On October 22, 2020, the team behind Chromia (CHR) and Hedget (HGET) announced a collaborative liquidity mining program. Participants of this liquidity mining program will be rewarded both CHR and HGET tokens from a pool of 700,000 Chromia and 7,500 HGET. The Chromia/Hedget liquidity mining program could prove to be a very lucrative opportunity for Holders of these tokens if they choose to stake them. The teams behind these projects have stated the potential return for the participants of their liquidity mining program can be as high as an estimated 200% or 120% APY. It is important to keep in mind that the APY of this program is dynamic, but even the lower end of the spectrum is 120% APY.
Some people might be curious as to why Chromia is collaborating with Hedget for this liquidity mining program. There is no absolute reason given, but there is ample reason to believe that the platforms are mutually beneficial for each other. Hedget is built on Chromia’s Rell blockchain, therefore the success of Hedget can be translated into being good for Chromia. For example, if Hedget succeeds to gain traction and adoption, the fees generated from Hedget should benefit the Chromia community as well. There are also a plethora of other reasons as to how the success of Dapps on Chromia or any blockchain can be great for the entire blockchain’s ecosystem.
The Chromia and Hedget liquidity mining program has not yet begun. The liquidity mining program is expected to start on October 26th, 2020, and it will last for two weeks. This means that the liquidity mining program will end around November 8, 2020.
Even though the liquidity mining program will begin on October 26th, 2020, people can still continue to join in or add more stake into the pool even after it has already begun all the way until it ends. The rewards from the incentive pool will be given once the 2 week lock up period is over when you unstake.
How to Participate
The Chromia and Hedget team will be utilizing the popular platform Uniswap to facilitate their liquidity mining program. The teams will also be utilizing a Hedget/Chromia liquidity mining interface which will be made available before the liquidity mining begins.
The Hedget team mentioned four steps on how people can participate in their liquidity mining program which will be listed below or you can find them here. For those of you who are unfamiliar with the Uniswap protocol, you can find a complete guide on how to use it here.
To begin liquidity mining you will have to simply add HGET/Chromia tokens to the HGET/Chromia pool on Uniswap. Once you have added tokens to the pool, you will automatically receive UNI-V2 (HGET/CHR) LP Tokens. Take the UNI-V2 (HGET/CHR) LP tokens to the HGET/Chromia liquidity mining interface when it is available. The last step is to just wait until the staking period ends, and enjoy your rewards.