Farmers earn Points that will be converted to PMX based on the liquidity they hold in the farming strategies - farming liquidity.
Farming Rewards suggest 0.65 points per $1 in a farming strategy per 24 hours and there is no minimum threshold to start earning points. The protocol considers both your initial deposit and borrowed capital for open leveraged strategies, so the leverage farming brings much higher rewards with the same deposit.
For details about points distribution rules, kindly check Primex docs.
How to enter a farming strategy on Primex
Step 1. In the header menu, choose Farm->Farming
Step 2. Connect your wallet and choose preferred network
Connect your Web3 wallet such as Metamask to Primex or use a social login to create your wallet automatically (you will still be the owner of your wallet as Primex doesn’t create any custodial account on the platform).
Step 3. Choose a strategy and click Deposit
Let’s say you have idle WETH and you want to enter Lido’s staked ETH (wstETH) and earn ~35% staking APY on your WETH capital (instead of regular ~3%). Click Deposit.
Step 4. In the next window, enter the number of the asset you want to deposit and set Leverage
Click MAX if you want to deposit the maximum available amount of assets in your wallet/account. When changing Leverage you will see that the target APY changes as well: the more leverage, the more yield you earn (and the higher potential risk). Here you can also set custom Slippage when opening this position.
Step 5. Click the Deposit button and confirm the transaction in your wallet
If you enter a particular strategy for the first time or didn't provide big enough approval earlier, you will have to sign two transactions - Approve and Deposit. If you click the checkbox 'Allow current balance for further transactions without approval', you will not have to send the approval transaction for the same Bucket again.
Step 6. Wait for a notification that your deposit has been successful
That's it! Now you will be earning APY on your deposited capital depending on the current rate and leverage you chose. Besides, you will be receiving Points while participating in the Primex Rewards Program. These points will be converted to Primex Token (PMX) based on your place in the Leaderboard.
Currently Primex supports yield-bearing assets from such protocols as Lido, Frax, Rocketpool, Coinbase, Ether.fi, Renzo, Kelp, Swell, Ondo, Ethena, MakerDSR and Puffer. More strategies will be listed soon.