Step by Step Guide on How to Stake Reddit Moons on Honeycomb
Hello fellow Redditors, I would like to inform you that Honeyswap has launched its next set of farms for LP providers and this time it will be including the xMoons-HNY pair in the farm. So, I believe if you haven't tried DeFi or farming before, this is a great opportunity for you to test out how it's done and to get something in return. So, I decided to help share these step by step guides to newbies who may want to try farming with their (free) Moons.
Don't have any (or many) Moons? No problem this guide also explains a lot of things on how to use Honeyswap as well as earning it for free every two days on the faucet, so you may still want to take a look!
1. Getting your MOONs out of your Reddit vault to your MetaMask address
Here, I will be using the full detailed guide by u/DanklyNight
- Go to https://metamask.io/download.html
- Click the Chrome or Firefox logo, to add Metamask to your browser.
- Now Open the Reddit app on your mobile
- Open the Reddit Menu (Click your profile picture in the top-left)
- Click on Vault
- Click on the 3 dots next to Vault, once in the Vault Page.
- Click on Recovery Phrase and Copy it to your clipboard.
- Send the Recovery phrase to your computer in a secure manner, so you can access it on the computer you have installed Metamask
- Once Metamask is installed, click "Import using account seed phrase
https://preview.redd.it/h2vznn3fgl161.png?width=371&format=png&auto=webp&s=46e694f0dc2c334cc70b5fbe32a0c35580a48bc9
⦁ Paste in the seed phrase you got from your Reddit Vault
⦁ Set a password, and continue, you should now be logged in to Metamask
Seeing your Reddit moons in Metamask.
⦁ In Metamask, switch to the Rinkeby Test Network
https://preview.redd.it/s6pfu9dggl161.png?width=506&format=png&auto=webp&s=e66031f14e120ee83ad2d052566c4c750cd386f1
- Click "Add Token"
- Click "Custom Token"
- In the "Token Contract Address" field, put in 0xDF82c9014F127243CE1305DFE54151647d74B27A
- Click "Next"
- Click "Back"
- Click "Custom Token"
- In the "Decimals of Precision" field, put in 18
- Click "Next"
- Click "Add Tokens"
- You should now be able to see your Reddit Moons Balance within Metamask on the Rinkeby Test Network
2. Bridging your Rinkeby Moons to xMoons
As xmoon.exchange hasn't been working for a while, in this step, you will need to use the Burner Wallet to bridge your MOONs to the xDai network.
The Burner Wallet plugin is located at moon-exchange.herokuapp.com. This page may take some time to load, if you experience issues, just reload the page.
Here is a great video tutorial that explains how to use the Burner Wallet:
https://www.youtube.com/watch?v=6ULTLNHAwxE
3. Using xDai Faucet to Cover Fees on xDai Network
Although the fees on xDai network are nothing compared to the gas fees on the main Ethereum network, you will need some. So, feel free to use the xDai faucet developed by u/luigy lemon. You will get 0.01 xDai from the faucet, but that's one of the best advantages of xDai chain as you will be able to do tons of transactions on the network with only 0.01 xDai.
And here's the faucet address: https://xdai-faucet.top
Note that you will need to complete a captcha to prove you're human. Be patient here it may take some time to load and send you the penny.
4. Getting HNY from the Faucet
This step is explaining how to get set up earning HNY tokens from the faucet every 2 days! I will be using the guide by u/frostykuiper. If you hold a massive amount of Moons it might be smarter for you to just use Honeyswap to trade some of them for HNY tokens so you can get a larger position in the farm.
In order to receive HNY from the faucet, you will have to prove that you are not a bot or a malicious actor. So you have to get verified on BrightID. So, to get verified on BrightID:
- Install the BrightID app, you can find it on App Store
- Set it up on your device with a name and a picture (this doesn't have to be your picture, and your picture is not stored in a centralized system, it will only be shared with the people you connect during the verification party, if you have privacy concerns)
- Join what they call a "verification party", which is basically a one time discord or zoom call, here they check you are a real human by asking everyone in the call to activate their webcams, then you approve others in your call within your app as legitimate people, and if things go okay, you'll be verified within 5 minutes, some people may not be willing to show their face like this, but hey, it is $50+/month and only people who don't mind should proceed from here on:
- Install: https://www.brightid.org/
- Join a verification party, they are run daily on discord and zoom, you can check the times here: https://www.brightid.org/meet
- You should appear as verified within the app
Now that you are verified on BrightID, you can register and claim HNY from the faucet:
- https://faucet.1hive.org/#/
- Enable account on the top right (Link metamask, make sure you are on the xdai network we set earlier)
- Follow the instructions on screen to scan the QR code with the brightid app and get verified on the current address.
