Good morning (or good evening) pilots! This guide was created to help you become a TOKE/ETH liquidity provider.
In this particular guide, we will be adding TOKE/ETH liquidity on Sushi before depositing on Tokemak.xyz to earn TOKE rewards. If you are using Uniswap to add liquidity, the steps are very similar so you should be able to follow along.
Step 0: Purchasing TOKE
First, you'll need to buy TOKE on an DEX. See our guide to complete this step:
Step 1: Adding Liquidity
- You will first need to be holding the TOKE and ETH that you want to deposit into the pool in your wallet.
- Go to to either Uniswap or Sushi and navigate to the liquidity tab (or pool tab if using Uniswap).
IMPORTANT: If adding liquidity to Uniswap, ensure you are depositing Uni v2 liquidity NOT Uni v3
- Select the inputs TOKE + ETH before entering the amount you would like to deposit. You must add the same dollar amount of each asset, this should be calculated for you.
- Click confirm adding liquidity and complete the transaction on Metamask. Once the transaction is complete you should see SushiLP tokens in your wallet.
Good job Pilot. You have now added liquidity! Now lets walk through the process of depositing your LP tokens on Tokemak.xyz
Step 2: Staking LP Tokens
After you have successfully added liquidity, you will receive "LP" tokens from either Uniswap or Sushi – these are a representation of your liquidity position within a DEX. You can easily view them using the token tracker in Etherscan (search for your wallet address) or using the excellent Zapper dashboard.
Navigate to the Tokemak Dashboard and look for "LP Deposits" (Sushi or Uniswap).
Click "Max" to pre-fill the input with all LP tokens your wallet holds, or specifiy an amount.
Click "Deposit" and confirm the transaction in your wallet.
Now, once the transaction has confirmed, you will be able to refresh the page and see your staked LP token balance!
LP tokens do not require further action in order to begin receiving rewards. Single-sided staking does require you allocate your voting power in order to earn yield.
You will begin receiving rewards after your tokens have been staked for a full daily cycle (24 hour period). Check back after the next full cycle to see your rewards. At the end of a weekly cycle, you will be able to claim your accumulated rewards.
Click "Claim TOKE" to withdraw your weekly rewards, which will then be transferred into your wallet. You can then re-deposit these back into an LP position to compound (we recommend using Zapper to swap to TOKE/ETH + LP in a single transaction), or simply deposit them into the single-sided TOKE pool (which will require less gas than swapping into ETH/TOKE LP).
Congratulations, Pilot! You have now added liquidity and staked your LP position into Tokemak.