The Carbonable Comprehensive Farming Guide
TL;DR:
- Introducing Farming: Carbonable launches its farming module, enabling trustless management and distribution of carbon credits.
- Dual Functionality: Generate value through resale farming and retire carbon credits through offset farming.
- User Actions available: deposit, withdraw, and claim from farming projects pool.
- Enhanced Trust and Execution: Carbonable strengthens trust and execution in the offsetting process, leading to a more robust user experience.
Introduction
In the world of carbon offsetting, Carbonable introduces an innovative approach through the concept of farming. This unique farming system represents the tokenization of the project’s real absorption of carbon, revolutionizing the way we address climate change.
What is farming for Carbonable?
Carbonable farming serves two primary purposes :
Generating Resale Value: It allows for the generation of value through the resale of carbon credits, in the form of an Annual Percentage Rate (APR). By effectively selling the carbon credits back on the market, Carbonable not only incentivizes individuals and organizations to participate but also ensures a continuous cycle of carbon offsetting.
Retiring Carbon Credits: Carbonable farming enables the retirement of carbon credits. Through this process, the project actively offsets its carbon emissions, contributing to a net-zero carbon footprint. By retiring these carbon credits, Carbonable demonstrates its commitment to mitigating environmental impact and sets a powerful example for other initiatives to follow.
The farming system implemented by Carbonable has the potential to make a significant impact on the carbon market. By tokenizing decarbonization projects and creating a sustainable funding model, Carbonable offers a practical solution to combat climate change.
For more details on the different forms of farming, please refer to Appendix A at the end of this article.
What can you do with farming from Carbonable?
In the realm of Carbonable farming options, be it for Resale or Offset, there exist three fundamental actions that holders can do:
- Deposit: The initial step involves depositing a portion or the entirety of your farming rights for a specific project. This deposit serves two purposes: Receiving the underlying Carbon Credits, for resale purposes or offset purposes, or a combination of both!
- Withdraw: You can opt to withdraw a fraction or the entirety of your farming rights from the project. This withdrawal can be performed for both the Resale and Offset options, depending on your deposited positions.
- Claim: After the deposit and the effective farming, you have the opportunity to claim your rewards, contingent upon the chosen option. These rewards can take the form of Stablecoin (USDC) for the Resale option, or a certificate of Offsetting, validating your contribution to carbon reduction efforts.
By understanding and skillfully maneuvering these key actions, participants can make the most of their farming endeavors, whether it be in pursuit of financial gain or the noble cause of offsetting carbon emissions.
Steps to Interact with Carbonable’s Farming System
The Mainnet Carbonable Dapp is now Live!
A step-by-step guide will be provided for the following actions:
- Requirements for Carbonable Farming
- How to deposit in Carbonable Farming (Resale and/or Offsetting)
- How to withdraw from Carbonable Farming (Resale and/or Offsetting)
- How to claim from Carbonable Farming (Resale and/or Offsetting)
These guides will ensure a smooth and efficient user experience.
Requirements for Carbonable Farming
To be able to use Carbonable Farming, you need to own an SFT (Semi-Fungible Token) from one of the Projects. Or you need to migrate one of the NFT (Non Fungible Token) from one of the Projects into an SFT of this same project.
To control if you own at least one SFT of one of the Projects, you need to go to the “portfolio” page.
How to deposit my NFTs in Carbonable Farming (Resale and/or Offset)?
To deposit your SFTs into Carbonable Farming, first, you need to go to the “farming” page.
Then you need to find the Farming Pool of your project and click on it.
In our example, we will deposit for a “Sea-StarkTest” Project.
After clicking on the Farming Pool of the Project, you will arrive on the “Farming Project” page for the “Sea-StarkTest” Project.
Once on the page, you can click on “deposit” to deposit all or part of your share of the SFT.
In our example, we have 3 shares, and we will deposit 2 in Resale Farming and 1 in Offset Farming
First, we will deposit 2 shares in Resale Farming.
When the transaction is processed, after you sign the transaction with your wallet, you will see a notification with the status of the transaction.
