How to provide cross-chain asset liquidity to KLAYswap
The decentralized finances market, as of today, has secured itself in the blockchain-based cryptocurrency ecosystem as one of the most efficient ways of generating profit in a trustless way. It is also the driving force in the latest innovations in liquidity infrastructure, in both liquidity and yield farming.
KLAYswap’s core value lies in its ability to support assets and their liquidity, regardless of the chain the asset is hosted on. And to that extent KLAYswap has not only supported assets on Klaytn blockchain, but now supports Ethereum, BSC, Ripple and more cross-chain assets through an innovative IBC platform called Orbit Bridge. And by utilizing assets imported across the Bridge, depositors have multiple ways of generating profit, from receiving dividends from pool fees, to mining KSP.
Currently, the BSC and ETH based assets that are registered and available for use through Orbit Bridge are as follows. You are invited to participate in provisioning liquidity in KLAYswap through any of the following assets.
Ethereum: ETH, ORC, WBTC, USDT, DAI, ANKR, and more
Binance Smart Chain: BNB, BELT, CAKE, AUTO, BIFI, XVS
For tokens being transferred from BSC to Klaytn network, there is no bridge fees and tax, for the purpose of allowing users to try using KLAYswap with ease and flexibility. In addition to this, we are in the process of developing MetaMask extension for use with Klaytn, so users who are unfamiliar with Klaytn wallets can participate more easily.
Through integration of various heterogeneous chain assets, KLAYswap currently boasts over 40% of its total assets in cross-chain assets, and that number is constantly increasing. By creating a sustainable and user-friendly liquidity infrastructure, we plan on making KLAYswap more competitive in the world of DeFi
The purpose of this post is to let new users know how to convert and provide liquidity to KLAYswap pools in a detailed manner, so they may too can utilize the innovative liquidity infrastructure that KLAYswap is building towards.
Asset conversion through Orbit Bridge
*Orbit Bridge Website: https://bridge.orbitchain.io
*To receive cross-chain assets in Klaytn Network, you must have Klaytn Network-based wallet such as Kaikas (Web-based) or Klip (Mobile).
About Kaikas: https://medium.com/klaytn/kaikas-now-available-in-chrome-and-firefox-4395221f10d6
Kaikas download: https://chrome.google.com/webstore/detail/kaikas/jblndlipeogpafnldhgmapagcccfchpi
1–1) Select a Coin and Validator Group
1–2) Choose the base chain to convert from, and to. Enter the amount of asset, and the address to receive the assets in.
After making sure all the entered information is correct, press “Convert Now.”
1–3) Confirm the entered information, then allow Metamask to confirm the transaction.
Check all information within the Bridge confirmation window prior to pressing “Confirm.” Afterwards, press “Confirm” within MetaMask to confirm the transaction, to complete the transfer over to Klaytn Network.
1–4) Checking the asset deposited in a Klaytn-based wallet
To check the balance of the sent asset, use [Add Token] menu to add the asset.
To find token contract addresses, please visit the following Klaytn explorer link
Klaytn Scope (Explorer): https://scope.klaytn.com/tokens
Using KLAYswap to deposit cross-chain assets
*KLAYswap website: https://klayswap.com
*To use KLAYswap, you must have Klaytn Network-based wallet such as Kaikas (Web-based) or Klip (Mobile).
About Kaikas: https://medium.com/klaytn/kaikas-now-available-in-chrome-and-firefox-4395221f10d6
Kaikas download: https://chrome.google.com/webstore/detail/kaikas/jblndlipeogpafnldhgmapagcccfchpi
Klip: https://klipwallet.com
2–1) Connecting your wallet
Use the wallet the asset is held in to connect to KLAYswap
2–2) Choosing a pair to deposit into a “Pool”
Find the asset pool you wish to deposit assets to, in the “Pool” menu. Using the search bar near the top can make finding a pair easier.
2–2) Viewing and confirming the details of a pool prior to depositing
If one of the two pairs of the assets bound to a pool is entered, KLAYswap will calculate how much of the other pair is required and enter it automatically.
2–3) Checking the specifics of the deposit at the bottom
User must fully understand the process behind the deposit, including the fluctuations that may occur, prior to proceedin with deposit. The information shown here is all in rea-time, and may change during the depositin process.
2–4) Using the “Deposit” button to deposit after confirming the details
The first time a pool is utilized, approval may be required. Press “Approve” to continue.
This will automatically trigger a transaction request to Kaikas wallet, which you can verify by clicking on the “Confirm” button.
2–5) Confirming the deposited asset in the pool & how to claim rewards
Moments after deposit the reward rate applicable to the pool is distributed to depositor in real-time. The deposited assets can be checked in “My Deposit” while rewards can be claimed by clicking on “Claim rewards.”
In today’s post we looked at how to import cross-chain assets into Klaytn ecosystem safely and accurately. We hope this helps those who have been looking to use KLAYswap, a permissionless liquidity swap protocol, with self-governance to allow voting and easy creation of liquidity pools. If you wish to learn more, we suggest reading the KLAYswap documentations.
KLAYswap will continue to provide support for the ever-growing field of liquidity pool, by making the service more user-friendly and by supporting more assets. We will also continue to return these values gained back into the ecosystem, and ask humbly for your continued participation in the KLAYswap decentralized financial services.
Orbit Bridge: https://bridge.orbitchain.io
KLAYswap: https://klayswap.com
Twitter: https://twitter.com/klayswap
Orbit Bridge Documentation: https://bridge-docs.orbitchain.io
KLAYswap Documentation:https://docs.klayswap.com
