We are continuing our series on YokaiSwap where we left off by creating additional liquidity pairs. If you have not read the the first post in the series, see link.
Let's continue by creating a USDC-CKB liquidity pair.. Click Trade | Liquidity.
Click Add Liquidity and Choose the following below:
Click Supply, Confirm Supply and Sign the transaction.
Next, expand Farms and click Details on the USDC-CKB pair.
Click Stake LP (Liquidity Pair) and choose your amount.
Click Confirm and Sign the Transaction.
As you earn YOK, the Harvest button will light up for you to transfer into your wallet. See previous post for information on how to stake and unstake liquidity pairs. Let's move on to Monster Pools.
Monster Pools
Within YokaiSwap, you have the ability to add your funds to Monster Pools as well as collect a free bounty.
Let's start by collecting the Auto YOK Bounty by clicking Claim.
This bounty is given as a reward for providing a service to other users.
Whenever you successfully claim the bounty, you’re also helping out by activating the Auto YOK Pool’s compounding function for everyone.
Auto-Compound Bounty: 0.25% of all Auto YOK pool users pending yield
Click Confirm and sign the transaction to collect the Bounty.
Let's now join the Auto YOK pool. Click Detail | Stake.
Choose your amount and then Confirm and Sign the transaction.
All profits you harvest are automatically staked in the pool.
Note: If you manually stake in the pool, you can Harvest the YOK you earn and trade it or add it to the pool manually. It is up to you on how you want to manage the pool. I like set and forget so I compound the YOK I earn.
So now you have learned how to move funds from Layer 1 to Layer 2 and create liquidity to add to Farms as well as add funds to pools. Let's now go over some of the other features you can do in YokaiSwap.
Exchange Tokens
You have the ability to swap level 2 tokens. Click Trade | Exchange to swap level 2 tokens.
Simply Choose the Exchange pair and the amount and click Swap.
Confirm the swap and sign the transaction.
Withdrawing Funds from Layer 2
As you make profit, you may want to convert YOK or USDC back to CKB and then Withdraw that CKB back to Layer 1.
Click Asset Bridge | Withdrawal.
Click Request Withdrawal and the amount and Request Withdrawal. Sign the Transaction.
Transferring Layer 1 Assets
The last piece I want to discuss is transferring layer 1 assets. Once you are done trading or you have removed CKB from Layer 2 back to Layer 1, you can transfer the assets back to your wallet where you can stake your new rewards into the DAO.
For example, I put funds for 3 months in an CKB-YOK pool. I unstake my funds from the pool with the profit. Next, I swap the YOK to CKB and send the funds back to Layer 1. I then use Transfer to transfer my coins back to my CKB wallet where I stake the original coins and the profited coins in the DAO to increase my CKB Bag. Rinse and Repeat the money train :-).
I really hope you enjoyed my dummies guide on YokaiSwap. Go ahead and take it for a test run. When it goes live, you will be ready to use DEX.
Thanks for the walkthrough; I'm still attempting to understand the Farms/Harvesting/Add Liquidity. New crypto concepts for me. Oh man...the future of financial decentralized exchanges is exciting. Centralized banks and national fiat downfall.