How to earn insane yield returns on Solana
Spent the weekend digging into different yield farming platforms for Solana. For those that have been reading for a while, you’re probably aware that I am a huge Solana supporter and love the ecosystem + community.
There are two platforms that are worth checking out that I will mention in this edition.
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The first platform that I will be covering here is the Sunny platform.
Sunny is a composable DeFi yield aggregator powered by Solana. The Sunny Protocol is designed with composability as a core feature, enabling other applications and protocols to easily build on top of it.
They offered way higher % returns before, but the main focus would be for yield farming stable coins.
To get started, go to
https://app.sunny.ag/
The first step is to connect your wallet.
Once you click on ‘Connect Wallet’, you get options to connect Solana compatible wallets such as Phantom and Sollet. You can also connect hardware wallets such as Ledger.
Once you connect a wallet, the first thing you get to see is the rewards panel. Yield farmers on various protocols like checking in to see how their farms are doing. The moment you connect your wallet to Sunny, you are greeted with all your yields that are ready for harvesting. Now, that’s a pleasant welcome indeed!
You are rewarded in the form of both SABER and SUNNY tokens for providing liquidity on this platform.
To obtain Saber LP tokens, you need to use the Saber app.
When you click on the ‘connect wallet’ button, you are first given a reminder that you need a Solana compatible wallet.
If you have one, then click on ‘continue’.
Now you get a pop-up with wallet options.
I am choosing a Phantom wallet. Click on whichever is your choice.
Unlock your wallet using your password.
Now you’ll be asked to allow the Saber app to connect. Click on ‘Connect’.
Now you are ready to use Saber and create the LP tokens required for the Sunny aggregator.
How to Add Liquidity to Sunny Pools Using Saber LP Tokens
Even if your ultimate aim is to stake the LP tokens in a specific Sunny pool, you first need to go to the associated Saber pool, to create the required LP tokens. So let’s get started with that process.
1. Click on ‘Pools’ in the top menu.
2. Choose a pool from the given list:
An easier way is to choose the pool directly from the Sunny aggregator itself. For example, let’s take the Saber wFTT-FTT pool.
3. To get the required LP tokens for this pool, you should click on the link in the paragraph (marked in red box) ‘providing liquidity on Saber using their app’. Each pool has a similar link that leads to the correct for creating the required LP tokens.
4. Once you click on this link, you are redirected to the page for creating wFTT-FTT liquidity pool tokens in the Saber app.
5. Once you enter the required amounts, you will be able to see a blue ‘Deposit’ button. Click on it.
6. When you click ‘Deposit’ you will be asked to ‘Confirm Deposit’ once more. Your connected wallet will pop up asking for confirmation of the transaction.
7. Now you will be able to see how many unstaked wFTT-FTT LP tokens are available in Saber. You can stake these directly in Saber pools or head over to Sunny to get even better APRs and Sunny tokens as rewards.
8. The next step is to head back to your Sunny app page and open the pool you created the LP tokens for.
9. You will be able to view the LP tokens as balance (marked in red on the below image). Click on the link of the balance amount to enter the full amount as a deposit. You can edit the amount as desired. ( I have marked the amounts as XXXX…)
10. Once the amount is entered, you get a yellow button to ‘Deposit Saber LP’.
11. Once you click ‘Deposit Saber LP’ you will get a wallet pop-up asking to confirm the transaction.
12. Once you do so, your LP tokens get staked in this pool. You can see a small pop-up notification (to the left bottom of the screen) regarding the transaction. Click on that if you wish to see the transaction details.
You can see the deposited amount in dollar value in the top portion of the box (marked in the red box in the image).
The rewards tab will show you how much reward is being generated in this pool.
Click on ‘withdraw’ to take out your staked funds at any time you desire.
Unlike most other DeFi tokens, SUNNY tokens did not have an ICO. These tokens are currently available for purchase on certain exchanges. The only other way to get SUNNY tokens is through yield farming on the Sunny Aggregator platform.
Considering that Solana is currently the cheapest and fastest blockchain out there, there is no doubt that Solana protocols get an added advantage. Solana is providing stiff competition to the Binance Smart Chain and new protocols seem to prefer launching on this network.
Orca
The next platform I want to mention is Orca.
Orca is the easiest place to exchange cryptocurrency on the Solana blockchain. On Orca, you can exchange tokens more cheaply, quickly, and confidently (than any DEX on Ethereum. Additionally, you can provide liquidity to a trading pool to earn trading fees.
1. Provide liquidity
Click Pools at the top of the main screen, select the pool that you want to provide and then click "Deposit."
Enter the number of tokens you want to Deposit in the pool as the following screenshot (you need to have the same two tokens in your wallet base on the pool). Click “Deposit” and then click “APPROVE” to complete the confirmation in your wallet.
Also on this page you can see the APY based on the past 30 days.
When you finished, you'll see your liquidity information appear in the middle and upper part of the page.
2.How to Withdraw Tokens From a Pool
If you want to Withdraw tokens from the pool, click the "Withdraw" button as the below image:
Then select the amount to Withdraw, click "Withdraw" and then click "APPROVE" to confirm the transaction in the wallet. At the same time, you can see the total number of tokens you can receive after the withdrawal (including both the liquidity token which you provided and the reward token).
Double-Dip Orca LP Tokens
Click on the Double-Dip tab and find the Double-Dip pool you'd like to participate in. Click "Double-dip" as per the screenshot below. Click “APPROVE” to complete the confirmation in your wallet. That's it! You are now earning dual-rewards.
Rewards can be manually harvested by clicking "Harvest" or all earnings will automatically be collected when removing liquidity from a pool.
As with any DeFi yield farming, there are risk, but these two platform is currently doing wonders for the Solana community.
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