Getting Rewarded for PLUG Tokens — Part 1: Adding Liquidity (Updated)
This post has been updated to reflect the new changes in the UNISWAP interface, and the availability of a PLUG/USDC Pool.
TL;DR: You can stake NOW to the liquidity pools in UNIv2, to be ready for PL^G Staking Rewards!
Add liquidity for PLUG/ETH here, and add liquidity for PLUG/USDC here.
Note that the PL^G liquidity pools are in UNIv2, not their new v3. Use the links in this post, to be sure you’re staking to v2 :)
Hello PL^G Power Rangers!
I’m back today to share how we’re rewarding PL^G tokenholders for adding liquidity to the marketplace.
We’ve established several reward pools, where you can stake assets and earn bonus PL^G. They are:
Pool A: Liquidity Bonus
Two pools for PL^G hodlers creating liquidity in the PLUG/ETH and PLUG/USDC liquidity pairs on Uniswap.
Pool B: Direct Bonus
For PL^G hodlers who stake their PL^G directly with us.
We’ll talk more about Pool B in a future blog post. In this post, we’re talking about Pool A, the Liquidity Bonus.
Pool A: Liquidity Bonus — it’s big and awesome
Pool A (actually two pools, one for PLUG/USDC and one for PLUG/ETH) is the super power up Pool. It’s bigger, takes a little more effort to set up, and requires other collateral. That means there probably won’t be as many people doing it… which means you’re likely to be able to earn more rewards.
Here’s how it works for PLUG / ETH:
- Add equal amounts of PL^G and ETH tokens to the liquidity pair on Uniswap. Receive Uniswap LP Pool tokens
- Stake your LP Pool tokens in PL^G Pool A, get reward PL^G tokens
It works the just same for PLUG/USDC :)
Pool A has a lot of cool benefits:
- When you add liquidity on Uniswap, you help provide stable price discovery for new PL^G token buyers, which helps our whole token ecosystem!!1!
- Because you’re staking in the Uniswap pool first, you earn yield from them as usual… currently 0.3% of the trade fees on the pair. You earn a percentage of the yield proportional to your ownership in the pool. You can learn more about how Uniswap pools work here
- When you deposit your Uniswap LP token into our PowerFarming Pool A, you also earn yield. Double power! Your yield is prorated based on your % of the pool and the % of the epoch (week) your deposit has been in the Pool
- Every week on harvest day you will be able to claim your yield and withdraw it to your wallet… without needing to unstake your tokens
How do I get started?
Our PowerFarm contracts are complete and we’re nearly ready to start accepting your LP tokens into Pool A.
In the meantime, you can get ahead by staking your PL^G and ETH (or USDC) into the relevant liquidity pair now.
Here’s how to add liquidity:
- Go to the Uniswap App, and connect MetaMask (or other compatible wallet)
- Go here to add liquidity to the PLUG/ETH pair. You’ll be issued your LP tokens
- Go here to add liquidity to the PLUG/USDC pair. You’ll be issued your LP tokens
- Return to the Pool v2 page to see your newly created stake
You’re all staked now, great stuff!
If you also want to see your LP Tokens in your MetaMask Wallet (which is not required, but nice), you’ll need to do a couple more steps.
- Go back to the pair page on Uniswap… PLUG/ETH pair or PLUG/USDC pair
- Scroll to the bottom of the page, find the Pair Address, and copy it
- Go to MetaMask, click “Add Token” below your asset list, click “Custom Token”, paste the address and add.
That’s all for today, team. I’ll be back soon with details for Pool B and the PowerFarm contracts!