How to participate in the B20/ETH Liquidity Mining Program
If you haven’t been living under a rock for the last month, you will have heard about B20, the ambitious project by Metapurse that fractionalized the famous Beeple 20 collection, and gave the community access to it.
If you have B20 Tokens, good news! B20 has an amazing Liquidity Mining Program launching on the 28th of January, 2021. For the next 6 months, 93,750.00 B20's, and 10,000,000.00 LST’s will be distributed to the liquidity providers of B20/ETH.
Great, right? Now the question becomes, how can you participate in the Liquidity Mining Program, and get a percentage of the rewards? Here are the steps:
Steps to provide liquidity to B20/ETH
- In order to provide liquidity you need to have both token pairs in your wallet already. You will need ETH & B20.
- If you don’t already have B20, the contract address you need to enter into Uniswap under the “swap” tab to purchase is “0xc4De189Abf94c57f396bD4c52ab13b954FebEfD8”
3. Once you have both the desired amount of both tokens, you need to go to the “pool” tab, selected from the top left of the uniswap navigation bar
4. Select “add liquidity” from middle of screen
5. Select ETH as one token, and B20 for the other. If B20 doesn’t come up, enter the contract address “0xc4De189Abf94c57f396bD4c52ab13b954FebEfD8”
6. Type the amount of either ETH or B20 you would like to provide. The interface will automatically calculate the units needed of the corresponding pair. The way the system works is that both assets need to be added in equal value initially.
7. Add the tokens to the liquidity pool. Once added, you are all done. You should know that liquidity mining does carry risk of a poorly named concept called “impermanent loss”. This means you are unlikely to withdraw the same units of each token that you deposited. The units of B20 and ETH that you withdraw will depend on their respective prices at the time. This is only recommended for advanced users who understand the risks involved. Of course, there are 93,750.00 B20's as rewards to help sweeten the deal.
How will the rewards be distributed?
B20’s will be distributed pro rata amongst all Liquidity Providers. i.e. if you provide $10,000 worth of liquidity ($5,000 B20 & $5,000 ETH) and there is a total of $100k liquidity in the B20-ETH pool, for 10 days, then you are entitled to 10% of the distribution over that period.
How many rewards will be distributed?
You can see an outline of the amount of B20’s and LST’s that will be distributed in the Liquidity Mining Program in the table below.
In total, 93,750.00 B20’s and 10,000,000.00 LST’s will be distributed, during a period of 6 months.
And that is all! Hope to see you all in the B20 / ETH Liquidity Pool!
Disclosure: The info in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.