Farming

What is LitBit Finance?

LitBit Finance is a decentralized finance (DeFi) project that allows users to earn interest on their cryptocurrency holdings through a process called "farming." users can participate in farming on the LitBit Finance platform and earn interest in the form of the project's native token, LIT.

Farming on LitBit Finance

What is Farming?

Farming on the LitBit Finance platform is a process where users deposit their cryptocurrency into a "pool" and earn a share of the interest generated from staking, liquidity provision or other activities within the pool. The interest earned is distributed to farmers in the form of LIT.

The pools are yield-generating pools, meaning that the assets deposited in the pool are used to generate interest or rewards through various methods such as staking, liquidity provision or participating in governance.

Setting Up a Wallet

To start farming on LitBit Finance, users will first need to connect their wallet to the platform.

Depositing into a Farming Pool

Once a wallet is connected, users can select the pool in which they wish to farm and deposit their cryptocurrency. The platform will automatically calculate the amount of LIT earned based on the current interest rate and the amount of time the deposit is left in the pool.

Users can deposit multiple types of cryptocurrency into a single pool, and can also deposit more than once into the same pool if they wish. The platform provides a variety of different pools to choose from, each with its own set of rules and interest rates. This allows users to choose the pool that best suits their investment strategy and risk tolerance.

Tracking Earnings and Withdrawing Funds

Users can track their farming activity and earnings on the platform and can withdraw their deposited cryptocurrency or LIT earnings at any time. The platform provides real-time tracking, so users can monitor their earnings as they accrue.