Oiler Network
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Oiler Network

Step-by-Step Guide to Oiler’s Liquidity Bootstrapping Pool on Balancer

Hello Oilers,

On Thursday 6 May at around 1 PM UTC (at block #12381000) and will last for approximately 48 hours and end at block #12394000.

1,775,000 OIL tokens will be available on a Balancer Liquidity Bootstrapping Pool (LBP), which represents 1.775% of the total supply.

Here’s a full recap of all the LBP Parameters:

We highly recommend going through our documentation and our vision article before participating in Oiler’s LBP.

In order to have a full overview of the event, please refer to Oiler’s LBP Page.

In order to fully understand our team’s decision about why we decided to go live through an LBP, we suggest reading Oiler’s LBP article.

Here’s our LBP instruction video followed up by a step-by-step guide.

Step 1: Open Oiler’s LBP Page

Oiler’s team has built a page that presents all the official and necessary information on the Oiler LBP: https://lbp.oiler.network/

On this page, you’re able to find a live chart of the event, time since the launch of the event, price of $OIL and the price of $OIL if demand does not kick in.

Once you’ve reached Oiler’s LBP Page, click on Pool Entrance. You will now be redirected to our Balancer pool where you can swap USDC for OIL.

Step 2: Connect a Wallet

Now that you’re on Balancer, you need to connect your Web3 wallet.

Balancer currently supports the following wallets:

In this guide, we use Metamask. To download Metamask’s, please visit their official website.

Once your Metamask is set up and you’re on Oiler’s OIL-USDC Balancer pool, you’re ready to swap.

In order to swap, make sure to have enough ETH to cover gas fees and prepare some USDC to exchange them for OIL tokens.

If you only have ETH, we suggest using Uniswap to swap some of your ETH into USDC. Balancer’s smart order router enables you to swap ETH for OIL, but this can end up costing more and your transaction might not go through which is why we recommend swapping USDC for OIL.

Step 3: Increase Slippage

When participating in an LBP, very often, users have complained that their transactions did not go through.

The main issue encountered is having a too low slippage, which is why, while executing a transaction in the LBP, we advise allowing a higher slippage to make sure that the transaction goes through. Follow the gif.

Step 4: Swap USDC for OIL

If you haven’t used Balancer, you will need to approve Balancer’s contracts to enable the interaction. You will need to click on Unlock before being able to trade.

You need to allow Balancer to spend your tokens.

🛢️ Don’t forget that transacting on Balancer costs gas. Always keep enough ETH for the operation. The cost of such operations will vary based on the gas price you use. 🛢️

Once the transaction is submitted, you can track its status on Etherscan. You will know if the operation succeeds once, its status changes from “Pending” to “Success”.

Once your transaction is successful, you need to manually add OIL as a custom token to your wallet to view them. If you’ve never done this before, this Youtube tutorial could help you out.

🛢️ OIL Token Address: 0x0275E1001e293C46CFe158B3702AADe0B99f88a5

🛢️ OIL’s Etherscan link: https://etherscan.io/token/0x0275E1001e293C46CFe158B3702AADe0B99f88a5

Decimals of Precision: 18

🛢️ OIL LBP Address: https://pools.balancer.exchange/#/pool/0xB36C422F3f5b1dD9d9ae26f3C02771F7E765eBEc/about

Price Disclosure and tokenomics

As we’ve previously stated, Oiler’s team sold $1.5m worth of tokens in a private sale at different valuations which can be found on the following Google sheet.

The Google sheet enables anyone to have a complete overview and map out different scenarios regarding price action.

If you’re still wondering how to deal with this, you can join our Discord server and chat with our team and customer support.

️You know the drill 🛢️

Legal Notice:

This article and any information contained in it is subject to the Legal Notice and Risk Disclosure Statement. Please carefully review the Legal Notice as it contains important legal information, risk disclosure statement, limitations and restrictions relating to the information that we provide, third-party resources and forward-looking statements.

The Oiler Token Liquidity Bootstrapping Event (the “LBP”) is a healthy token price discovery mechanism employed by Oiler. The LBP is not a token sale nor a token offering, and Oiler does not receive any proceeds from the LBP. Assets contributed to the LBP cannot be redeemed or withdrawn by Oiler. Upon completion of the LBP, the assets are technically routed to the Uniswap OIL-USDC pool, and will remain in the Uniswap pool indefinitely.

Links

Oiler’s Website: oiler.network

Oiler GitBook: https://docs.oiler.network/oiler-network/

Oiler’s Medium: https://medium.com/oiler-network

Oiler’s Twitter: https://twitter.com/OilerNetwork

Oiler’s Discord: https://discord.gg/bxMsvVTgJp

Oiler’s Telegram: https://t.me/oilernetwork

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