LP Mining Quickswap x IUX
Quickswap
As an automated market maker, QuickSwap enables the trading of assets without the need for the limited order books that are offered by conventional exchanges. Instead, it makes use of token pools that are already loaded with tokens, much like other smart-contract-based alternatives, and prices are established algorithmically by the balance ratio between the two assets in a pool.
LP
Providing liquidity; Users can use their tokens to provide liquidity in QuickSwap’s pools.
Liquidity providers (LPs) are rewarded with the trading fees paid by those who swap tokens using that specific liquidity pool.
Farming; Liquidity providers receive LP tokens. These tokens represent a liquidity provider’s share in the pool.
LP tokens received for providing liquidity for pools can be used for farming on select pairs to earn rewards paid out in dQUICK
How to Farm QuickSwap
STEP 1
From your Desktop version, enter your Metamask Extension.
If you haven’t imported your IUX in Metamask, click here .
If you have imported your IUX in Metamask read on.
STEP 2
Make sure you have the pair of $IUX and $USDC in Metamask.
Also, make sure you have enough MATIC in Metamask, in order to pay every gas fee needed (since it’s on Polygon, the gas fees are not that high).
If you have 100 USDC, you must also have the same amount in IUX, reported to the market price (which is volatile).
If you don’t have USDC in your Metamask account, you need to BUY it on any exchange (Binance, Kucoin, and so on) and transfer it to your Metamask wallet (see article here)
ATTENTION
Firstly, when you send crypto from an exchange to your Metamask wallet, make sure it is the right address, by sending a small amount (e.g. Binance- minimum $10). After making sure it is the right address, you can send the full amount.
Another piece of advice would be to can check it by verifying the last digit of the Metamask wallet address.
STEP 3
Go to Quickswap and click on the “Farm” button
Now, Connect your Metamask Wallet in Quickswap.
After connecting your Metamask wallet, search the IUX/USDC pair.
Now, click on the pair; this page will expand now.
Now click on the blue button “Get USDC/IUX LP”
Another page will open now, with the transaction. Enter the USDC amount that you want to farm (the IUX will be calculated automatically).
You need to approve both USDC and IUX; a Metamask pop-up will appear, where you need to sign the transaction on Metamask.
Now the transaction is almost done, just a few steps more.
Click on the “Supply” button.
Now, a pop-up will appear, and you need to confirm the supply.
A window from Metamask will now appear, to fully confirm the transaction.
A pop-up will confirm the finalization of the transaction.
After everything is finished you can check your Farming by clicking on the button “Pool”.
On the new page, you have “Your Liquidity Pools” and you can click on “Manage” to check it.
You can see how much USDC and IUX you have on farming, but also, how much (percentage) of the pool, your farming is. If you click on View Analytics, you can see your Liquidity Pool in more detail.
Now that the FIRST part of the farming is done, we are continuing to STAKING.
STEP 4
Go to “Farm”
Search for the IUX/ USDC pair and click on it.
When this window expands, click on MAX and make sure that the amount that is in LP is the same as you are farming.
Now, click on the “Approve” button.
A window from Metamask will appear, to confirm the transaction.
Now, in the right upper corner, you can see how much dQUICK you have generated and how much it means in USDC.
If you want to harvest the rewards, you can claim your dQUICK, which you can then convert.
CAUTION
The main drawback when it comes to participating in any kind of liquidity provision, dual farming included — is the potential to experience impermanent loss. Read more here.
Now, everything is finalized and you have your tokens farming rewards.
Happy farming! We are waiting for your feedback on our Telegram Group and also, and we would appreciate it if you would subscribe to our Telegram Channel.
