Glitch LP rewards program Phase-II
Back in January, Glitch seeded initial liquidity on Uniswap for the GLCH/ETH pair and incentivized GLCH liquidity providers with our LP rewards program — rewarding users who interact with our protocol.
At that time, we allocated 888,888 GLCH (1% of the total supply) for the program, which was slated to run for 90 days from January 17, 2021. As we approach the end of the period, we’re pleased to announce that we will be extending the rewards program by 60 days and offering 100,000 more GLCH tokens to LPs. Since we have allocated a fixed amount of GLCH for the rewards, the APY will be determined by the participation of the liquidity providers.
In addition, community members can now also stake their GLCH tokens on GalaxyFarm-2, a new staking product developed by our partner, Router Protocol. GalaxyFarm enables users to stake their GLCH and earn rewards in all ten tokens in the pool. Each pool has a treasury of $30,000 per protocol, and GalaxyFarm 2 is set to run for 30 days starting from April 6, 2021.
We also have further staking plans in the works with another partner dApp, details for which will be announced shortly. For first-time LPs, the Glitch rewards program can be found here, and guidelines on how to participate are listed below.
The first step to earning LP rewards is to connect your MetaMask wallet by clicking the “connect wallet” button.
Get LP tokens
The second step is to get LP tokens and provide liquidity to the ETH-GLCH Uniswap pair. This can be accomplished here.
You can also click on the deposit ->Get LP token which will take you to the pair on Uniswap, and you can obtain your UNI — V2 ETH-GLCH LP Tokens.
Next, to deposit liquidity, approve the transaction in MetaMask, confirm the deposit of your ETH-GLCH LP tokens, and you will start receiving your GLCH tokens as soon as the transaction is confirmed.
Note: estimated rewards can vary based on the time of staking. And due to APY fluctuations, actual rewards may vary.
To transfer the GLCH rewards earned to your wallet, click the “claim” text above the GLCH/week section.
- Make sure you connect with the same wallet you used to deposit your LP tokens
- Approve the transaction in MetaMask, and you will receive the amount of GLCH tokens in your wallet.
P.S If you only claim your rewards, your liquidity will remain in the pool and keep generating more rewards.
To withdraw your funds, connect with the same wallet you deposited your LP tokens with, then click the “withdraw” button and approve the transaction in your wallet.
- Withdrawing your ETH-GLCH LP tokens will also withdraw the unclaimed GLCH rewards.
- After the LP withdrawal is approved and completed, you will receive your LP tokens and the GLCH rewards.
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