How To Make Passive Income By Using The Metamask Wallet To Provide Liquidity On Emiswap
This article will explain the process of using the Metamask wallet to provide liquidity to EmiSwap and earn passive income.
EmiSwap is a fully automated market maker exchange with an ESW governance token and NFT Magic Cards yield-increasing. EmiSwap is the EmiDAO ecosystem’s initial project.
The EmiSwap protocol was developed based on the AMM Mooniswap protocol. This protocol is based on AMM Uniswap V2, which the Mooniswap team has enhanced with a method to prevent “front running,” ensuring that liquidity providers do not miss out on the advantages of temporary price slippage.
What does a liquidity provider do and how does it work?
Liquidity providers, also known as market makers, lend their crypto assets to a platform in return for decentralized trading. They originate from trading platform fees, which may be thought of as “passive income.” It’s vital to keep in mind that the assets are only available on the platform for the duration of the subscriber’s liquidity provider’s contract.
What Is A Liquidity Pool And How Does It Work?
Your contribution will be in the form of a token pair that will be utilized to offer liquidity and be safeguarded by smart contracts. Your funds are placed in a liquidity pool, which is a frequent feature of decentralized exchanges. A liquidity pool is identified by the token pair that it represents. For example, KCS-USDT is a liquidity pool that handles the KCS/USDT token pair’s liquidity.
Providing Liquidity on Emiswap: A Step-by-Step Guide
Step 1: To get started, go to your Metamask wallet and log in.
Step 2: Open your built-in Dapp browser and navigate to this page. https://emiswap.com/main
Step 3: Then, once the website has loaded, go to the bottom of the page and click “Start Earning.”
Step 4: Then, after clicking “Start Earning,” a pop-up will appear asking you to connect your wallet. By default, you’ll see Ethereum, but you may switch to KCC-MAINNET (KCC).
Step 5: Then, on the webpage menu bar, click the Pool button.
Step 6: After clicking the Pool button menu, click Add Liquidity.
Step 7: Once you’ve clicked, you’ll be taken to a page where you may add liquidity.
Step 8: Pick a token from your wallet to provide liquidity to the liquidity pool.
Step 9: Once you’ve chosen a token, you’ll need to approve the smart contract so that it may interact with your tokens. Click the “approve” button to do so.
Step 10: Once the transaction has been validated, go to MetaMask and click the “provide” button to request a second signature; if allowed, you will be the LP responsible for transaction fees.
Congratulations! You’ve learned how to utilize MetaMask Wallet to make passive income by providing liquidity to Emiswap.
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