ARCHEthic will be launching a liquidity staking event in partnership with QuickSwap on Wednesday 13th October 2021 on Polygon (MATIC).
Ahead of this, we will be providing information about various aspects of the event and answering some FAQs, as follows:
Table of Contents
- What is Liquidity Stacking
- What are the requirements
- Bridge your UCO & ETH towards Polygon (MATIC) network
- How to become an LP (Liquidity provider)
- Start Staking [ArchEthic] Polygon (MATIC) LP tokens in QuickSwap
- Stake your DQUICK$ into QuickSwap Syrup Pool to obtain UCO$
- Pool Details
- General Overview: ArchEthic Liquidity Staking
- What is Liquidity Staking ?
Liquidity Staking is the process of staking the liquidity tokens you get by adding liquidity to ArchEthic Quickswap pool and earning $UCO rewards & $QUICK rewards in return.
As many know, when Quickswap liquidity providers deposit liquidity (wrapped ETH + wrapped native tokens) into a Quickswap pool, special tokens known as liquidity tokens are minted to the provider’s address. Whenever a trade occurs, a 0.25% fee is distributed pro-rata to all LPs in the pool at the moment of the trade. In addition to earning fees, Quickswap also allows “liquidity providers can also choose to sell, transfer, or otherwise use (e.g. stake) their liquidity tokens in any way they see fit.” Therefore, using Liquidity Staking technology, liquidity providers can actually stake the LP tokens and earn rewards for doing so.
Why is staking an LP token valuable from the standpoint of an LP provider and the standpoint of ArchETHIC ?
For an LP provider, you are now doubly incentivized to maintain your LP token, because not only are you earning the trading fees, you are also earning rewards on top of that in the form of UCO$ tokens & QUICK$ tokens.
ArchETHIC benefits from liquidity staking because it means our community is helping us by adding liquidity to our Quickswap pool, and then staking that liquidity during the staking period. This helps maintain liquidity and reduce slippage, which can in turn increase trading activity.
Next we explain exactly how Liquidity Staking is done from the users standpoint.
2. Requirements for Staking
Please note the following requirements:
Metamask : ArchETHIC Liquidity Staking requires the wallet extension Metamask, which will automatically link to our staking contracts. This wallet will be used to contribute your token to the liquidity pool. It will also be used to distribute staking rewards upon withdrawal.
Setup your Metamask extension and add Polygon (MATIC)
If you already have "MATIC Mainnet" on Metamask, you can skip this section.
Unlock your Metamask extension on your web browser and click on the top (Main Ethereum Network by default) and click on "Custom RPC"
Once you click on "Custom RPC" you need to add the following details to add Polygon (ex MATIC) to the extension.
Network name : Matic Mainnet
New RPC URL: https://rpc-mainnet.matic.network
Chain ID: 137
Block Explorer URL : https://explorer.matic.network/
Don't forget to click on "SAVE" otherwise you will need to start again !
Liquidity : When providing liquidity, you must provide the same amount of ETH & UCO according to market price.
For example, if Alice wants to provide 10 000 UCO of liquidity, she will need to provide the equivalent value in ETH to obtain LP tokens.
3. Bridge your UCO & ETH towards Polygon (MATIC) network
Polygon has it’s own bridge to get funds over to its network from Ethereum. First make sure your MetaMask is on the ETH network (in case you’re still on Polygon from the previous step). Then visit the Matic wallet: https://wallet.matic.network/bridge
Login with MetaMask:
Once you login, this will take you directly to the bridge. Next you need to choose the token (ETH, UCO, etc) you want to send over to Polygon. After you select your token, enter the amount you want to send, or click Max to send it all. Once everything looks good, click Transfer
When you will be bridging UCO, you need to select (1) and add UCO contract address : 0x8a3d77e9d6968b780564936d15B09805827C21fa
After you click transfer a message window will pop up. This is saying that the transaction will take a few minutes so be patient. The second message is referring to staking your $MATIC tokens. If you want to stake $MATIC for rewards, they need to stay on the Ethereum network. Click Continue.
The next window is your transfer costs. Since this is an Ethereum transaction you will need to pay ETH gas costs. Try to do this when gas prices are low, you can check here: https://www.gasnow.org/ – If you are good with the costs click Continue.
Lastly, we get our overview window. Make sure everything is correct then click Continue. Once you click Continue, the MetaMask window will pop up to pay the gas fees and approve the transaction. Click Confirm.
The Matic Bridge will change to a Transaction In Progress status. I’d suggest leaving this open so that you can see when it finishes.
After your ETH transaction is confirmed, you will get the MetaMask notification and the Matic Bridge will change to a Confirmed status. Now we just need to wait for the transfer to be completed on the Polygon side.
After the transaction is confirmed on the Polygon network the Matic Bridge will show as complete.
Now you can see your new balance in your MetaMask wallet. Go back to MetaMask and switch the network to Polygon. You should see tokens that you sent over.
Note: ETH thats sent to Polygon is “wrapped” so most applications will show it as WETH instead of ETH. This is normal, if you don't see it in your metamask then you need to add it through custom token.
