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📣 After a brief intermission — Seamless Farms are live once again!
Before the introduction of the SEAM governance token, Seamless Farms were live on the app, letting users generate OG points, cementing their position as early contributors to the protocol.
Now that SEAM has been introduced as the governance token for Seamless Protocol, Seamless Farms are back with a community-led liquidity mining program— this time with a BANG 💥.
List of Seamless Farms:
1. SEAM Farm 1: Soswap SEAM/USDC LP.
2. SEAM Farm 2: SushiSwap SEAM/WETH LP.
- Stay tuned for more Farms coming…
Seamless Farms, a community-led liquidity mining program, allow users to farm with LP tokens from specific Pools that include SEAM (i.e. Soswap SEAM/USDC LP). By providing liquidity to these pools and using the associated LP Tokens for the Seamless Farms, users earn additional SEAM rewards as well as a multiplier — the longer you farm, the larger the multiplier.
To get started with Seamless Farms, you’ll firstly need to get SEAM. Whether you are getting SEAM from a centralized exchange such as Coinbase, a decentralized exchange on Base such as Soswap, or generating SEAM rewards by supplying/borrowing via the Seamless Protocol App, once you have your SEAM, you can provide liquidity in a variety of Liquidity Pools (such as on Sushiswap and Soswap). By providing this liquidity you receive LP (liquidity provider) tokens in exchange to represent your position/contribution to the DEX liquidity pool. You can then add these LP tokens to Seamless Farms.
To follow along effectively, a pre-work step is to firstly obtain SEAM. You can do this a few different ways:
a) Get SEAM on a Centralized Exchange (CEX)
b) Swapping from another token i.e. USDC to SEAM on a Decentralized Exchange (DEX)
c) Liquidity Mining SEAM on Seamless Protocol directly. Currently, there’s an active liquidity mining program, that started on December 11, 2023 — More information about the program can be found here: LINK
- Note: When obtaining SEAM, be sure check which chain it is on before performing any swaps/transfers.
Unanswered questions? Checkout the basic FAQ at the bottom of the article.
A quick step-by-step guide 👇:
1. Select a Liquidity Pool of your choosing. When looking at active Seamless Farms, determine a Liquidity Pool that fits your own strategy and risk appetite. Liquidity Pools will be located on various Dapps, but for SEAM Farm 1: Soswap SEAM/USDC LP, head to the Soswap app at: https://soswap.rai.finance/#/pool and connect your wallet.
*For this walk through we will share screenshots for SEAM Farm 1: Soswap SEAM/USDC LP, but a similar process should be followed for other Seamless Farms. You may identify which platform’s LP tokens are used by the name of the farm and the information provided above.
Note* If you are not seeing SEAM/USDC in the drop down for pools for SEAM Farm 1: Soswap SEAM/USDC LP on Soswap’s app, you can access it here: https://soswap.rai.finance/#/add/0x1C7a460413dD4e964f96D8dFC56E7223cE88CD85/0x833589fCD6eDb6E08f4c7C32D4f71b54bdA02913
2. Add liquidity to Liquidity Pools. Once you’ve selected your Liquidity Pool, you’ll need to add equal parts of liquidity to the Liquidity Pool. In the case of Soswap, you can choose how much SEAM or USDC to provide, and the interface will auto-populate the second token automatically after you input an initial value in one of the fields. This is because the two tokens must match in value.
3. Approve each asset. Choose a spending cap and approve each asset from within your connected wallet.
4. Supply Liquidity. After you approve assets, the Supply button will highlight and allow you to supply liquidity to the Liquidity Pool
5. Add the LP Token to your wallet. Once your transaction is confirmed, you’ll receive an LP Token signifying your position in the Liquidity Pool. Be sure to add this token to your wallet for easy tracking!
6. Click “Farms” to liquidity mine your LP Tokens. On the Seamless Protocol App, Click ‘Farms’ and connect your wallet. Select which Farm you’d like to participate in from the drop down menu. Be sure to select the farm that corresponds to your LP Token i.e. SEAM Farm 1: Soswap SEAM/USDC LP. (Also make sure your wallet is connected to Base!).
7. Farm your LP tokens. Navigate to the “STAKE” tab at the bottom of your Farm, then enter the amount of LP you’d like to Stake and then click “STAKE”.
You’re all set! You’ve now farmed your LP tokens and are earning more SEAM Rewards. 🎉
Each Farm comes with multiplier rewards, so the longer you farm, the more SEAM rewards you earn. 🧠
It is important to note that when farming LP Tokens, the LP Tokens themselves will no longer be visible on the apps where you added Liquidity i.e. Soswap, SushiSwap. This is because these LP Tokens have now been farmed on Seamless Farms. You can view your Seamless Farms balance/rewards at farms.seamlessprotocol.com.
To release and/or withdrawal rewards please review our FAQs below 👇
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 farmed 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 3x multiplier, and take 3 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.
What happens if I withdraw and re-farm? Or withdraw and re-farm a portion of my balance?
As noted in the question above, choosing to fully withdraw and re-farm 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 re-farms 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-farm a portion of the holdings will result in a blended rate. For example if a user has 100 farmed tokens at a 2x multiplier and releases/withdraws 50 tokens, the remaining farmed 50 tokens would continue at a 2x multiplier. If a user then farmed back 50 tokens, this new position would begin at the 1x multiplier for a blended rate (i.e. 50 farmed tokens at 1x, and 50 farmed tokens at 2x). The Farms track each farmed position uniquely by time of deposit and length of staking for the multiplier.
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 farmed positions of a user. This allows a user to use the same positions to participate in 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 farmed 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 farm. Additionally, rewards that are distributed can be any existing non-rebasing ERC-20 tokens.
How do I release and withdraw my position?
Approximately follow the walkthrough steps above in reverse. Go to the Farm your farmed 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.
What is SEAM?
SEAM is the fair launch utility governance token of Seamless Protocol. With SEAM, the community continues evolving and decentralizing while pursuing its vision to pave the way for modern DeFi.
What are SEAM Tokens Used For?
SEAM tokens are used for governance of Seamless Protocol and its wider ecosystem of smart contracts and community. SEAM tokens are based on OpenZeppelin’s industry-leading smart contracts, inspired by Compound, and must be delegated in order for the voting power to be enabled.
Community members may use SEAM tokens to propose updates to Seamless Protocol, and if certain thresholds are attained, the smart contract changes are automatically executed by timelock Governor contracts.
For more information on how to delegate and utilize SEAM for governance, reference the docs found in the governance section of the gitbook.
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
🐦 Twitter: https://twitter.com/seamlessfi
👾 Discord: https://discord.com/invite/Uye9jCVgUp
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