Hello Pets is an open entertainment ecosystem where the community can join in the storytelling and art creation of shared IPs. Opening doors to external NFT collections by involving their holders and community artists to share IPs, create content and products together, Hello Pets’s goal is to be the Disney in Web3, believing that this is a paradigm shift that can fully unleash the potential of the masses.
The PET token is the native token of the Hello Pets ecosystem. It is designed to explore the new expressions in Web3 through art, games, fashion and entertainment, and enable the community to engage in the Hello Pets ecosystem meaningfully.
Hello Pets made an announcement on March 18th that the PET token is now available on the Arbitrum network. Citing advantages of the popular Layer 2 Ethereum network, including lower transaction costs and higher transaction speeds, this move enabled more ease to carry out web3 activities, games and Metaverse events.
KyberSwap was happy to support this move by enhancing liquidity for $PET with 2 pools on Arbitrum; PET-ARB 1% & PET-ETH 1%. Check out our announcement here!
And now, as an added incentive for their community, KyberSwap is excited to announce Hello Pets has incentivised the PET-ETH 1% pool with 60,000 $PET in yield farming rewards!
Why Farm on KyberSwap:
Launched on 7 July 2022, KyberSwap Elastic was a protocol created to redefine liquidity protocols, giving our liquidity providers the flexibility to plan individual earning strategies based on personal risk tolerance while maximising rewards.
Liquidity providers can use Concentrated Liquidity to customise the price range and increase efficiency of liquidity in the Elastic pools. This results in better slippage, volume, and earnings, especially for stablecoin and correlated pairs. LPs can also widen the range for uncorrelated pairs to ensure liquidity during high market volatility.
KyberSwap Elastic also offers several advantageous features, including Auto-Compounding, which enables LPs to earn higher returns by automatically reinvesting fee earnings into a full range reinvestment curve tied to the same liquidity pool, as well as 10 different fee tiers for LPs to select from when providing liquidity, providing greater flexibility in choosing a fee tier that aligns best with their liquidity goals.
The following $PET pool(s) will be eligible for liquidity mining rewards:
|Duration||Token Pair||PET Incentives|
|6 Apr – 6 June||PET-ETH 1%||60,000|
*Incentives may continue after the designation duration is over; to be confirmed at a later date.
Farming on KyberSwap Elastic:
|Depositing Liquidity||▫️ On KyberSwap, under “Earn -> Pools”, select [Elastic Pools]|
▫️ Add liquidity to the eligible pools at the fee tiers mentioned above.
▫️ Key in your deposit amount for the token pair. Approve the tokens if you have not done so earlier.
▫️ Input a custom price range in which you would like to provide liquidity by indicating the min price and the max price of that range. A narrower range gives your higher concentrated liquidity and more fees, while a bigger range would give a higher chance of the pool always being active (and get yield farming rewards).
▫️ After adding liquidity, you will receive an NFT (non-fungible token) that represents your liquidity position. (You can view your liquidity positions on the “Earn -> My Pools” page.)
Note: While you can deposit both ‘Out of range’ and ‘In range’ liquidity positions, only your ‘In range’ liquidity positions will earn you farming rewards.If your ‘Out of range’ liquidity position becomes active again, and you’ve already deposited it into the farming contract, you’ll start earning rewards for this liquidity position as well.So make sure when you add liquidity, input a min and max price for your chosen token pair that would not go out of range!
|Staking:||▫️ On the “Farm” page, select the same farm you added liquidity for.|
▫️ Click [Deposit] and select your liquidity position NFT (ID number).
▫️ Click [Deposit Selected], approve and wait for your transaction to be confirmed.
*IMPORTANT* After depositing your liquidity position NFT, click the [+] button to stake your deposited NFT.
Note: If the [+] button is disabled, it means that you haven’t deposited your NFT liquidity positions into the farming smart contract yet. You MUST stake your liquidity position NFT in the farm to start accumulating rewards (depositing the liquidity position NFT earlier is not enough).
|Harvesting & Claiming Rewards:||▫️ On the “Farms” page, click the “axe” icon button on the far right of the farm you want to harvest from, or the “Harvest All” button.|
▫️ A “Harvest” popup will be displayed and you can see the rewards you have accumulated so far in terms of total dollar value and in terms of individual tokens. Click on “Harvest”.
▫️ To claim rewards, click on [Vesting] on the Farm page and click on [Claim] button under [Vesting Schedules] to claim the harvested rewards that have been unlocked. If there is no vesting period, your rewards are unlocked immediately after harvesting them.
|Unstaking:||▫️ To unstake your NFT, simply click on the [-] button on the Farm. You will see a popup prompting you to select the liquidity position NFT you wish to unstake. Make your selection and click [Unstake Selected].|
▫️ Confirm and wait for your transaction to go through.
For more detailed instructions on farming with Elastic pools, please visit: https://docs.kyberswap.com/guides/how-to-farm
You can also view farming tutorials directly on KyberSwap or watch our tutorial video here:
Remember, liquidity providers on KyberSwap Elastic will only earn fees and rewards while their liquidity position remains In-Range. To maximise your earnings and prevent missing out on potential rewards, subscribe to our Notifications feature to receive alerts whenever your position moves Out-Of or back In-Range.