Tutorial EP II: How to be a Liquidity Provider on Wombat Exchange
Well, finally! We’ve been waiting for this moment. We’re counting the days to our Beta Launch and preparing more content to help you navigate through our app breezily. This article is the second part of the tutorial series, and it will show you the liquidity mining process on Wombat Exchange. Let’s take it for a spin, shall we?
Note: Staking and boosting are not yet available in the beta version. It will be available upon our full launch.
Preparatory steps: connect your wallet
If you haven’t already seen our tutorial on How to Swap, here’s a reiteration of how to connect your wallet:
To get started on Wombat Exchange, you will need a wallet that supports BNB Chain. Currently, you can connect MetaMask and WalletConnect. The navigation bar is on the top right corner of the page, where the “Connect Wallet” button is located. Once you click it, simply choose which wallet you want to use.
In case you haven’t connected to the BNB Chain before, go ahead and add the network through this link https://chainlist.defillama.com/. Find “Binance Smart Chain Mainnet” within the page and click “Connect Wallet.” Click “Add to MetaMask” and approve on MetaMask.
After connecting with your wallet, you’ll find a list of supported staking pools. Your dashboard shows all important details, such as your staked deposits, unclaimed $WOM rewards, and the current APR.
Note: $WOM rewards are not available in beta.
Providing Liquidity
1/ Click the “Pool” tab on the Wombat app.
2/ Locate the pool you wish to deposit to. Expand the card and click “LIQUIDITY,” you’ll be directed to the deposit page. Enter the deposit amount in the field, or you may also click “MAX” to deposit all of your token balance.
3/ Once you have entered the amount, transaction specifics will be displayed.
⭐️ Tip: You may adjust Slippage Tolerance and Transaction deadline in Settings.
4/ After inspecting all details, click approve to allow Wombat to access the asset. Then, click “Deposit” or “Deposit & Stake” and confirm the transaction. A pop-up window will appear showing the transaction details. Approve your action on the wallet app to execute the transaction.
Withdrawing Liquidity
1/ If you wish to withdraw liquidity from the boost, simply toggle the navigation at the top to the Withdrawal page. Enter the desired amount and the tokens you want to pull out.
2/ Click “APPROVE” to allow access to your LP token assets, then click “WITHDRAW” to complete the transaction.
We’d love to go on and on, but our Beta does not have staking and boosting functions yet. Nevertheless, stay tuned, as we’ll release it on the days leading to our full launch! Adios, Wombats!
About Wombat Exchange
Wombat Exchange is a BNB native multichain stableswap focused on re-engineering the stableswap experience through its algorithm design. Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, accessibility, and scalability in a multichain world.
