🌊Adding Liquidity
Last updated
Last updated
On illumineX, liquidity providers are rewarded by receiving a share of the Protocol Earnings, and in the case of incentivized pools, also by receiving $IX rewards if the liquidity providers decide to lock their ILP tokens in the farm.
The liquidity pools can be divided into 2 different categories: Native Oasis Sapphire pools such as the IX / ROSE pool, and cross-chain pools.
In order to get started with adding liquidity, follow the steps below:
In case you already hold your assets on Oasis Sapphire, and / or are not going to add cross-chain liquidity, you can skip step 2.
Start by deciding to which pool(s) you want to provide liquidity by visiting the Liquidity Pools Page. The pools are named based on the assets in them, and also based on which blockchain these assets originate from. For example, the bscUSDT / ethUSDT pool consists of USDT from BNB Chain paired with USDT from Ethereum Mainnet.
After you have decided which pool you want to provide liquidity to, the next step is to bridge over your assets from the respective networks. In this example, we will use the bscUSDT / ethUSDT pool to demonstrate bridging and adding liquidity. Since we picked this pool, we will need to bridge equal amounts USDT from BNB Chain and Ethereum. Assets can be bridged over to Sapphire easily by following the steps in our interactive Bridging Tutorial on the website. In our example, we go through the bridging tutorial twice to first bridge USDT from BNB Chain, and then USDT from Ethereum to Oasis Sapphire. Remember to put your own wallet address in the “To:” field. Select the token you want to bridge, input the amount, and click “Cross chain swap”. The bridging process usually takes a few minutes to complete. When bridging any asset to Oasis Sapphire, our faucet will also automatically send you 1 ROSE that you can use for gas.
After you have successfully bridged your assets to Oasis Sapphire, you are now ready to add liquidity. Visit the Liquidity Pools Page again and click on the pool you chose.
Click on “Deposit”, input the amount of the first asset and the second asset will autocomplete based on the current ratio of the pool. Before proceeding, make sure that the secure router setting is turned ON. The secure router is by default turned on, so do not turn it off. When you have made sure that the secure router is on, proceed by clicking “Add Liquidity”.
If this is your first time adding liquidity for this specific pair, you will be requested to Approve usage of funds. A window from your EVM wallet will popup asking you to confirm the transaction, proceed by confirming the transaction. After the approval is confirmed, you will be asked yet again to confirm the transaction, this time you are confirming the transaction to actually deposit liquidity. Once the transaction has been confirmed you are done!
You have now added liquidity successfully. This next step is optional, and only available for our incentivized genesis pools.
In case you added liquidity to one of the incentivized pools, you can also choose to lock your illumineX liquidity provider (ILP) tokens into the farms in order to earn $IX token rewards.
Click on “Farm”, input the amount of ILP tokens you want to deposit in the farm, and select an appropriate lockup period. In case you do not want to lock your tokens and want to have them available for withdrawal immediately, select “No lockup”. Finally, click on deposit, approve usage of the ILP token (if you are depositing into the farm for the first time), approve the deposit transaction, and you are done.
You can see all of your liquidity and farm positions from the Positions page on the website.
Note: Liquidity providers may be subject to IL risks, read more about IL here
Adding Liquidity to memecoins
If you are providing liquidity to any coins with custom logic such as taxes, antiwhale-measures etc (in general this applies for memecoins), make sure to switch OFF the secure router before providing liquidity. In case you are uncertain, please verify with your token community before providing liquidity.
