- A recent governance vote revealed that over 99% of voters favored having their earned QUICK automatically staked to immediately begin earning compound interest.
- Following our one week delay, QuickSwap is back on track to start issuing liquidity mining rewards in the form of $dQUICK, beginning today, October 6th, 2021
- We’d like to thank the entire community of $QUICK holders for allowing us to take an extra week to ensure that everything is working properly with the new contracts.
- We’re thrilled to report that it is!
- We want to ensure that all of QuickSwap’s liquidity providers know exactly what they’ll need to do to continue earning LP mining rewards when the changes go live, so here’s a tutorial
What does this mean for me?
Liquidity providers are imperative to the successful functioning of any decentralised exchange. Without LPs, there would be no way to conduct trustless, peer-to-peer transactions on the blockchain. That said, not everyone who uses QuickSwap is (or should be) a liquidity provider.
Many of QuickSwap’s users are traders, single-asset $QUICK stakers, and recently QUICK stakers who started using their staked representative token $dQUICK to earn additional passive income by farming tokens that participate in our Dragon’s Syrup program — all without carrying the risk of impermanent loss that LPs take.
By the way, as of the time of this writing, single asset QUICK stakers are earning 15% APY and those who stake their dQUICK for syrup rewards are earning up to an additional 55% APR, for a total of 98.73% APY*.
*This figure is highly fluctuant and was calculated based on the rate of return at the time of writing. Stakers cannot and should not count on these returns for consistent income. These rates are highly fluctuant and vary based on a number of factors.
If you’re not a liquidity provider, you can learn more about what this change might mean for you here, but you don’t have to do a thing to continue earning interest on your staked QUICK and/or dQUICK.
What does this mean for liquidity providers?
As the backbone of our DEX, liquidity providers will have to take a few steps to ensure that they continue receiving liquidity mining rewards.* Here’s the process outlined:
- All previous staking pools will be deprecated, which means users will have to pull out their LP tokens from those contracts.
- For each incentivised pair, a new staking contract will be deployed.
- QUICK will be converted to dQUICK and distributed to each staking contract as per its share.
- Liquidity providers will need to stake their LP tokens in the new staking contract.
*Please note that liquidity providers who LP for non-incentivised pairs will not have to do anything to continue earning their share of the DEX’s swap fees.
Step 1: From QuickSwap’s Interface, on the top, towards the center, select “Farms”, then select “LP Mining”
Step 2: Locate the pool(s) you have LP tokens staked in, and click “Manage”.
Step 3: Select “Withdraw”, then “Withdraw & Claim”.
*Note: this will automatically claim any unclaimed QUICK you’ve accumulated while staked in the pool
Step 4: Confirm your withdrawal in MetaMask
Step 5: Locate the new liquidity mining contract for the pair(s) you provide for. Please note that the new contracts will show a “Pool Rate” of a set number of dQUICK/day, as opposed to the current contracts, which show a rate of QUICK/day, as seen below.
Just as you did when you first deposited your LP tokens to start earning QUICK, once you locate your new dQUICK LP pool, “Deposit QUICK-V2 LP Tokens”. Then enter the amount you want to deposit (or select “Max”) on the screen that pops up and click “Approve”. Then Sign the transaction in MetaMask.
*Please note again, for your convenience, this tutorial was completed before the new staking contracts were live, and thus, are not showing dQUICK as the reward; however, the process is the same.
Step 6: After you’ve signed from MetaMask (or whichever wallet you’re using), click “Deposit”.
Step 7: Confirm your deposit in MetaMask
And that’s it!
You are now earning dQUICK liquidity mining rewards, which are autocompounding and earning yield on your yield! For your next step, make sure to check out Dragon’s Syrup, where you can stake your dQUICK to earn additional rewards.
Did you know that QuickSwap is turning 1 this week! Join us for QuickSwap’s 7-day birthday extravaganza, starting on Friday, October 8th.
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Exported from Medium on May 2, 2023.