In this tutorial, we’re going to go through a quick explanation on how to set up a new NFT farm.
We’ll start on Unifty using the Ethereum Rinkeby testnet, where the tokens are free. If you’re wondering where to get some: https://faucet.rinkeby.io/. If you’ve not already done so, you’ll need to install MetaMask on your desktop browser (works on Chrome, Brave and Firefox).
If you got yourself some Rinkeby ETH, let’s move on. Go to unifty.io/rinkeby and be sure that you’re connected (there should be a little green light and a line that says “connected”). If something is not right, be sure to check your Internet connection and refresh the page and/or click to connect manually.
To let this sink in better, let’s go to work. Click on the “Farm Builder” button on the left toolbar.
It may take a few seconds to load, we directly read to/from the blockchain and rely on a lot of decentralization. We’re improving this experience but in the meantime welcome to decentralized freedom!
When it loads up, you’ll see an option — “Add new Farm”. Select the offered option. After you select the mentioned option, a pop up form will appear, where you will enter all data that is required.
First, give your farm a name (be creative). Next, pick the staking token. NIF will appear by default, but you can pick to enter any custom ERC20 or LP Token address. You need to know the contract address for the token, which you can find on a block explorer like Etherscan.
Enter the minimum and maximum amount of tokens that you want to allow stakers to lock. This is by address, so it is always possible that people can stake the maximum across multiple wallets, however the points cannot be transferred between wallets.
You’ll see that the Controller Address should appear, this can be changed later if need be.
Everything else is optional, but allows users to find out more about your project and appears on the unifty.io website.
At the bottom of the form you can see the fees for creating a farm, this varies by network, and users holding a sufficient amount of NIF token or Farm Builder NFTs (for the blockchain that it is on) are exempt from fees.
If you’re satisfied with your farm data, hit the create button. A MetaMask pop-up should appear, and you’ll need to verify the final details.
After that gets sent on to the blockchain, and gets confirmed you can close the Farm Builder form and see that your brand new farm has been created.
After you set up your first farm, go and check out the options that are offered. Click on the pen icon and select the option you want.
If you select -Edit Farm Info- a pop-up form will appear, where you can change your farm name, description of your farm (if you want to put one) and your farm image. Also, you can add your social accounts info (this is optional). Click -Update- and confirm your changes in the MetaMask pop-up window.
You can edit your farm stakes, by clicking on the — Edit Stakes- option. Once the form appears, you can edit the minimum and maximum stake. You will need to confirm your updates in the MetaMask window that will appear after you click -Update.
Next option is — Edit Reward Rate-. A window will appear where you can enter the reward rate (in seconds) that you want (60 seconds * 60 minutes * 24 hours = 86 400 seconds per day to earn 1 point).
For each one token staked how many seconds to earn one point. If you want to speed it up, reduce the time to accrue 1 point, or increase to slow it down. As usual, confirm it in the MetaMask window.
You can edit your Controller address, by clicking the option -Edit Controller Address-.
If you click on the last option, a pop-up form will appear where you can buy the shop addon. By purchasing the shop addon for your farm, you will be able to transform your farm into a small shop, selling your items right away. You will also be able to keep farming and provide a buyout option for each item from the farm.
After you click “buy” a pop-up window from MetaMask will appear (like before).
After your request has been approved, you will have to allow the shop addon to manage NFT withdrawals on behalf of the farm.
Once again, confirm it.
Next, you now need to allow the shop addon to pause staking on behalf of the farm (in case the farm will be set to act as a shop, only).
When you confirm it, you can enable shop features in your farm.
Also, you can edit your Farm Shop. You can choose between 3 options: Shop Disabled, Farming + Buyouts and Only Buys. All of the options are explained in the pop-up window, like on the image below.
When you enter your farm, a new window will pop out. You will be offered to add NFTs, stake and unstake.
Let’s add some NFTs (We’ll assume you already created your first NFT). Select Unifty as your NFT Collection, then open your wallet.
If you already created your NFT, it should appear in your NFT Wallet, and you can select it.
You can then transfer the amount of NFTs you want from your wallet to this farm. Next, you will need to input the amount of points needed to redeem a copy of the NFT, Artist FeeETH (redemption fee for the artist), Controller FeeETH (redemption fee for the controller, usually you) and Artists wallet address. Approve it, and you’re done.
You have two more options — stake and unstake.
By using the option — Stake — you can lock your tokens. Let’s say that you will stake 10 NIF tokens, tomorrow you will see on the site that you have 10 points, the next day 20 and so on. They are purely internal to Unifty and can’t be transferred. You use them to buy NFTs in the farm.
The “Earned” is the points you’ve accrued. After that you need a certain number of points to redeem for an NFT. You get 1 point for every token staked each day.
If you enter the Unifty Liquidity Farm, you can buy cards for a certain amount of points. See how there’s an Activation date underneath every card — it means that holders of that card will be eligible to receive a certain amount of $NIFs on, or after the activation date.
Note: If you are using LP tokens for your farm, be aware that the ratio of underlying tokens (e.g. NIF, DAI) are not 1:1 with LP tokens. Check Uniswap and Etherscan for details.
Next, by unstaking, it means you just won’t be earning more, but any accrued yet unspent LP tokens will be saved.
When you’re in the farm itself, you can click on the pen -Edit Data-, and then change redemption points, next to the NFT you want to amend.
Besides editing your Farm Data, you can also remove NFTs. Just enter the amount of NFTs you want to remove, and they will be transferred to your wallet.
Congratulations, you created your first Farm! How exciting is that?! Enjoy your Unifty trip.