How to use Igloo
Igloo Icing in Igloo is a great way to earn EGG rewards on PenguinSwap.
Unlike Seafood Pools, Igloos require you to stake two tokens to get LP Tokens, which you then stake in the Igloo to earn rewards. This lets you earn EGG while still keeping a position in your other tokens!
Igloo Icing can give better rewards than Seafood Pools, but it comes with a risk of Impermanent Loss. It’s not as scary as it sounds, but it is worth learning about the concept before you get started.
Getting prepared
Igloo Icing takes a little work to get set up.
You’re going to need some "LP Tokens" to enter into a Igloo with. Igloos can only accept their own exact LP Token; for example, the EGG-UTG Farm will only accept EGG-UTG LP Tokens.
To get the exact LP Token, you'll need to provide liquidity for that trading pair. So to get EGG-UTG LP Tokens, you'll first have to provide liquidity for the EGG-UTG pair.
It may sound intimidating, but it's not too complicated. Let's go through step by step.
Finding your Igloo
Before you proceed, you'll want to choose a Igloo that's right for you. Visit the Igloo page and you’ll see a list of available Igloos.
EGG-UTG and USDT-UTG are pinned to the top of the list with the default Hot sorting. After the pinned Igloos, Hot will show other Igloos in order of how new they are.
You can choose another sorting option if you like, such as by APR for the Igloos with the highest reward rate currently.
When you find an Igloo that you'd like to use, note down the trading pair, e.g. EGG-UTG in case you need it later.
Providing liquidity to get LP Tokens
Now that you've found an Igloo to stake in, you will need to add liquidity to get your LP Tokens.
Click on the row of the Igloo you've chosen from the list. It will open to show more details.
On the left, you'll see some links. Click the Get (your pair) LP link.
This will open the Add Liquidity page for your Farm's pair. We have a guide to adding liquidity you can follow to get your LP Tokens.
Putting your LP Tokens into an Igloo
Now that you have your LP Tokens, you’re ready to start staking them in an Igloo and earning EGG rewards!
Putting your LP Tokens into the Igloo
Go back to the Igloos page and locate your Igloo. Click anywhere on the row showing your pair. It will expand to show more details.
When you’re ready, click the Enable button and confirm your action in your wallet.
After a short wait, the Enable button will change to Stake LP. Click it and a new window will appear.
Type the amount of LP Tokens you would like to farm with into the field, or just click Max to use all of your LP Tokens.
When you have the amount entered, the Confirm button will light up. Click it. Your wallet will ask you to confirm your action.
After a short wait, the window will close, and you will see your new staked LP Token balance in the details.
Adding or removing LP Tokens from an Igloo
You may decide you would like to add more LP Tokens to an Igloo at a later date, or to take some out of an Igloo. You can do this very easily whenever you'd like.
Return to the Igloo Icing page. At the top of the page you'll see a Staked only toggle. Click the toggle.
You should now only see the pairs you have LP Tokens in on the list, making it easier to find your Igloo.
Find the Igloo you have LP Tokens in, and click the row to view details. You will see a - and + button on the right-hand side. Click - to remove LP Tokens, or + to add more LP Tokens.
A window will open that looks like the one you used earlier to first stake your LP Tokens. Like last time, type the amount you would like to unstake/stake, or click Max to remove/add all available LP Tokens.
Make sure your information is correct. When you are ready, click the Confirm button and confirm the action in your wallet.
After a short wait, your new balance will show in the details section of your LP Token pair. If you've unstaked your LP Tokens, any unharvested rewards you had will automatically have been collected.
Collecting your icing rewards
Farming will bring you EGG rewards over time. You can collect these rewards and use them to get more LP Tokens, stake them in Seafood Pools, use them to play Lottery, or anything else you’d like.
Returning to your Igloo to Harvest
You can harvest your Igloo and Seafood Pool rewards together from the Home page. If you'd like to collect your icing rewards only, follow along.
To collect your rewards, you’ll need to visit your chosen Igloo and collect the EGG waiting for you.
Return to the Igloos page here.
Find the Igloo you staked your LP Tokens in, and click the row to view details. You should see an estimate of your rewards under “EGG earned”.
Click the Harvest button and confirm the action in your wallet. After a short wait, the EGG will be claimed to your wallet for you to use as you like.
How often should I harvest my rewards?
How often you harvest your rewards is up to you, but it does help to remember that there is a small fee involved in harvesting.
You can see this fee in your wallet when confirming after clicking Harvest.
This shows the fee for harvesting as it appears in the BaseMeta wallet. Different wallets will show the information a little differently. Consider leaving your rewards to grow for a while so you pay fees less often.
And that's all there is to it! You may also want to look at how to use PenguinSwap Seafood Pools to earn rewards.
Happy icing!
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