I have been watching with interest the progress of WHIVE and opening up the new possibilities this offers HIVE. Today, I decided to dive down the rabbit hole and get involved. Having no idea how, and having never used Uniswap before, I read a few posts and tried to get my head around it.
First step - get some WHIVE.
- I reinstalled my dusty old metamask account that I haven't used for ages. (in crypto land I think ages means over a year...)
- I had some HIVE in my account I had planned other things for, but have used for this instead.
- I visited the WHIVE website
- I turned my HIVE into WHIVE (a bit over 400)
- To learn more about this process see this post from @fbslo
Step two - visit Uniswap
- I stumbled around for a bit before I managed to link my metamask to uniswap. Can't remember how I did it in the end, so can't show how to here.
- I then stumbled around trying to add liquidity, but the dumb interface kept asking me to use a list. Couldn't find WHIVE. Lost...
- Come back to Peakd and search for more WHIVE posts.
- Find this post from @lordbutterfly and read in the comments about https://uniswap.info/account/ - thank you @brianoflondon
- Stumbled around for a bit more and then figured out how to add liquidity. There is a helpful little "Add Liquidity" tab on the info page for the WHIVE-ETH pair
Need a matching amount of ETH.
- I realise that at this point, to become a proud Liquidity Provider I need to have a matching amount of ETH - to the value of my new WHIVE.
- I scrounge around and gather some ETH up.
- I buy a little more from Coinbase (ugg - It's still my easiest and quickest fiat onramp)
- I gather it all together in my Metamask.
Ready.
Liquidity is provided.
- It worked - 0.15 ETH and 230 WHIVE, added by me to the Liquidity Pool.
- I had more WHIVE, so figured i'd swap some to ETH so I could add it also.
- Worked out how to do it, and swapped some WHIVE for ETH (which uniswap did via DAI for reasons unknown to me???)
- Made a second deposit into the LP of 0.04 ETH and 63 WHIVE
So, I have no idea how much (if any) fees I will receive for contributing to the WHIVE-ETH LP. My share at the moment is currently 0.19 ETH and 300ish WHIVE.
My new life as an Liquidity Provider has begun.
Cheers,
JK.
Posted Using LeoFinance
I shared this post to twitter
#posh
Posted Using LeoFinance
So how do you theoretically get paid for adding liquidity to the market?
Posted Using LeoFinance
I think those that add funds into the pool receive their proportional share of the fees. Not miner fees, but transaction fees received by the pool.
I'm learning by doing here, @khaleelkazi knows Uniswap better than me. This was my first try today.
It's exactly like you think.
I am salivating...while I withdraw all my liquid HIVE to meet expenses, you got some 400 HIVE to play around in DEFI as a liquidity provider... good you ave that kind of money to be able to afford to do that...
and chills man... how much were the fees for the swap...was it 20$ - 50$ what, how insane was it...the fee amount only is something I withdraw from peakD to meet my expenses, every 2 weeks...dash it!!
Hey sorry mate I didn't mean to upset anyone with the amounts. It's strange because while most people's 2020 sucks, I'm personally having a great year (money wise anyway). Spent the last 13 years living week to week with a mountain of debt. A lot has changed in the last 6 months.
Most of the ETH gas fees were around 3 or 4 dollars. The crazy big ones have only been on certain types of transactions as far as I know. I have not seen any. None of what I'm doing here is urgent, so if I see a fee I don't like I just cancel the transaction and try again later.
All the best mate, I'm sure that the wheel will turn for the better for you soon.