My Defi adventure 3: Walk-through for liquidity mining on Quickswap

In this post, I shall do a walk-through for Quickswap so that you won't miss a step in maximizing liquidity mining rewards.
*Disclaimer: This is a non-sponsored post. DYODD before embarking on any Defi activity*

Quickswap is a prominent Automated Market Maker (AMM), or as some calls it DEX, on the Polygon network. It features a vast number of token pairs. The dApp is actually a fork of Uniswap. To start liquidity mining, one can provide liquidity in its pools to earn a liquidity provider fee coupled with Quick token incentive rewards. 

Personally, I find that its interface is not very intuitive for LP. I guess it's an issue with their UI design, the Rewards page tends to be a bit laggy and jumpy whenever I try to search for a particular pool. I also find this dragon castle not as easy to navigate as the sushi restaurant.

In this post, I shall do a castle walk-through for those who are unfamiliar with Quickswap so that you won't miss a step in maximizing liquidity mining rewards.

I am lost in the maze

Step 1. Providing liquidity

Go to "Rewards" page. 

Search for the liquidity pool (LP) with the token pair that you are interested in providing liquidity for. Make sure that you have equal value of both tokens before you proceed. Otherwise, you can simply use the max of the token with lower value or head over to the Swap page to swap accordingly.

Deposit the token pair.

Step 2. Find your liquidity token Quick-V2

You can see under "Pool" page that now you have liquidity for token xxx-xxx pair, which means you are now earning fee for providing liquidity. The screenshot below shows the page but as I have staked my liquidity token already, so it says "No liquidity found". This is step is just for your info, nothing for you to do on this page.

So we move on to the next step - staking your liquidity token(s).

Step 3. Stake / deposit your liquidity

Now we navigate back to the "Rewards" page and you can see that your liquidity pair has miraculously appeared right at the top of the pool list.

Click on "Manage".

You will come to this page where you see the option of depositing your liquidity token shown as a button "Deposit Quick-V2 xxx-xxx". You can earn the incentive Quick reward by doing so.

After clicking to deposit, you will see a confirmation message.

Once done, your liquidity deposits amount will show up in the dark blue panel and the buttons below will now change to "Deposit" "Withdraw" as illustrated above.

4. Claim your Quick earnings

After a while, you will see the Quick rewards start rolling in. Click the "Claim" button to claim them. 

You can claim at whichever frequency you like. You will need to pay some Matic gas fee for claiming, but it's quite negligible.

5. Stake your earned Quick in Dragon's Lair

It's not end of the story yet. You have to go kill the dragon and rescue the princess.

Nah, I am just joking...

So you have claimed a bunch of Quick "weapons", you can easily change to other tokens of your choice via Swap. But you can also stake them to churn more rewards.

The "weapon switch"

Go back to the "Rewards" page again, make sure that your wallet is connected, you can see this mystical box right in the middle called Dragon's Lair. Click on "Manage" under Dragon's Lair and it will bring you to the page as shown below.

Click on "Deposit" to deposit your Quick and, there, you are done staking! In return, you will see that you are given dQuick tokens which is something used for earning a portion of all trading fees (you might not see it in your wallet). You can read more on how it works here.

I liken dQuick token to the Sushiswap's xSushi token in Bentobox.

To unstake /withdraw, your dQuick will be burnt and you will get back your Quick tokens.

6. Unstaking liquidity and removing tokens from LP

Now if you have to take back your tokens in the LP, you just do the reverse from Step 3. Start by clicking "Withdrawal" to un-stake your liquidity tokens. (To err on the safe side, I would claim my Quick earnings first before I do the withdrawal.)

When you do LP withdrawal, there will be a pop-up where you can choose between making a partial withdrawal of 25%, 50%, 75% or the full 100%.

If you did only a partial withdrawal, do remember to deposit back your balance liquidity token (Step 3) to earn the airdrop reward on top of LP fee. Don't miss out!


Now that you have successfully navigated the castle maze, do check out my other posts for more Defi adventures.

Like what you read? View my other posts here
To support my blog, simply click the ads or sign up for useful services with my referrals.

No comments:

Post a Comment