Ubeswap: Why You Should Farm SOURCE Tokens on the Protocol

Ubeswap: Why You Should Farm SOURCE Tokens on the Protocol

Ubeswap is a DeFi protocol that provides liquidity to the decentralized exchange on the Celo blockchain. The forked mobile version of Uniswap enables you to stake, swap, and farm cryptocurrencies. Presently, Ubeswap is one of the most reliable and sustainable platforms where you can earn passive income. This is probably why you should farm SOURCE on the platform. Generally, if you want to go into farming coins, this is the ideal platform to do that.

SOURCE is the token of ReSource Finance, a platform dedicated to helping businesses access credit without collateral, interest, and fiat money. Interest-free credit lines that do not require collateral are a revolutionary concept, and are expected to attract much interest. Since SOURCE is required to both underwrite and access these credit lines, this interest will most probably be translated into demand for SOURCE.  

As proof of SOURCE’s potential, UncleCelo listed the stablecoin amongst other tokens in the list of top ten crypto pairs with the highest APY on Ubeswap. SOURCE/mcUSD pair sealed the third spot. This means that farming SOURCE has the potential to increase your crypto portfolio exponentially in a short period depending on the amount farmed. 

Although almost as risky as crypto trading, farming coins is less stressful and more time-efficient. In crypto trading, you will have to hold the coin and hope that the market swings in your favor before you could sell it. This means monitoring charts frequently. Yield farming doesn't need all that. You just need to identify a profitable pool and add the tokens in the ratio of 50:50. Luckily, Ubeswap already has one profitable pool (SOURCE/mcUSD). 

How to Farm SOURCE on Ubeswap

The first step to farm SOURCE is to purchase the token. SOURCE is listed on Ubeswap. If you hold an asset traded on Ubeswap, such as CELO or mcUSD, you can just buy it directly. If not, you’ll first need to acquire one of them on an exchange that accepts your preferred method of payment (such as credit card for example). Here’s how that’s done:


  1. Open an account with an exchange, such as Coinbase. Coinbase is a top platform that trades over a hundred cryptos, including CELO. It is available on the mobile platform and website. Once signed in, click on Buy/Sell and select CELO and the amount to purchase. 


  1. Transfer the coins to your Metamask account. If you don't have one, you can download the Metamask extension on Chrome or Firefox on your computer and connect it to the CELO blockchain. Copy the long digits in your account and paste them on Coinbase.


  1. Click Pay on the top left corner and choose Send. Click CELO, input the amount you want to send to the address. Confirm the details and send.


  1. CELO will be in your Metamask. You can now swap it for SOURCE. 


  1. Go back to Ubeswap, click on Connect to a Wallet and select Metamask. Go to the Swap page, select CELO in the first dropdown, and fill the amount in the blank space beside. Repeat the same for SOURCE in the second dropdown. Swap and confirm transactions. 


  1. Since you are adding to a pool that contains both SOURCE and mcUSD, you will have to follow the same process to buy mcUSD.


  1. Once both transactions have been verified, SOURCE and mcUSD will be in your Ubeswap wallet. It's now time to farm the tokens, which isn't complicated at all. 


  1. On Ubeswap, go to Pool and select Add Liquidity.


  1. Choose one of the tokens in the first blank area and the second token in the other input area.

   10. Farm the liquidity.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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