Hello everybody, 1inch DEX aggregator and liquidity protocol offer 3 main services to users: trading, staking, and liquidity mining. Today I am going to explain how to add liquidity and farm on 1inch Exchange.
How to add liquidity with 1inch
- Click on "DAO" at the top of the page and then click on "Pools".
- You will be directed to a list of available pools. Choose the pool you would like to provide liquidity. You can also use the search bar to find specific pairs. then click the “+” icon. For this example, we'll deposit liquidity into the 1INCH/ETH pool.
- Enter the USD value you are willing to deposit.
- Afterward, give 1inch the permission to use your tokens.
- Once everything is in place, click on "Provide Liquidity".You will also be prompted to confirm the transaction on your MetaMask.
- Done! You have successfully provided liquidity to 1inch’s pool. All you have to do now is let your funds sit and collect transaction fee payments.
How to Farm with 1inch
By providing liquidity on 1inch, you will receive the LP token showing the % of your ownership to that pool. You can use that LP token to stake and earn farming APY by following these steps:
- Click on "DAO" at the top of the page and then click on "Farming".
- Choose the farming pool corresponding to the pool in which you provided liquidity.
- Click “Deposit” to send your LP token into the farming pool. After depositing the LP token, you can withdraw or claim the reward anytime.
- Then click “Deposit” and confirm the transaction
- Done! You have successfully staked the LP token to farm.
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Hope you found today’s article helpful. If you want to learn more about trading follow me at @fizzonmyjayyce. Have a nice day :)