask. Not to worry! When unwrapping the token, it still will represent the original value.
What is Seamless?
Seamless Protocol is a next-generation DeFi platform with decentralized liquidity markets. The protocol is composable with multiple different strategies, and decentralized governance controls community-created pools.
The Seamless community aims to innovate on the Integrated Liquidity Markets concept, where smart contracts borrow from smart contracts (Integrated Borrowing Strategies borrow liquidity from Integrated Liquidity Suppliers), unlocking undercollateralized yet transparent lending.
Stay updated with Seamless by joining Seamless’ Telegram and following Seamless’ Twitter.
*Please note: OG Points are on-chain, non-transferable utility points that represent participation in the Seamless ecosystem only. They have no monetary value, cannot be traded or transferred among holders, and cannot be exchanged for cash or any other type of monetary value. With respect to the OG Points APY language in the DApp, APY refers solely to the annualized rate of earning OG Points for your participation in the Seamless ecosystem. No other rewards are offered hereby.
Seamless Protocol is the first decentralized, native lending and borrowing protocol on Base. Seamless lays the foundation for the next generation of DeFi, focusing on lower-collateral borrowing and a better user experience to inspire the masses.
Join the community and get plugged in via the following links:
🧑💻 Website: https://seamlessprotocol.com
📱 App: https://app.seamlessprotocol.com
🐦 Twitter: https://twitter.com/seamlessfi
👾 Discord: https://discord.com/invite/Uye9jCVgUp
💬 Telegram: https://t.me/seamless_protocol
