APY.Finance’s LBP Step-by-Step Guide

Will Shahda
APY.Finance
Published in
4 min readNov 5, 2020

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On November 5, 2020 at 9:00 EST or 14:00 UTC,~2.6M APY tokens will be available on Balancer’s Liquidity Bootstrapping Pool (LBP).

The LBP will end roughly around November 7, 2020 at 9:00 EST or 14:00 UTC with the exact block number of 11210798.

If you are not familiar with how the LBP works or IDO details, please read our original article.

This article outlines step-by-step how to participate in the APY.Finance Balancer LBP.

How to Participate in APY.Finance’s LBP

In order to swap APY token on Balancer LBP, users will have to go through three steps:

  1. Install and set up MetaMask
  2. Navigate to Balancer LBP via https://dashboard.apy.finance/lbp
  3. Swap $APY

We detail these steps below:

1. Install and Setup MetaMask

We recommend using MetaMask, which is a Web3 enabled cryptocurrency wallet, to swap tokens on Balancer LBP. You can download the MetaMask extension directly in browsers such as Google Chrome, Firefox. In addition to Metamask, Balancer also supports WalletConnect, Coinbase, Portis, etc. This guide will focus on the use of Metamask, which is similar to other wallets.

After preparing Metamask, you need to prepare two cryptocurrencies 1) ETH to pay transaction fees on Ethereum and 2) USDC to exchange for APY tokens.

While other tokens can also be used, we recommend preparing USDC. Balancer’s multi-pool routing means other tokens besides USDC can be used, but may result in a higher price as extra hops will be required.

2. Navigate to Balancer LBP via APY LBP Dashboard

2.1 Go to dashboard.apy.finance/lbp

There is a live price chart developed by the APY.Finance team to help you to know the current price trend immediately.

In order to see the live price feed you will have to connect your Metamask to dashboard.apy.finance/lbp by clicking “Connect” on the top-right.

Once connected, you should be able to see the live price feed of the ongoing LBP.

2.2 Go directly to the Balancer LBP page through the button “Trade APY on Balancer”.

Balancer is an n-dimensional automated market-maker built on Ethereum. Once you arrive at Balancer, you should see a page similar to the one below.

Here is the contract address of APY token for your reference:

  • The APY token address:
    0x95a4492F028aa1fd432Ea71146b433E7B4446611
  • Balancer LBP address:
    0xCB1a0b99755bdcaA9254219e1A22a6519b169F5f

⚠️Please check for the right token contract address. We will not compensate you for the loss if you swap for the wrong APY token.

2.3 Unlock your wallet

Next, you need to allow Balancer to spend your USDC first so that you can interact with Balancer smart contracts continually. Submit the transaction and wait for it to confirm.

3. Swap APY

🚨 IMPORTANT — DO NOT SWAP APY TOKENS TOO EARLY 🚨

That’s it! Once you have submitted your bids, all you have to do is wait until MetaMask updates the transaction status from “PENDING” to “SUCCESS” in a few minutes.

Please remember to prepare a small amount of ETH as the gas fee to Swap your USDC for APY token.

If you can’t see APY token in your wallet, copy and paste the token contract below to “add token” to MetaMask manually.

Token Contract Address : 0x95a4492F028aa1fd432Ea71146b433E7B4446611

Token Symbol: APY

Decimals of Precision: 18

LBP Simulation

We’ve also crafted a simulation where you can see the expected weights and price development of the LBP in regards to time, excluding any buy-orders.

LBP Simulation

Resources

Acknowledgments

We would like to thank Perpetual Protocol for providing us this step-by-step guide template and sharing their simulation models.

Stay up-to-date

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