How to get started in Farming

I am trying to learn about being a liquidity provider. Is that the same as “farming”, or is farming different? Anyway, I am tempted by the really high advertised APY, but I guess from reading other posts that most or all of that rewards gets eaten by gas fees. Is that correct? Based on this post it sounds like a farming contract only lasts 28 days, so you can’t just provide liquidity for an entire year without paying gas fees every 28 days, is that correct? Sorry for all the noob question, but you have to start somewhere. Thanks in advance.

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Welcome on board, glad you are learning farming in DeFi via 1inch incentive programs! Always happy to assist you on that! :slightly_smiling_face:
Regarding your question - yes, the main farming program is prolonged for another 28 days so far but can be extended for a longer period of time and hopefully without painful migration, if the team finds it worthy economically. We always try to keep our users motivated and engaged with the protocol. Stay tuned!

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when you are farming you are also liquidity provider?
at the end of farming, 1% of the 1INCH token total supply will be distributed only for providers of liquidity? are farming included?
when they will be distributed for the last program? Thanks.

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Yes GrempelsGabriel, providing liquidity is farming. You are planting seeds (the liquidity coin) and harvesting rewards (% of pool transaction fees) + any additional incentives, in this case a proportional distribution of 1inch tokes based on amount of liquidity provided and length of time in the pool

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Ok. Thanks. Do you know when the 1% for the last farming round will be distributed?

Take a look here.

After you deposit equal amounts of two tokens you get a liquidity pool token as a “receipt”. In case there are additional incentives you stake the LP token in the farm as a separate transaction.

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Ok. Thanks. Do you know when the 1% for the last farming round will be distributed?