Liquidity Mining Tutorial
How To Liquidity Mining on VoltSwap
We’re excited to announce that VoltSwap Liquidity mining will be live on Sept 9th at 8 pm PST. VoltSwap is the world’s first front running resistant crosschain asset swap running on the Meter.io mainnet. Meter.io currently has more than 110 community validators securing the network. It is the most decentralized and fastest Ethereum Layer 2 side chain on the market.
Liquidity mining on VoltSwap is also designed with security in mind. Instead of staking tokens into a staking contract controlled by the developer. Each user owns an NFT721 based smart contract wallet. Liquidity mining just involves interacting with the smart contract wallet. Dual mining, triple mining or even more are possible with the same staking tokens!
The liquidity mining program also encourages long term behaviors. The rewards take 70 days to fully mature. If you stake and unstake the LP token on the same day, you will only receive 10% of your qualified earnings. The unmatured earning goes back to the pool for the other users. The percentage (reward multiplier) goes up at a constant rate over time to 100%.
• • •
Prerequisite 1: Connect to Meter Mainnet
To connect to Meter Mainnet, you first have to connect to Meter Passport Wallet (https://wallet.meter.io) It shows all Meter Passport supported cross-chain assets in your Metamask and will automatically configure Metamask for Meter Mainnet.
For detailed parameters for Meter mainnet MetaMask configuration, please check out our docs.
• • •
Prerequisite 2: Bridge Assets
1) Go to https://passport.meter.io/. This is where you can transfer (bridge) tokens from BSC or Ethereum onto Meter’s network. The list of initial trading pairs for liquidity mining are:
Bridge Security and Cost:
VOLT token will be airdropped to users who bridge new assets into the Meter network and participate in the liquidity mining, especially to the users from Ethereum during the first 3 weeks of VoltSwap launch.
The bridge is currently secured by Protofire, Hashquark, InfinityStones, Wetez, and Meter. 3 out of these 5 relayers have to sign off on a transaction to go through. Typical transfer between BSC and Meter takes around 10 to 20 seconds, while any transfer that involves Ethereum requires 25 block confirmations for the bridge deposit transaction on the Ethereum side (When the UI shows "In transit") which may take 10 to 20 minutes. The bridge fee exists to support the gas spending and operations for the team of decentralized relayers. Meter also has a bridge fee subsidy program that reimburses up to 85% of the bridge fee in MTRG. Details could be found by clicking the “i” information icon beside the bridge fee.
Different assets are supported depend on you are transferring from BSC or Ethereum. Click “Change” to select the network where you want to bring the tokens from. Then select the token and the amount. Make sure “I want to send funds to my address.” is checked for bridge fee subsidy and airdrops. Lastly, click on “Start Transfer” to initiate the bridging.
2) Allow Meter Passport to access the token that you want to bridge
3) Now that your tokens have been bridged (transferred) to the Meter Network, you should automatically receive 0.3 MTR airdrop in your wallet whenever you bridge an asset into Meter. You could use it for the initial transfers and swaps on the Meter mainnet.
4) You’re ready to swap, and liquidity mining. On Meter, each transaction or swap takes about 0.01 to 0.08 MTR. Creating the NFT wallet for liquidity mining the gas cost will be around 0.4 MTR (the wallet only has to be created once for each account). Therefore, if you plan to participate in liquidity mining it is advised to swap for about 1MTR on VoltSwap first.
How To Use VoltSwap
Swapping Tokens
1) Go to https://voltswap.finance/#/swap. This is where you can swap tokens.
2) Select a coin from the dropdown list or copy and paste the token address.
3) Approve token in your wallet
4) Once you’ve selected the coin you have, and the coin you want to swap to, it’s as simple as clicking Swap.
Providing Liquidity
1) At the top of the VoltSwap page, click on “Pool” to provide liquidity. To do so, you must pair two tokens, so click on “Add Liquidity” For example, MTRG and MTR.
2) Select the token and the amount you’d like to pair, and then click “Supply” (this will pair the tokens)
3) Once everything is set, click “Confirm Supply”
4) Confirm the tokens in your wallet, and then you’re finished!
Note: LPs earn fees proportional to their share of the pool and can be redeemed when you redeem the LP shares from the liquidity pool
Liquidity Mining
1) At the top of the VoltSwap page, click on “Farm” to participate in liquidity mining. There are a dozen initial liquidity mining pools available for liquidity mining. The pool selections will be reviewed on regular basis by the community. Click on detail will take you to the liquidity mining app.
2) In the top upper right-hand corner, you could select the liquidity farming pool. There is several key information for the pool.
APY: it is calculated based on adding $20,000 additional value of LP tokens in the pool and staying for 70 days till the reward multiplier goes up to 10x
Reward Multiplier: it starts from 1x and goes up to 10x over the course of 70 days. The multiplier applies retrospectively to the rewards you have earned starting from day 1. The liquidity mining pool has a fixed emission rate per block. If you unstake before your multiplier goes to 10x, you will only get Reward Multiplier/10 of your deserved rewards. The rest will be distributed to other users in the pool
Current Rewards: It is the amount of VOLT token you could earn if you unstake now. Remember if you unstake earlier than 70 days, your APY will be lower than the display.
3) Enter the amount of LP tokens that you would like to stake and click on Stake. If it is the first time for you to stake on the VoltSwap platform, the transaction will involve an NFT smart wallet creation. The gas fee is a little over 0.4 MTR. Please make sure to prepare some MTR for this. There will be one transaction to transfer the LP tokens to the smart NFT wallet (vault), one signing to approve the staking information, and one transaction to send the staking command to the wallet (vault). Please make sure your Metamask version is 10.0.3 or above. There was a bug in Metamask 10.0.1 and 10.0.2 that prevents properly signing the transactions.
Benefits of VoltSwap
VoltSwap is a community-driven project and the first DEX on the Meter Blockchain. VoltSwap allows users to swap a variety of tokens, earn APY, and maximize yields, all on the most decentralized Layer 2 scaling platform.
VoltSwap allows for lightning-fast transactions with low gas fees while being fully decentralized and front-running resistant. VoltSwap also includes cross-chain arbitrages and is able to onboard exchange DeFi chains with limited restrictions.
The platform creates an ERC721 NFT contract-based smart wallet for each user, where they can subscribe to as many liquidity mining programs as they want, without the tokens ever leaving their wallets. Meter.io believes this smart wallet design will become the standard for liquidity mining on the Meter network.
Follow Meter.io on social media to stay up to date with all of our exciting developments.
Meter Ecology
MeterPassport: https://passport.meter.io/
Meter official website and community
Official Website: https://www.meter.io
Last modified 2mo ago
Copy link