WETH contract on Polygon is : 0x7ceb23fd6bc0add59e62ac25578270cff1b9f619
You now have UCO on Polygon (MATIC) Network.
You can repeat the process with your ETH.
Pretty simple when you did it once, process will always be the same.
4. How to become an LP (Liquidity provider)
1) Go to Archethic Quickswap pool via this link : https://info.quickswap.exchange/pair/0x25bae75f6760ac30554cc62f9282307c3038c3a0
2) Click the “Add Liquidity” button:
3) Select ETH and UCO.
UCO will be whitelisted when the pool will be launched, hence why you cant find it right now.
To overcome this, you can search it using UCO Polygon contract address : 0x3c720206bfacb2d16fa3ac0ed87d2048dbc401fc into the "select a token tab"
4) Key in the amount you want to provide as liquidity or click the “MAX” label next to one of the assets to select all:
5) If it’s your first time interacting with an asset on Quickswap, you have to approve the spending, in this example we have to approve $UCO:
6) After approving the assets, the approve buttons will disappear and the “Supply” button will not be greyed out anymore. Click it to provide the liquidity:
7) You will see an confirmation screen with the details of the transaction, click the “Confirm Supply” button to confirm the transaction:
8) After successfully providing liquidity, the amount of LP tokens will be shown at the bottom of the screen:
"By adding liquidity on QuickSwap you'll earn 0.25% of all trades on this pair proportional to your share of the pool. Fees are added to the pool, accrue in real time and can be claimed by withdrawing your liquidity."
You just provided liquidity and you are earning a % of each transaction fees 😎
Now you can stake those LP tokens and earn UCO$ & QUICK$ while still earning trading fees.
This is the beauty of DeFi (Decentralized Finance), duplicating liquidity 💰
5. Start Staking [ArchEthic] Polygon (MATIC) LP tokens in QuickSwap
Now we are gonna stake your LP tokens that you just received by providing liquidity into the ETH/UCO QuickSwap Pool giving you access to the precious rewards :
💰 125k USDT worth of DQUICK$ 💰
💰 0.25% trading fees 💰
In 1 week, we will open the UCO$ Pool and you will be able to stake your DQUICK$ to earn :
💰 250k USDT worth of UCO$ 💰
🪄 This is where the magic happen 🪄
UCO Polygon Contract Address : 0x3c720206bfacb2d16fa3ac0ed87d2048dbc401fc
Now, let's slow down a bit, you have come this far !
1) Go to https://quickswap.exchange/#/add/0x3c720206bfacb2d16fa3ac0ed87d2048dbc401fc/ETH
Then "LP Mining"
2) Now search for the UCO/ETH Pool and clic on "Deposit"
3) Clic on "Deposit QUICK-V2 LP Tokens".
4) You can select the amount of LP tokens you want to stake.
Most likely you can use the "max" command.
You then have to clic on "Approve".
5) To "approve" you will need to sign it with your MetaMask.
6) Now you can select "Deposit"
7) Now you will need to confirm the "Deposit" transaction on your Metamask
8) You will receive this message once transaction is successful
You just staked your LP tokens into the pool.
You are now earning DQUICK$ !
6. Stake your DQUICK$ into QuickSwap Syrup Pool to obtain UCO$
Good luck 😎
- Go on QuickSwap's website
- Connect your MetaMask Wallet and go to Farms > LP Mining > UCO-WETH
1) Click on Claim to collect your $DQUICK
2. Go to Dragon's Syrup pool (Farms> Dragon's Syrup) and check the UCO pool.
3. Click on “Manage”.
4. Select “Deposit $dQUICK”.
5. Chose the amount of dQUICK or on “MAX”, then click on “Approve”.
6. Confirm the transaction with MetaMask
7. Click on “Deposit”.
8. Wait for the transaction to complete.
9. Done! You can now go back to the pool (Farming > Dragon Syrup's) and check the amount of UCO's you can earn every day 😀. Easy, isn't it 😎?
🎃 ENJOY 🎃
7. Pool Details
The terms of the UCO/ETH Liquidity Staking pool (rewards, lengths, minimum contribution, etc.) are detailed below:
- Rewards: QuickSwap Trading Fees + 125 000 USDT worth of $QUICK + 250 000 USDT worth of UCO
- Reward Distribution: Shared amongst LP stakers
- Length: 60 days
- Pool size: Unlimited
- Minimum amount to stake: None
8. General Overview: ArchEthic Liquidity Staking
To understand critical concepts such as staking pools, LP tokens staking and redistributed rewards, understand all points below:
- Rewards: What you will earn for providing liquidity to QuickSwap pool and staking your LP tokens.
- Method: How the rewards will be distributed amongst participants
- Length: Duration of the liquidity staking event
- Pool size: We could reach 5M liquidity in 5 days, the biggest % of the pool you provide, the biggest % of the rewards you will earn.
- Minimum amount to stake: You can even stake 1$ of each asset, this is the beauty of Polygon (MATIC) low network fees !
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