Autocompound Your Liquidity Pool Rewards on MangataX with Yieldbay & Turing! 💸
Do you want to easily and automatically compound your liquidity pool rewards on the MangataX exchange to help maximize your rewards? Then our friends at Yieldbay have built the hub for you. The new Yieldbay auto-compounder allows you to add and remove liquidity from MangataX and to autocompound your rewards with a few clicks all within a smooth and simple user experience.
So how does autocompounding work? Autocompounding uses OAK Network’s state of the art remote execution to schedule future transactions across the MGX and Turing parachains. Using XCM and cross-chain functionality users can have much greater flexibility for managing their LP rewards in a completely secure and non-custodial manner. The Yieldbay autocompounder allows you to determine when and how much of your rewards you want claimed and added into the liquidity pool. There are currently more than six LP pairs that can be autocompounded with tokens including $KSM, $TUR, $MGX, and $RMRK.
Setting up the Autocompounder
To explore liquidity pools and set up your autocompounding on MangataX — head to the Yieldbay link below. To Add, Remove, or Autocompound your liquidity you will be required to be holding LP tokens from the MangataX exchange in your wallet. To swap tokens and acquire LP tokens you can head directly to the Managata X exchange. You can find a guide on how to get tokens available on Mangata such as $TUR or $MGX in the link here.
The Yieldbay auto-compounder supports a variety of Polkadot wallets including Talisman, Subwallet and Polkadot.js.
The autocompounding functionality is currently available for LP holders of six different pairs including the native token for our Kusama parachain $TUR. The pairs which include KSM:MGX, TUR:MGX, RMRK:MGX, IMBU:MGX, ZLK:MGX, and BNC:MGX can be found below.
Once you have determined which liquidity pool you want to autocompound rewards for, head to the Yieldbay site and connect your wallet.
Using the Autocompounder
After connecting your wallet that is holding LP tokens on MangataX you will be able to see your LP deposit amounts next to the Add/Remove Liquidity and Autocompounding buttons. An example can be found below.
If you are unable to see your deposit amount next to the autocompound button, firstly make sure that you have connected the correct wallet and then head to the MangataX exchange to confirm your LP Position.
Provided Liquidity can be found on the MangataX site on the left hand side of the page.
Once your LP position has been confirmed and you have selected the pool you wish to autocompound for, click the Autocompound button.
Setting Up Your Auto-compounding
When establishing how you want your rewards to compound you will need to determine three variables. Firstly, the time period in which the autocompounding task will run for — Duration. Secondly, the frequency in which you want to claim your rewards and re add them into the liquidity pool — Frequency. Finally, the amount of rewards you want to be added into the pool — Percentage.
Depending on which pool you have selected, you will also need to select if you wish to pay for fees in either TUR or MGX tokens. If using TUR, be sure that your tokens are sent to the MGX chain. To bridge your tokens from Turing to Mangata, head to the Mangata Exchange.
Note: You need a minimum TUR (or in some instances MGX) as free balance to setup the proxy & autocompounding feature.
Once you have confirmed the Duration, Frequency, Percentage and determined your fee token — Hit the confirm button to complete the autocompounder setup. The following confirmation page highlights the variables selected for your LP rewards autocompounding.
After confirming the specifics for your autocompounding, you will be required to sign two transactions. One transaction will be to cover the claiming of your future rewards and another for the adding of your rewards into the liquidity pool.
After a successful transaction you will see the following screen. Congratulations! You can now setup autocompounding for any other MGX pools that you have LP tokens for.
Managing Your Autocompounding
Once you have setup your LP rewards autocompounding you can click the Manage button to review and manage your remote executions. On this page you can see how many executions you have completed and the amount of rewards you last harvested.
If you want to learn more about OAK Network and our automation functionality head to our Website or join our community Discord where we offer a variety of learning resources. If you can have any questions about autocompounding you can reach out to us via Discord, Twitter or Telegram.
About OAK Network
OAK Network is a layer one blockchain that enables multi-chain applications to automate single or recurring transactions using a simple ‘if this’ trigger condition and ‘then that’ transaction instruction. As the web3 hub for cross-chain automation, OAK unlocks a diverse range of rich DeFi user experiences including scheduled and recurring payments, stable-cost-averaging, stop loss and limit orders, and non-custodial copy trading.
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