$WOMBAT Liquidity mining is going live in 3, 2, 1…
Dear $WOMBAT community,
Many of you have been asking how they use their $WOMBAT tokens other than for staking (which is already awesome with 17m $WOMBAT staked). We’re happy to announce that starting from tomorrow, $WOMBAT liquidity pool is opening on Quickswap!
On Wednesday 28th, around 6pm UTC, we’re launching Dual Mining for $WOMBAT and dQUICK on the Quickswap Farms. We’ll be paying out juicy rewards for anyone who stakes their WOMBAT/USDC liquidity pool tokens from Quickswap into the farm.
How does this work?
To participate, you’ll have to provide liquidity for the WOMBAT/USDC pair on Quickswap. Here’s how to do that:
- Go to https://quickswap.exchange/#/pools
- Select USDC as Token 1 and WOMBAT as Token 2. If you don’t find the WOMBAT token in the list of tokens, paste the token address (0x0C9c7712C83B3C70e7c5E11100D33D9401BdF9dd) in there to add the token to your list
- Choose the amount of tokens and USDC you want to provide liquidity with. The ratio between WOMBAT and USDC is determined by the current price per token in the liquidity pool
- You will likely have to approve your tokens to be used by the smart contract before actually providing liquidity. Sign those transactions to be able to send your WOMBAT and USDC to the liquidity pool
- Supply your WOMBAT and USDC to the pool
Once you’re done with these steps, you’ll receive LP tokens from Quickswap proportional to your share of tokens in the entire liquidity pool. You can use those LP tokens to receive an attractive APR from the liquidity mining program now:
- Go to https://quickswap.exchange/#/farm
- Navigate to the Dual Mining tab
- Find the WOMBAT / USDC token pair farm — you’ll see some information about the rewards paid to all LP stakers, the value locked in the farm and the current AP
- Click on the entry for the WOMBAT / USDC pair and select the amount of LP tokens you want to stake
- Again, you’ll have to approve your LP tokens for usage by the farm smart contract
- Stake your LP tokens
Once you’re done, you’ll be able to claim your WOMBAT and dQUICK rewards from here using the Claim button.
What’s the benefit?
We want to incentivize all $WOMBAT holders (and actually non-holders) to provide liquidity for the token. More liquidity means a more stable price whenever someone wants to buy or sell tokens. People buying $WOMBAT will have much more predictable rates, and people selling tokens will not drag the price down as much.
This is one of the many steps we’re taking to build a thriving $WOMBAT token ecosystem, and we hope you all will enjoy the benefits of getting even more $WOMBAT and higher liquidity in the market.
