JennyCo joins the Lattice Pools program — boosting Sushiswap Liquidity, with extra rewards for SLP token holders

JennyCo has partnered with Lattice Gateway to offer SLP token staking for the JCO-USDT Sushiswap pair through the Lattice Pools program.

In addition to earning trading fees, users who provide liquidity for $JCO on Sushiswap can now gain extra rewards by staking their SLP tokens on the Lattice Pools platform. (Scroll down for a step-by-step guide on how to get your SLP token in your wallet to stake.)

What are LP tokens?

An “LP” token is a “liquidity provider” token used by decentralized exchanges to create liquidity pools for various trading pairs on the exchange to support token swapping. Unlike centralized exchanges which use paid market makers to provide enough token liquidity and volume to support buys and sells, decentralized exchanges support peer-to-peer trading by employing an automated marketing making function (AMM) with smart contracts using liquidity pools created directly by projects and LP token holders.

LP tokens provide liquidity for a project on a DEX so a token can be traded against the liquidity pool. LP token holders receive fees generated from trades within that pool based on the proportion of the pool they own.

For example: because $JCO trades on Sushiswap with a $USDT pair, users wishing to provide liquidity for $JCO will deposit an equal amount in value of $JCO tokens and $USDT tokens (on polygon) to provide liquidity for trading between $JCO and $USDT. In exchange, they will receive a new token called an LP token deposited to their wallet. The LP token is essentially a JCO-USDT combo token with equal values of both assets.

Because we’re using the Sushiswap DEX, LP tokens generated for Sushiswap are called SLP tokens. Since 1 SLP is the entire liquidity pool for your trading pair, the amount of SLP you hold will be your portion of the total pool, and thus will always be displayed as a fractional number with a decimal point (e.g., 0.00099 SLP). Holding the SLP token in your wallet gives you the right to receive fees whenever that pair is exchanged on Sushiswap.

How do I get my SLP token from Sushiswap?

Following is a step-by-step guide showing how you can add liquidity for the JCO-USDT pool on Sushiswap and get your SLP token in your wallet to stake on Lattice.

Step 1: Make sure you have $JCO and the corresponding amount of $USDT (on the polygon chain) in your Metamask wallet. If you need to buy tokens, check out this article for assistance. If you already have $JCO tokens and just need to purchase $USDT on polygon, you can buy this directly in the Metamask wallet with a credit card.

Step 2: Once you have the tokens you need in your wallet, go to app.Sushi.com and connect your wallet. Note — make sure your wallet is connected to the Polygon network by changing the network option at the top in the dropdown box from Ethereum to Polygon. You will also need a very small amount of $MATIC tokens in your wallet to pay for transaction fees.

Step 3: Click the “Pools” option under “Liquidity” in the top menu and search for “JCO”. When you do this you’ll see the JCO-USDT pool. Click on the correct JCO-USDT pool (make sure to select the JCO-USDT pool with a higher TVL — there are a couple of copies that are not correct with very low values that may have been accidentally created by users).

Important note: If you have trouble finding the JCO-USDT pool, please use this direct link, but make sure your wallet is connected to Sushiswap on Polygon first (this may also work better on a desktop or laptop than on the mobile app): https://app.sushi.com/trident/pool/0x8105f88e77a5D102099bf73Db4469d3F1e3B0cD6/0xc2132D05D31c914a87C6611C10748AEb04B58e8F?fee=30&twap=false&chainId=137

Step 4: Here you’ll see a page with all of the details about the JCO-USDT liquidity pool including volume and TVL (total value locked) which is the USD-equivalent amount of value locked in the liquidity pool. On this page click “Deposit.”

Step 5: Now it’s time to add your liquidity. On the deposit page, select the amount of $JCO utility tokens you’d like to deposit. The matching amount of polygon-based $USDT will appear that you’ll need to deposit to match your $JCO. Again, remember to have a little $MATIC sitting in your wallet for transaction fees.

Note: clicking “Max Deposit” will show you the maximum amount of $JCO and matching $USDT you can add to liquidity based on the total number of tokens in your wallet.

Step 6: Once you’ve entered the amount of the two tokens you’d like to deposit, you’ll need to approve three sets of transactions:

• Approve BentoBox: This function gives Sushiswap permission to access your wallet and perform the various tasks it needs to perform to provide you with an SLP token. It will be a multi-call function with a few embedded transactions you’ll need to approve.
• Approve JCO: This gives Sushiswap permission to withdraw $JCO tokens from your wallet.
• Approve USDT: This gives Sushiswap permission to withdraw $USDT from your wallet.

Note: When you withdraw $USDT, Metamask will give you an option to set a custom spending cap for the application you’re connected to. This is an important security feature Metamask has recently employed to prevent unscrupulous scam platforms from draining your wallet of all $USDT. You can just enter the amount of your transaction so the application will not be allowed to spend more than you expect it to.

Step 7: Once you’ve finished all of the approvals and Metamask has confirmed your transactions, you can click “Confirm Deposit.” You’ll see a pop-up window with your deposit amounts and the details of the SLP token you’ll receive in exchange, along with your estimated share of the liquidity pool. Click “Confirm Deposit” again.

Step 8: Once your deposit is submitted, you’ll receive a confirmation screen with a link to the transaction hash.

Step 9: Congratulations! You have now added liquidity! You can visit the JCO-USDT details page below to check your position and share of the pool.

To see the SLP token in your Metamask wallet, you can add a custom token with contract ID: 0xB1588491FC51b72f58E3BFf6F041864C3f4A9B11

Staking your SLP token in the JCO-USDT Lattice Pool

Once you have your SLP token in your wallet, you can connect your wallet to the Lattice platform (with the Polygon network selected) at Lattice.is/pools and stake your SLP token to the pool to earn APY. Make sure you choose to view pools on the Polygon network to find the JCO-USDT pool.

Please take a look at this article from Lattice Gateway describing the Lattice Pools program and the new JennyCo Pool in more detail.

Amplify your Earnings!

By providing Sushiswap liquidity for the JCO-USDT pair and staking the SLP token in your wallet on Lattice, you’ll continue to earn a portion of the Sushiswap trading fees plus a generous staking APY through the Lattice Pools program.

The JennyCo app will release later this summer. For more information about JennyCo, check out our website and follow us on socials:

Website: https://www.JennyCo.com

Twitter: https://twitter.com/JennyCoInc

Telegram: https://t.me/JennyCoOfficial