When the transaction is validated, the page will automatically refresh and print you the new status.
Then, we will deposit 1 share in Offset Farming.
As for deposit in Resale, you can follow the transaction processing with the notification.
When the transaction is validated, the page will again be automatically updated and display the new status.
Now, you have deposited all your shares in the Farming Pool of “Sea-Starktest” Project
How to withdraw my NFTs in Carbonable Farming (Resell and/or Offset) ?
To withdraw your SFTs from Carbonable Farming, first, you need to go to the “farming” page.
Then you need to find the Farming Pool of your project and click on it.
In our example, we will withdraw all shares from the “Sea-StarkTest” Project.
After clicking on the Farming Pool of the Project, you will arrived on the “Farming Project” page for Sea-StarkTest” Project.
Once on the page, you can click on “withdraw” to retrieve all or part of your share from the Farming Pool.
In our example, we have 3 shares deposited, so we will withdraw 2 from Resale Farming and 1 from Offset Farming
First, we will withdraw 2 shares from Resale Farming.
As withdraw from Resale, you can follow the transaction processing with the notification.
Then, we will withdraw 1 share from Offset Farming.
As withdraw from Offset, you can follow the transaction processing with the notification.
Now, you have withdrawn all your shares in the Farming Pool of “Sea-Starktest” Project
How to claim my rewards in Carbonable Farming (Resale)?
To claim your rewards in Carbonable Farming, first, you need to go to the “farming” page.
Then you need to find the Farming Pool of your project and click on it.
In our example, we will claim for the “Sea-StarkTest” Project.
After clicking on the Farming Pool of the Project, you will arrive on the “Farming Project” page for Sea-StarkTest” Project.
In our example, we have 2 shares deposited in Resale Farming.
Once on the page and the loading is finished, you can click on “claim” and sign the transaction with your wallet to retrieve all of your rewards in USDC.
When the transaction is processed, after you sign the transaction with your wallet, you will see a notification with the status of the transaction.
When the transaction is validated, the page will automatically refresh and print you the new status.
Now, you have claimed all your rewards from the Farming Pool of “Sea-Starktest” Project
Conclusion
It is essential to note that the farming opportunities discussed herein are solely applicable to the Starknet test network.
It’s important to highlight that Carbonable’s farming like many other aspects of our initiative, is a product of open-source development. This ensures transparency, fosters collaboration, and allows for continuous improvement.
As the development of this innovative farming progresses, it is imperative to recognize that the process itself is iterative, and the interface and available options will continue to evolve.
We encourage all users to actively engage with us on our Discord, providing valuable feedback and seeking guidance whenever needed.
Moreover, we would like to assure our community that a dedicated article will be published to elucidate the precise meaning of all the indicators featured on the Dapp pages. With these measures in place, we strive to foster transparency, improve user experience, and pave the way for a thriving ecosystem of carbon farming.
Annex A — What is farming
Farming in the context of Blockchain refers to the process of staking or locking up cryptocurrency tokens in smart contracts for earning rewards. There are different types of farming and here are some of them.
Liquidity mining
Liquidity mining involves earning rewards for providing liquidity to a liquidity pool on a decentralized exchange (DEX). In return for providing liquidity, users receive a share of the transaction fees generated by the exchange, as well as additional rewards in the form of new cryptocurrency tokens.
Staking
Staking involves holding a cryptocurrency in a Node (it own Node or by delegation) to participate in network validation and security and then earn rewards from the network.
NFT farming
NFT farming involves earning NFTs as rewards for participating in DeFi protocols or for providing liquidity.
Governance farming
Governance farming involves earning governance tokens that allow holders to participate in the decision-making process of a DeFi project (as Curve protocol).
This process can be used to earn passive income on cryptocurrency holdings, as well as to support the efficiency of decentralized financial markets.
Webography
https://worldcoin.org/articles/crypto-yield-farming#:~:text=Yield farmers deposit their tokens, locked into autonomous smart contracts.
https://www.notion.so/carbonable/Farming-CTAs-8a69620a453e42b9b1e55875d49f1e9b