- Claim the XDAI every 48 hours, you can use 1 gwei for all your xDAI network transactions.
5. Adding Liquidity to xMoons-HNY pair on Honeyswap
Now that you have transferred your Reddit MOONs and have received some HNY from the faucet (or traded some for HNY tokens), you need to get LP (Liquidity Provider) tokens, which you will be staking in the https://hny.farm
How do you add liquidity to the pools?
We'll use the HNY/xDai pool as an example as that one will be the largest, but the following is valid for all pools.
- First of all, you must have funds in your wallet. If you already have both sides of the 50/50 pair you want to add liquidity to, then you can go to step 3
- If not, then you need to buy 1 or both coins. Fortunately, this can be done quickly and cheaply using Honeyswap. Note that if you want to add $100 in liquidity to the pool and you already have $100 in xDai, you should only use half of that to buy HNY as you need equal parts.
- Click on the 'Pool' tab on Honeyswap, or go directly to https://honeyswap.org/#/pool
- There is a big button saying "Add Liquidity". Click that
- You'll see a new screen where you can select the token pair you want to add liquidity to. Sometimes the last used token(s) are already selected, if not, click on 'select a token' and choose the token you want. Then do the same for the other one. See also this miniguide about how to find your pool if you can't, separate topic.
- Choose the amount of one of the tokens you want to add and the corresponding amount for the other token will automagically get filled, based on current exchange rate.
You can also click 'MAX' on either side, though that will only work on the side where you have the least value in your wallet (or if both $ USD values are exactly the same at that moment). That way you will use all of your tokens.
Underneath the pair you will see the exchange rate (both ways) as well as your share of the pool after you deposited the tokens.
- you might need to approve 1 or both tokens first, Honeyswap will tell you and you will need to sign 1 or 2 messages with MetaMask. If you have already approved these coins before (for swapping for example), you can click "Supply" and a confirmation screen with all numbers will come up, so you can do a final check before confirming.
- You will get a new Metamask request, it will be cheap and fast because you are on xDai! You can set your gwei to 1 and will still get a fast confirmed tx.
- After the deposit is made you will receive the LP tokens in your wallet. Also, if you go back to the pool page, your LP tokens and pool share should show up
6. Staking Your LP Tokens
Here, I will be using this comprehensive guide from the 1Hive forum prepared by Harry for xDai-HNY (namely Daisy) farm, but you will be applying it to the xMoons-HNY farm with your LP tokens. And I highly suggest you to especially read the Risks and Benefits of Farming as it is a great newbie-friendly guide and explains almost everything you need to know about staking.
https://forum.1hive.org/t/honeycomb-how-to-stake-and-farm-tutorial-benefits-and-risks/356
There are several steps and possibilities I will try to describe them all here, with screenshots. Click on them for larger versions.
- Go to hny.farm (don't Google for it and re-check your browser for a correct address). You will see the following, though the warning banner will have disappeared once the Farm is operational.
https://preview.redd.it/ftsuw22igl161.png?width=512&format=png&auto=webp&s=656e063d6a0b0f7ff44eb5c5bfdb534ea4489cce
- As you can see some things are 'locked'. That doesn't mean it isn't working, but that your wallet is not connected to it. If you click on Farm (don't bother with Create Farm, it is not very useful at this moment) in the top menu you will see this locked screen:
https://preview.redd.it/i5xthwwigl161.png?width=1163&format=png&auto=webp&s=2069ba771eff31b610ed7c36e56411b844833343
This is quite intuitive, as it actually tells you what to do: "unlock your wallet". Just click that button with the closed lock and this screen should pop up:
https://preview.redd.it/w3ydh15kgl161.png?width=512&format=png&auto=webp&s=8cdf110d5eaff202f26a147316a13c28601fa9ce
Note that your MetaMask should already be on the xDai chain and on your correct account (where the LP tokens are). If you are still on ETH main net it will give you an error message. So if that happens, click 'cancel', change to xDai in MM and try again.
- You don't need to sign a message, you will just be connected now. Note that you need to do this every time you refresh any page in the farm.
Now the farm pages look a lot more interesting!
The home page should look like this:
https://preview.redd.it/gc5yh8blgl161.png?width=1091&format=png&auto=webp&s=bcd3619b6328cc65feb53c4c2cc058cc30281abe
It will show the following:
- Your Honey Balance: this is what is already in your wallet
- Total Honey supply: this is the amount of Honey in existence. As it is currently an inflationary asset, this will increase over time.
- Pending Harvest: the amount of Honey that can already be claimed ('harvested') on the Farm page.
- Explore the Honeycomb: This button will take you to the farm page (just like the top menu link 'Farm' does).
