Step by Step Guide | How to Use Clearpool on Polygon
To celebrate Clearpool’s launch, Polygon has provided 170,000 MATIC tokens as rewards for early LP providers on the Clearpool Polygon Market.
For 60 days commencing from 28th July 2022, all lenders to liquidity pools on the Clearpool Polygon Market will receive additional LP rewards paid in MATIC.
Clearpool will be taking a daily snapshot of the pool LPs and calculating the APR accordingly. The live MATIC APR will be displayed on the app and will be received by LPs in addition to USDC interest and regular CPOOL LP rewards. CPOOL is the utility and governance token for the Clearpool Protocol. To learn more about CPOOL, click here.
At the conclusion of this limited promotional period, Clearpool will airdrop the MATIC rewards to participating wallet addresses. The amount of MATIC rewards earned will be proportionate to the amount of liquidity provided and the current APR at each snapshot date.
How to get started?
In this guide, we will break down the steps into two sections: adding the Polygon network to Metamask and deploying USDC onto a borrower pool on Polygon.
Adding Polygon to Metamask
Assuming that you already have your Metamask all set up, how do you add Polygon to Metamask?
- Click on the network dropdown button and click on ‘Add Network’.
2. Fill in the following details for the Polygon network.
3. Ensure you have some MATIC in your wallet as you will need it to pay for transaction fees on the Polygon network. You can buy MATIC on many centralized exchanges such as Coinbase and Binance and transfer them to your Metamask wallet using the Polygon network.
4. To lend to a borrower pool, you must have USDC on Polygon in your wallet. You can purchase USDC on many centralized exchanges and send them via the Polygon network to your Metamask similar to Step 3.
Deploying USDC to a borrower pool on Polygon
Now that you’ve added the Polygon network to your Metamask wallet and have USDC and MATIC on Polygon, you can now access the Polygon borrower pools on the Clearpool protocol by following these simple steps.
- Head to https://app.clearpool.finance/ and click the drop-down arrow where it says ‘Mainnet Market’ and switch it to Polygon.
2. Connect your wallet.
3. Select a borrower pool. Currently, there are five borrowers on Polygon, which are Amber Group, Auros, Folkvang, Parallel Capital, and Wintermute.
4. Supply liquidity. Enter the amount of USDC you want to lend and click “Provide”. Please note: 2 x wallet confirmations will be required to complete the transaction.
5. USDC interest and CPOOL/MATIC rewards will immediately begin to accrue. USDC interest can be claimed at the time that you withdraw your deposit. CPOOL rewards can be claimed at any time from the “Dashboard”. MATIC rewards will be airdropped after the end of the promotion period.
Please note: USDC and CPOOL rewards will continue to accrue on balances that remain deposited after the promotion ends!
Terms & Conditions:
- Snapshots will be taken every day at randomized times
- Only LPs that were providing liquidity at the time of the snapshot will receive MATIC rewards for that particular day
- MATIC rewards will be calculated based on the proportion of liquidity that was provided by the LP at the time of each daily snapshot
- MATIC rewards will be distributed following the end of the 60-day promotion period
- In case of a dispute regarding MATIC distribution, Clearpool reserves the right to a final decision