How to Add Liquidity to Viper Swap Liquidity Pools: Step by Step Guide
Yield farming allows you to make more money with your crypto assets by becoming a Liquidity Provider on Viper Swap. When you add liquidity to Viper Swap you are sharing a percentage of the transaction fees in the liquidity pools. Therefore, if you provided 50% of the liquidity in a certain pool, then you would earn 50% of the transaction fees generated by traders in that pool.
Step 0: Download Blits Wallet
If you have not done so yet, download Blits Wallet from the App Store if you are on iOS, or from Google Play, if you are on Android.
Android: http://bit.ly/3nhvArJETH
iOS: http://apple.co/2K5lHzL
Step 1: Go to Viper Swap
From your Blits Wallet, go to the DeFi tab and select Viper Swap from the options. Then tap on Liquidity > Add Liquidity, and you should see the “Add Liquidity” screen.
Step 2: Select a Liquidity Pool
When providing liquidity on Viper Swap, it is necessary to add funds with two different tokens at the same time. Therefore, there are multiple pools -or pairs- to which we can add funds. For example, we can select ONE and VIPER to provide liquidity to the ONE-VIPER pool. To do this, tap on the “SELECT” button.
After tapping on the previous button, a menu will open that will show the list of the tokens in your wallet. For this example, we will select VIPER from among the tokens shown.
Step 3: Enter the amount
Once we have selected a pair of tokens, the app will load the information of the corresponding liquidity pool. In this case, the information on the ONE-VIPER liquidity pool is shown in the image below. The data shown includes the exchange rate between the two tokens, as well as the number of LP-Tokens in your wallet.
Once you enter the amount of ONE or VIPER you want to provide, the application will auto-fill the corresponding amount of the other token. It is necessary to remember that when liquidity is provided in Viper Swap, the same monetary value is added for both tokens, and we must make sure that we have the necessary balance in both tokens, for the amount we want to add. In the example below, we entered 1 VIPER, and the app auto-filled the required amount of ONE.
Step 5: Confirm & Send the Transaction
After selecting the liquidity pool, and entering the amount we want to provide, tap on the “Supply” button at the bottom of the screen. After this, a confirmation modal should open showing the details of the transaction. The data shown includes the estimated amount of LP-Tokens that you will receive, the number of funds for each token, the exchange rate, and the pool share.
Once you confirm the details, tap on “Continue”, and a new modal should open. This new modal will allow you to edit the gas details if required. Once everything is correct, tap on “Confirm” to broadcast the transaction to the network. Next, a loading screen will be shown and the transaction should be confirmed in a few seconds.
Step 6: Manage your Liquidity Portfolio
Once you have provided liquidity to a pool, it should appear in your Liquidity Portfolio. In this screen, you will be able to see all of the pools where to which you have supplied liquidity. If you tap on any of the pools, it should show details such as the number LP-Tokens in your wallet, and the estimated number of tokens that you would receive, if you were to remove the liquidity from the pool.
Conclusion
Providing Liquidity to a DeFi protocol such as Viper Swap will enable you to potentially earn more with your crypto tokens by powering one of the key components of an Automated Market Maker (AMM) and earning a share of the transaction fees generated by traders. Blits Wallet facilitates Liquidity Providing to the Viper Swap protocol with a mobile-native integration and is one of the first DeFi protocols to be integrated into the wallet.
In the next article, we will go through how to Remove Liquidity from Viper Swap.
Download Wallet
Android: http://bit.ly/3nhvArJETH
iOS: http://apple.co/2K5lHzL
Blits Labs
Website: https://blits.net
Twitter: https://twitter.com/blitslabs
Telegram: https://t.co/YYiPOq4X2D?amp=1
Disclaimer and potential risks
Blits Wallet is a non-custodial mobile graphical interface that facilitates the interaction with the decentralized protocol Viper Swap deployed on the Harmony blockchain. Blits Labs does not manage, control or take responsibility for any interactions with the Viper Swap protocol or any of the listed tokens. Before interacting with any decentralized protocol do your own research on the team, functionality, risks, governance, and limitations, among others.
