Contributing to liquidity pools is essential for decentralized token exchanges, but the process can seem complicated for beginners. To assist others looking to add their Zing to liquidity, I wanted to document the steps I took from start to finish.
While the learning curve was steep, I'm glad to have gone through the experience. My goal is to simplify the process so more users can become liquidity providers and support the growth of decentralized finance.
The first requirement is having SwapHive tokens. Without SwapHive, you cannot progress further. To acquire SwapHive, you first need some liquid Hive tokens.
So, What I did was to swap one of my Hive-Engine tokens to swap.hive. I will use 1.57302182 Hive for this experiment.
However, if you have liquid Hive in you hive wallet, below is what you should do.
Once you have liquid Hive, open the Beeswap.dcity.io/swap/ interface using the Hive Keychain browser and click on Convert.
Next, you will select what token to convert from and to. Simply choose to convert Hive into SwapHive.
PS: Clicking on the upside down arrow will change the the conversion to HIVE to SWAP.HIVE
Scroll down and click the Convert button.
After changing over Hive to SwapHive, scroll back up and click on Swap again.
Now you can pick another token to swap into. To add Zing, select Zing! as the destination asset.
Scroll down and click the Swap button to exchange your SwapHive for Zing.
Then scroll down and swap.
With Zing tokens obtained, navigate to Tribaldex and login with your Hive credentials. Use your posting key if accessing through Chrome or Brave. With Keychain, only your username is needed.
Locate the menu in the top right corner represented by three horizontal lines. Click this menu and select Pool. (If you are on mobile.)
On PC, just take a look at the options at the top and just click on pool
You will see the Add Liquidity option as shown below.
Click Add Liquidity to contribute your Zing to the pool. Note there is a limit on the amount that can be added. The reasons are unclear, but hopefully can be explained. Below is the amount of liquidity I was able to add.
After clicking Add Liquidity, choose ZingSwap.Hive as the token. Just type Zing to find it quickly.
Next, input the quantity of Zing to furnish for liquidity. You can add the maximum amount allowed or a specific amount.
Click Add Liquidity and the process is complete!
Here is a screenshot displaying my account after merging around 60 Zing into the pool.
I am glad that I have successfully achieved the goal of contributing Zing to liquidity, and it is indeed rewarding.
)
Earlier, I created a post about how I connected my Reddit profile to my Hive account. You an go check it out HERE
I hope these steps help explain adding to liquidity pools. Please ask any questions that come up, and I will try my best to answer them. Thanks for reading all the way through!
The screenshots on this post were taken from two sites. TRIBALDEX and BEESWAP.