How to Supply xcKSM to Moonwell
Moonwell is open lending and borrowing decentralized finance protocol on Moonbeam & Moonriver. Moonwell’s composable design can accommodate a full range of DeFi applications in the greater Polkadot and Kusama (DotSama) ecosystem. In this guide, learn how to supply your xcKSMs on Moonwell. Before getting started, make sure you have some xcKSMs. If want additional information about depositing KSM to Moonriver (xcKSMs), please check out the Moonbeam guide on How to Transfer KSM to xcKSM.
Supply xcKSM to Moonwell
When you have xcKSMs, you can use them to supply on Moonwell and in return you’ll receive MFAM which is a token of Moonwell platform. To get started head to https://moonwell.fi/ and click on Launch APP, then connect your Metamask wallet. You can do so by clicking on Connect Wallet and selecting MetaMask. Next, you can choose to connect the account that holds your xcKSMs and click Next and Connect.
Next, scroll to Kusama on the carousel and then to the Supply xcKSM tab. Put the amount of xcKSM you want to deposit and click on Approve and deposit xcKSM, confirm the transaction on Metamask. Next, confirm the Deposit transaction.
And that’s all! Now you have supplied xcKSM to Moonwell. You can see all information and details about your supplied asset in the Supply xcKSM tab.
If you want to withdraw xcKSM, just press the Withdraw button. Here is no lock-up period and you can get back xcKSM at any time.
You can claim your rewards any time as well: go to the Rewards button on top of the page and click on it. Then click Claim on each asset and confirm the transaction in Metamask.
After claiming MFAM or MOVR rewards you can swap, add them to the liquidity pool, and farm on Decentralized Exchanges such as Solarbeam.
I hope this guide was useful for you. Be sure to check out other related guides on how to use your xcKSM on Moonriver!
The Moonbeam Ambassador Community has also created a video tutorial guide on YouTube. Check it out here: https://www.youtube.com/watch?v=Tgipm_fJCFk
