How to provide liquidity on KuSwap by using MetaMask Wallet.
This article explains how to provide liquidity to KuSwap from your smartphone using the Metamask wallet app.
What exactly is KuSwap?
KuSwap is the first Automated Market Maker built on the KuCoin Community Chain (KCC), and it launched in June 2021 on its own Launchpad, which also happened to be the first KuCoin Community Chain crowdfunding.
The main goal of KuSwap is to encourage decentralized global adoption by expanding the utility cases for KUS.
KuSwap’s Exchange is a non-custodial, decentralized exchange (DEX) that allows users to trade without entrusting their tokens to third parties. Users can earn money by providing liquidity for a pair of assets through the decentralized exchange’s liquidity pools. Liquidity providers only receive a small portion of the transactions (0.1 per cent).
What is a Liquidity Provider and who is a Liquidity Provider?
A liquidity provider, also known as a market maker, is a person who contributes their crypto assets to a platform in order to facilitate decentralized trade. In exchange, they are paid fees earned from trading on that platform, which might be considered passive income.
It’s important to remember that the assets given are locked with the platform for the duration of the user’s liquidity provider.
What is a Liquidity Pool, and how does it work?
The quantity you provide will be in the form of a token pair, which is used to provide liquidity and is locked in smart contracts. The liquidity you offer is put in a liquidity pool, which is utilized by decentralized exchanges in the majority of situations. The token pair that a liquidity pool represents is used to identify it. For example, KCS-USDT is a liquidity pool that holds the liquidity for the KCS/USDT token pair.
Liquidity Providing on KuSwap
Step 1. To start, open your Metamask wallet app.
Step 2. Go to this webpage using your built-in Dapp browser. app.kuSwap.finance
Step 3. When you first visit the site, you’ll notice an Ethereum logo in the top toolbar; click it to switch to the KCC-MAINNET (KCC)
Step 4. Then, in the upper left corner of the webpage, click the menu button.
Step 5. Then select Add Liquidity from the drop-down menu.
Step 6. It will direct you to the page where you may add liquidity. “Add Liquidity” should be selected.
Step 7. Choose among the several tokens in your wallet to give liquidity.
Step 8. After you’ve chosen your token, you’ll need to authorize the smart contract in order for it to interact with your tokens. To do so, click the approve button.
Step 9. Navigate to your MetaMask app and sign the transaction after selecting the button.
Step10. Select the provide button once the transaction has been accepted, which will request another signature in MetaMask; once approved; you will be an LP collecting transaction fees.
Congratulations! You now know how to use MetaMask Wallet to provide liquidity on KuSwap.
Links to KuCoin Community Chain Webpages and Social Networks
Telegram NG: https://t.me/KCCOfficialNigerianCommunity
Telegram Channel: https://t.me/KCCOfficialChannel