Abracadabraoffers different farming opportunities where users can stake their LP tokens to farm SPELL tokens. This mechanism is used to keep deep liquidity on particular pairs. Farming is currently available on Ethereum for ETH-SPELL and MIM-3CRV LP tokens. Future incentivization programs for LP pairs can be voted on through the governance process when the governance portal goes live.
Using LP tokens to Farm on Abracadabra
The FARM page of the website allows its user to add liquidity pool tokens and farm SPELL.
We can use ETH-SPELL LP tokens as an example, but the process will be the same for every asset.
We will need to scroll down to the ETH-SPELL POOL.
First, we need to APPROVE the spending of our ETH-SPELL LP tokens.
After this is complete, we simply press STAKE to deposit our ETH-SPELL LP tokens into the farm to start earning SPELL.
We can confirm that our deposit is successful above in the ETH-SPELL DEPOSITED window. We can also see the SPELL tokens that we earn in the EARNED window above as time progresses and we continue to cast this ritual spell.
We can now use the HARVEST and WITHDRAW buttons, to respectively harvest only the rewards or withdraw both staked tokens and rewards.