If you are playing Axie Infinity or even just trading cryptocurrency, make sure to utilize Katana up to its maximum potential as this is an opportunity to grow your assets and earn a current utility token. The graphics and explanations can be intimidating at first but once you get a hang of this, everything is quite simple. It is simply setting aside a specific amount of tokens while passively earning RON in the process of farming.
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| RON farming - Katana |
Personally, farming or mining RON [token] is a no-brainer question because it is simply like asking "Do you want to earn some interest in your current assets?" Who would not want that, right? So let me start this by comparing it with putting your money to a bank, almost all processes are similar and the only difference here is the mediums and terms used.
NOTE: Simply log in to your Ronin wallet account and the site will automatically read it while using both at the same time.
The whole process has 3 main actions which are the swap, pool, and farm.
SWAP - Katana just made our lives easier as swapping listed tokens namely RON, WETH, AXS, SLP, and USDC can now be converted interchangeably without using Binance. The big chance is that you'll need to do this for the next step which is pooling.
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| swap tokens |
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| swap process |
Reminder: Each swap costs a specific amount of tokens used (very minimal) and will prompt on the Ronin transaction so make sure to check it out for reference.
POOL - Pooling is providing liquidity to the decentralized exchange (DEX). This is just like putting your assets inside the network so it can acknowledge the said assets. The only catch here is that farming only accepts 3 types of asset pairing which are the AXS/WETH, SLP/WETH, or RON/WETH and you have to have both tokens with the same value (not amount) to be able to successfully pool.Â
In here below, I have 5,189 pcs. of SLP and 0.0392142 WETH which were both worth around $100 each so this specific pool can now farm when abled. In case for example you have 10,000 SLP, simply swap 5,000 of it to WETH and you now have a pairing good for RON farming.
Once the pool is successful, the amount should now transfer from your Ronin wallet to here so don't panic as it can be reversible at any time.
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| pooling |
FARM - Since the setup is now complete and we now have a pool, simply click the given pairing you have and click "stake". And that's it! Congratulations! You are now earning RON passively thru farming using the Katana Ronin chain.
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| RON farming - Katana |
As can be seen above, the summary of the total pools per pairing that are currently farming is given including the daily rewards and its annual percentage rate (APR). You can unstake your pool and withdraw your assets any time but can only claim the RON rewards every after 15 days from the last claiming.
RON token is now officially used as a transactional/gas token on the Ronin network so the need of having it is a necessity. Plus, its value is good which you can always convert to other tokens meaning it's very liquid that can help you in a lot of ways.
Impermanent loss
I have seen many so afraid of experiencing this but it can only happen when the moment you convert your tokens and their value goes down or the transaction fees (which I doubt it will) costs more than you'll earn. When I think of the possibilities, the pros and rewards are still better than the cons so staking and farming for me are always a priority.
And as per experience, all are so far so good (gained a good amount of convertible RON). As long as you have your numbers, make sure to track and check them from time to time and as much as possible only convert when there is gain.
Related posts:
Farming RON using the Katana Ronin chain
Reviewed by Michael
on
February 27, 2022
Rating:
Reviewed by Michael
on
February 27, 2022
Rating:
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