- If you go to the farm page, you will see it has changed as well after connecting your account:
https://preview.redd.it/ysww7iwogl161.png?width=470&format=png&auto=webp&s=9b8f75cea933aeb7e3ff069db5a07ee99210c418
Note that this screen will very likely change quite a lot as not all farms will be there when we go live, others might be added etc not all might be funded etc…
As you can see, once the farms are live they show some numbers, at this moment the Daisy farm shows:
- APY 281.50%: This is the current return on investment, annualized
- 299.197 HNY: The total amount of HNY available in the pool. We started with 300HNY for this one and it will go to zero in 30 days.
- 19,491.571 LP: The amount of Liquidity tokens currently staked here.
There will be at least 3 farms to start with. Let's see how we can farm the largest pool, HNY-xDai:
Click 'Select' and you will go to the Dai Daisies farm:
https://preview.redd.it/zv1l8asqgl161.png?width=690&format=png&auto=webp&s=b11b2753eab10276462c942bc8dd1b0d2f347c07
- There are 2 parts:
- The left side will show you how much HNY you have earned. This number should rise every 10 seconds or so, but of course it depends if you have staked something, and how much as smaller stakes will generate little HNY and they will not show up until they reach 0.001 (a bit less than $1 at the moment of writing).
- The right side is where you start farming. When you begin, the number of tokens staked - shown under the bee- will be zero. So you cannot unstake anything and that button will therefore be greyed out.
Important: The 'funding' adress that is mentioned is just an internal intermediate address to fund the farm. Do NOT send any funds/ (LP) tokens there as they will be lost, we cannot retrieve them.
The magic starts to happen when you click the small "+" button. This will generate another pop-up:
https://preview.redd.it/0k6311lrgl161.png?width=865&format=png&auto=webp&s=724009dc1024e3ce6cbf52d4a1814169a0e36b54
You can see I have a bit under 15 LP tokens that can be used for this Farm. You can enter the amount of those that you want to use for farming (=staking) manually, or if you want to stake all that you have, just click 'MAX' and the total amount will be filled.
- A MetaMask/wallet pop-up will appear as you need to approve the transaction:
https://preview.redd.it/0mj86dozgl161.png?width=336&format=png&auto=webp&s=08ac0d6269ca49469ce67691a91d5ad67f3f6417
You don't have to change anything, just click confirm and the staking will be approved and you are now farming Honey!
- Once you have generated/farmed some HNY you can harvest it!
Just click the 'Harvest' button -> select the amount, another MetaMask pop up will appear and once you confirm your freshly farmed HNY harvest will be in your wallet! - If you are done farming, you can unstake (part of) your LP tokens, just click the unstake button, select the amount of LP-tokens you want to unstake and confirm.
Note that you need to harvest your rewards separately, this does not happen simultaneously.
Once unstaked, you will still have your LP tokens and still earn trading fees on them. If you want to access the underlying tokens, you need to remove them from the liquidity pool again:
Click on the 'Pool' tab on Honeyswap, or go directly to https://honeyswap.org/#/pool
https://preview.redd.it/gzqmcot0hl161.png?width=580&format=png&auto=webp&s=078d286f0bcedb96f9c60143999d85df805c2020
Your Liquidity Providing positions should show up and you can click them. You may not see them listed here if you stake your LP tokens on Honeycomb but they will still be earning fees during that time.
https://preview.redd.it/y3sd6d52hl161.png?width=445&format=png&auto=webp&s=4523b28bad91c62ae0fe8ceed46b0c40a5d284cf
You can then add or remove liquidity. To remove, simply click 'Remove' and the next image below will pop up:
https://preview.redd.it/wx8mxlv2hl161.png?width=336&format=png&auto=webp&s=60c6d4ae8a1dc1d8bc8af9e9101586e4b2340bdd
Choose how much you want to remove, in this case we select 100%. Click 'remove' again and you get:
https://preview.redd.it/p5jzw6l3hl161.png?width=442&format=png&auto=webp&s=2fb825b202390d44b9e101a55b973f514aa1471c
Click confirm and you will get a MetaMask transaction you need to confirm and a few seconds later you will have your previously pooled funds back in your wallet!
- Note: The amount you can harvest will also be shown on the homepage, but that is the total over all farms you have staked in. So if you only farmed one, it will be the total for that farm, else harvests from other farms will be added. You can't harvest from the homepage though, so you will spend most time on the farms and farm detail pages.
- Note: You can pool, unpool, stake, claim, unstake, switch between farms as much and often as you like. In 'regular' Yield Farming this is not very efficient due to the high gas fees, but as the HoneyComb is on xDai, you don't have to worry about it!
Feel free to ask questions here on any parts of this guide, I'll do my best to help anyone who needs it.
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