Welcome to 8th iteration of our “Where Is The Cheese” series where we explore how users can maximise their yield with milkTIA across the Defi ecosystem and today we are exploring Dymension.
What is MilkyWay ?
For newcomers, we’re a liquid staking protocol designed for Celestia, allowing users to liquid stake TIA tokens to receive milkTIA. This enables participation in diverse DeFi applications while earning TIA staking rewards, all without a lock-up period. Acquire milkTIA now at — https://app.milkyway.zone/.
What is Dymension ?
Dymension is a decentralized Delegated Proof-of-Stake L1 blockchain secured by the DYM token. It is custom built to provide RollApps with security, interoperability, and liquidity.Dymension is akin to an internet service provider. It serves as a decentralized router that connects RollApps to the crypto economy. Dymension facilitates the vertical integration of modular blockchains in which network and liquidity bootstrapping is coupled in one user experience reducing the amount of time to deploy a blockchain to as little as a few minutes. Read more about Dymension, Let’s get started with the tutorial.
How To Become an LPer on Dymension Pool using milkTIA
Bridge from Osmosis to Dymension
Navigate to Portal: visit dymension portal to begin bridging.
Connect Your Wallet: Link the wallet containing your milkTIA tokens.
Select Chains and Asset: Choose from Osmosis to Dymension and select milkTIA. Specify the amount you want to transfer.
*Alternatively, you can acquire milkTIA directly on Dymension via the swap feature.
LP on Dymension
Create Position: Navigate to the milkTIA/DYM pool page and click “Add liquidity”. You have the options of “Single Asset” or “Dual Assets”. Opt for “Single Asset” if you only have milkTIA. If you have both milkTIA and DYM, select “Dual Assets”. For this instance, we’re proceeding with “Single Asset”.
Input The Amount: Enter your desired amount and confirm by clicking “Add liquidity”.
Confirm the transaction: Sign the transaction pop up in your wallet.
LP Shares: Once you’ve entered the LP, you’ll receive LP shares, symbolising your stake in the pool.
Bonding LP Shares for Maximum Yield
Milkers can maximise the yield by bonding your LP shares. The ubonding is instant, ensuring flexibility and efficiency.
To Bond Shares: Simply hit the “BOND SHARES” button, select the amount you wish to bond, and confirm by clicking “Bond liquidity.”
You can monitor the performance and status of your bonded shares directly on the Dymension portal at this link.
Disclaimer: none of this is financial advice. Please do your own due diligence before participating in any of the mentioned protocols. This wraps up the eight post of the Where Is The Cheese Series.
Happy Milking! 🐄🥛
