Currently, SushiSwap, a popular DEX project on the ETH mainnet, has also completed its deployment on MATIC.
In this article, we will demonstrate how to use the official MATIC cross-chain bridge to transfer ETH Token to MATIC mainnet and show how to perform WETH-WMATIC transaction pair liquidity mining on Sushi Swap.
Liquidity mining hands-on
- Cross-chain assets from ETH chain to MATIC chain.
First, unlock MetaMask and switch to ETH mainnet.
Go to “https://wallet.matic.network/login/” website, then connect your wallet and sign for confirmation.
Select “Matic Bridge” from “Apps” in the upper right corner to enter the official cross-link bridge.
Enter the number of ETH tokens you wish to cross-chain to MATIC in the red box above and click “Transfer” in the red box below.
At this point, the webpage will pop up a window to remind the user of the significance of this step, which is to cross-link the assets on the ETH mainnet to the MATIC mainnet. Click “Continue” to continue.
At this point, a second prompt will pop up on the web page, which is the ETH gas fee consumed for the transaction.
Finally, a final prompt pops up on the web page, where the user can reconfirm the cross-chain direction and the fees for this transaction, etc. Click “Continue” and confirm in the wallet to complete the cross-chain operation.
After completing the above, you need to wait for the block and cross-chain bridge to confirm the transaction, and this step may require a longer wait.
- Liquidity mining on SushiSwap.
After completing the asset cross-chain operation, the wallet address on the MATIC mainnet will be obtained.
First, switch to the MATIC mainnet in MetaMask.
Then go to the “https://app.sushi.com/swap” website.
In the exchange field, choose to use WETH to exchange MATIC.
After entering the desired amount of MATIC, click on “Approve WETH” and “Exchange”, then click on “Confirm Exchange” in the pop-up window and confirm the transaction in your wallet to complete the exchange. Click “Confirm Exchange” in the pop-up window and confirm the transaction in your wallet to complete the exchange.
- After completing the exchange operation, the wallet address will have a certain number of WETH and MATIC tokens, and users can form them into LP for liquidity mining.
Click “Liquidity” in the red box above, and select WETH in the red box below.
Click “Confirm Add Liquidity”, click “Confirm Provisioning” in the pop-up window and confirm the transaction in your wallet.
- After completing the above operation to obtain WETH-MATIC LP tokens, you still need to pledge them to get the income.
Click on “Earnings” at the top right of the page, find the WMATIC-WETH pool, click on “Max Quantity”, “APPROVE” and “Pledge” to deposit LPs into the pool.
After the pending transaction is confirmed by the block packing, you can start to get the revenue from liquidity mining, currently the annualized revenue of WMATIC-WETH pool is about 68%.
As shown in the image, token earnings can be harvested by clicking on the red box above, while the red box below shows the number of Tokens that have been deposited to the LP. If you want to withdraw your assets from the pool, you can click on the “Max Qty” and “Release Collateral” in red on the right to remove the LP Token.
- After the transaction is confirmed by the block packing, you can start to get the revenue of liquidity mining, the current annualized revenue of WMATIC-WETH pool is about 68%.
As shown in the picture, you can harvest the token revenue by clicking on the red box above, and the red box below shows the number of LP Token deposited. If you want to withdraw your assets from the pool, you can click on the “Maximum Amount” and “Release Collateral” in red on the right to remove the LP Token.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/how-to-do-liquidity-mining-on-the-popular-eth-layer2-board-matic/
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