With CCIP-051 Pay out Moon Rewards to owners of Liquidity Tokens passing, and Liquidity Providers getting extra Moons. I think it's important to have a complete and comprehensive "How To" guide for anyone wanting to provide liquidity in SushiSwap thus being able to receive extra Moons from CCIP-051. The post will be broken into the following sections
As you can see there will be lots of steps and you may already know most of this. If you do, you can skip forward to whatever step you need or are stuck on. ----------------------------------------------- I. Locating your Recovery PhraseYour Recovery (seed) Phrase is only accessible from inside your vault. Your Reddit Vault is only accessible on the mobile app. NEVER share your Recovery Phrase with someone else or they will be able to steal all of your crypto in your wallet. To find your recovery phrase on the mobile app do the following
Congrats you can now see your Seed Phrase, you will need this for the next step! ----------------------------------------------- II. Importing your Wallet to MetaMaskNote: You can only add a new wallet to a MetaMask account that doesn't already have a wallet connected. If you already have a different MetaMask wallet connected you will need to remove the MetaMask extension and readd MetaMask. Make sure you do not remove a wallet that you don't have a backup to or you will lose access to any assets inside the wallet. If you use Chrome you can also create a secondary Chrome Profile (steps not included) and add the MetaMask extension on the new Chrome Profile without removing the existing MetaMask Wallet. To add MetaMask as a browser extension and Import your wallet do the following
Congrats you have successfully Imported your Wallet(Vault) to MetaMask! ----------------------------------------------- III. Adding the Arbitrum Nova Network and Moon Token to your Metamask account.When MetaMask is first installed on your device it will only have Ethereum Mainnet as an available network and Ethereum from Mainet as an asset. You will need to manually add: Arbitrum Nova a Layer2 for Ethereum, and Moons on the Aribitrum Nova network after. To add the information for Arbitrum Nova to your MetaMask account do the following:
Once you've added the Arbitrum Nova Network it should automatically switch to that network on your MetaMask extension. You will not see your Moons yet, next you need to add Moons as an asset To add Moons as an Asset on the Arbitrum Nova Network do the following:
Congratulations, You now have Arbitrum Nova added to MetaMask and you should be able to see your Moon Balance listed under your Assets! ----------------------------------------------- IV. Getting ETH (gas) on Arbitrum NovaArbitrum Nova does not have a special gas token. All transactions must be funded with ETH (gas) bridged to Arbitrum Nova. If you do not have any gas you will not be able to complete any transactions. There are a few ways to do this but we'll look at the most popular options.
Although Orbiter.Finance is a 3rd party it is almost always faster and cheaper to bridge ETH through this third party as compared to going through Arbitrum Nova. Now that you have ETH (gas) on Arbitrum Nova, you're now ready to complete some transactions! ----------------------------------------------- V. Providing Liquidity on SushiSwapProviding Liquidity Means: You put up equal amounts of Moons/ETH into a pool that is then used whenever someone wants to buy/sell Moons. If people are selling Moons, you'll end up with more Moons and less ETH. If they are buying Moons, you'll end up with less Moons and more ETH. By participating in this pool, you get a split of the fee for all Moon/ETH trades done on Sushiswap. However you also become eligible for the newly proposed Moon rewards for LP Token holders from CCIP-051. The two most popular ways to fund your entry into the pool are
IMPORTANT: Make sure you keep at least 75% of earned Moons in your vault so you are not penalized on future distributions. See this post for more information about this potential penalty. To Provide Moon/ETH Liquidity do the following:
Again if you do not have ETH to provide liquidity you can go to the Swap page and swap Moons for ETH (once you have gas), then go to the add liquidity page. Remember to keep at least 75% of earned Moons in your vault so you are not penalized on future distributions. Tip: If you have not sold any earned Moons and are adding all 25% of your earned Moons to liquidity - w/o starting ETH, sell 12.5% in increments then add the other 12.5% with your ETH you got from selling into the liquidity pool following the steps above. [link] [comments] |
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