How to provide liquidity on PolyCub
Direct from the desk of Dane Williams.
Walkthrough for providing liquidity on PolyCub
Following the launch of the brand new DeFi platform called PolyCub, there are lots of questions going around looking for a walkthrough to providing liquidity.
In this blog, I take you through the process step by step and give you the chance to ask any follow up questions in the comments section below.
Let’s jump right into it.
First things first
Before we get into the walkthrough, you need to understand a few things.
Polygon is not free
Unlike Hive, the Polygon blockchain is NOT free to use.
So the first thing you need to do after setting up your MetaMask is to make sure you have a small amount of MATIC on hand for transaction fees.
You can get free MATIC for gas fees by blogging on Hive and then using Hive-Engine to buy and withdraw SWAP.MATIC into your Polygon wallet.
POLYCUB and pLEO token addresses
The most questions around providing liquidity on PolyCub ask about how to provide liquidity to the pCUB:MATIC LP.
As a result, I've used this farm as my example and thus you need to add the following custom tokens.
Contract addresses:
- POLYCUB contract address: 0x7cC15fEf543f205Bf21018F038F591C6BaDa941c
- pLEO contract address: 0xF826A91e8De52bC1Baf40d88203E572DC2551aa3
So your balances correctly display via MetaMask, make sure you add both these PolyCub specific tokens by clicking Import Tokens and pasting in the contract addresses.
1. Wrap your LEO to pLEO
Go to the LEO TO pLEO wrapper.
Paste in your Polygon address, then how much LEO you want to deposit (-1 LEO fee), your Hive username and finally confirm the transaction using keychain.
Wait a minute and you will see your balance of pLEO now in your MetaMask.
2. Add Liquidity via SushiSwap
Assuming you already have an equal dollar amount of MATIC in your wallet, you can now add liquidity.
On PolyCub, click Trade then Liquidity and bring up the SushiSwap interface.
Choose MATIC for the first (it auto changes to wMATIC) and paste the pLEO contract address to then choose pLEO.
Confirm the transactions and you will now have the required LP tokens.
3. Deposit the pLEO:MATIC LP tokens into the PolyCub farm
Go back to PolyCub and click the Farms tab.
Click the pLEO:MATIC farm and enable the contract.
Once enabled, click the Plus Sign and then the Max button.
You will now have added the LP tokens into the PolyCub farm and will start to earn POLYCUB rewards.
Final thoughts on providing liquidity on PolyCub
Every time I pop into the LeoFinance Discord or read through the daily LeoMarketTalk crypto live blog I see questions surrounding how to provide liquidity on PolyCub.
Hopefully this blog can act as a resource to link back to when the same questions get asked.
As I said above, you now have the chance to ask any follow up questions in the comments section below.
Let’s use the power of our community here on LeoFinance to build out this walkthrough.
Best of probabilities to you.
Posted Using LeoFinance Beta
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Thanks for sharing this. It was very helpful
All good :)
Which PolyCub LPs are you getting into?
Posted Using LeoFinance Beta
Matric LP should be better.
The pLEO:MATIC LP is a great place to be.
Earn LEO by creating and commenting on content here on LeoFinance.
Then pool it with MATIC on PolyCub and earn 500%+ on those rewards.
Can't go wrong!
Posted Using LeoFinance Beta
Yesh sure I am actually happy about it
It doesn't seem all that different from CubFinance. I thought you had to input wMATIC but I guess you can skip a step (save gas fees).
Posted Using LeoFinance Beta
Yep, even though it says wMATIC, it accepts MATIC.
I guess you don't have to wrap your MATIC when it's on Polygon itself?
Posted Using LeoFinance Beta
I didn't know I can actually get magic for free not until I read through the post
Posted Using LeoFinance Beta
You can get free MATIC for gas fees by simply earning HIVE rewards and using those to buy SWAP.MATIC.
As you can see, I may have used a little poetic license by saying that the MATIC is free because it takes your time.
But still doable if that's the route you want to take :)
Posted Using LeoFinance Beta
yeah, even with the walkthrough, I'm either too dumb or lazy to figure it out. ah well, less that yall have to share! lol
You're certainly not dumb.
I was in your exact shoes before the launch of Cub Finance.
It's complicated as all hell!
But I assure you that if you put in the time required to learn, then the rewards are VERYYY much worth the effort.
Just something to consider ;)
Posted Using LeoFinance Beta
I think that's my main obstacle right now. Time and energy are two things I'm short on these days. Perhaps I'll return to this another time, but my FOMO over the polycub stuff was replaced by a general lack of caring very quickly over the past few weeks.