Guide: Adding liquidity to Uniswap
This article will serve as a guide for those wanting to learn how to add liquidity to the LOCK-ETH pool on Uniswap and subsequently become eligible to participate in the upcoming liquidity staking program.
Requirements
1. ETH wallet (preferably Metamask)
2. Both ETH and LOCK tokens, in equal $ value (presently 4900 LOCK tokens for every 1 ETH) .
3. Access to Uniswap
Steps to adding liquidity
To start, you will need ETH and LOCK in your Metamask wallet and some extra ETH for the gas fees ( 0.01 to 0.1 depend on network congestion ). As for LOCK, you can get it by directly purchasing on Uniswap here:
Step 1 — Accessing Uniswap’s liquidity section
Go to https://info.uniswap.org/pair/0xca9d4cbbd22ca8d598f2cd4556e53a4484772daf
Look for the the top right section of the page and click on “+Add Liquidity”.
A new page should open up with Uniswap’s pool section. If you haven’t done it yet, connect your Metamask wallet by clicking on the “Connect Wallet” option (top right corner or bottom of the page), choosing your ETH address and pressing “Connect”.
Step 2 — Supplying liquidity
As mentioned above you will be needing LOCK tokens and ETH in your wallet in an equivalent price value. If you have 1000$ worth of LOCK then you must also have 1000$ worth of ETH to be able to provide liquidity to the Uniswap pool.
e.g.; Current price of LOCK is 0.08$, so for every 1 ETH (390$) you need to have 4900 LOCK tokens in your wallet to be able to provide liquidity.
Please note:
>The figures of 1 ETH=4900 LOCK are just an example and changes according to the price of LOCK. Uniswap will automatically decide it for you once you input your token amount in either the LOCK or ETH section.
- Input the amount you want to add as liquidity and then press the “Supply” option.
(Here 4900 LOCK and an equivalent of 1 ETH are used)
2) A pop-up will emerge showing the amount of Uniswap V2 tokens you will receive for providing liquidity (specific to the LOCK/ETH pool). Click on the option “Supply” and confirm the transaction in your wallet.
(In the example above we receive 62.23 Uniswap V2 tokens for adding 4900 LOCK and 1 ETH as liquidity)
Once the transaction is confirmed you’ve successfully added liquidity to the LOCK/ETH pool. Follow up on the next step to view or manage your liquidity.
Step 3. Confirming and managing liquidity pool
To view or manage your pool click on the “Pool” option on the top left of the Uniswap interface.
If your pool is not visible you can click on “Import it”, press the field named “Select a token” and manually insert LOCK’s contract address where it says “Search name or paste address”. Below you can find LOCK’s contract address:
0x95172ccbe8344fecd73d0a30f54123652981bd6f
Extra:
If you want to see the Uniswap V2 tokens in your wallet (e.g. Metamask) you can add the contract address manually in the “Add tokens” section of your wallet, and inserting the respective address, found below:
0xca9d4cbbd22ca8d598f2cd4556e53a4484772daf
All Done!
As a member of the LOCK-ETH Uniswap liquidity pool you are now eligible for the liquidity staking program which was revealed to have a much higher ROI as compared to the traditional staking pools. This is partly due to the fact that by providing liquidity you give immense support to the project’s token health and the higher ROI also helps in offsetting impermanent loss due to the change in the token price. You also get the advantage of earning the fees (0.3%) from the volume traded on the LOCK-ETH pair which are added to your share of the pool and can be claimed back when you decide to remove said liquidity.
The Uniswap V2 tokens received by the above process will be used to stake on the upcoming liquidity staking program. Also important to remember:
Starting Ocotber 26th our liquidity staking pools will be open for entry for only 7 days, after which the staking period will go into effect.
Any further questions feel free to drop by our Telegram, our team of admins is more than glad to help!
Talk soon!
The Meridian team
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