The decentralized Linkswap Exchange just launched various liquidity pools for farming its native YFL tokens but the price dropped on the day despite the $6 million already staked in the first few hours.
DeFi Market for the Chainlink community was officially launched at the end of November amid a lot of hype from the community. The platform is designed to rival Uniswap and has been targeted at ‘Link Marines’ who are a bit fanatical about the token and the project.
the much-anticipated liquidity farm is now active as per the recent announcement;
In the first six hours or so since launch, approximately $6 million has been staked according to the Linkswap Dapp.
Stake LINK, Get YFL
LINK holders can now stake their tokens, and a number of others, to earn Linkswap YFL tokens in ten liquidity pools running over a 24-hour period. The blog post explains;
“For the first 24 hours of rewards, we will only give YFL to users (no alt rewards). After that, users must recover their LP to gain access to alt rewards. “
The most popular pairs after just a few hours of stakes 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 get less liquidity. Staking will last for a total of eight weeks the token reward is divided linearly per day to users.
Much like Uniswap, which has now closed all farms, Stake is a two-stage process of first depositing pairs to earn pool liquidity tokens which can then be staked into pools to qualify for rewards.