How To Use Metamask Wallet To Provide Liquidity On KoffeeSwap
This article guides you through the process of providing liquidity to KoffeeSwap using the Metamask wallet.
What is KoffeeSwap, exactly?
On the KuCoin Community Chain, KoffeeSwap is the first decentralized exchange. We’ve included real-time charts and transaction history in addition to token swaps.
What is a liquidity provider, and how does it work?
A liquidity provider, also known as a market maker, is someone who provides their crypto assets to a platform so that decentralized trade can take place. They are earned through trading platform fees, which might be considered passive income. It’s vital to remember that the assets provided are locked to the platform for the duration of the subscriber’s liquidity provider.
What exactly is a liquidity pool and how does it work?
The amount you contribute will be in the form of a token pair, which will be utilized to offer liquidity and will be secured by smart contracts. The liquidity you provide is placed in a liquidity pool, which is frequently used by decentralized exchanges. A liquidity pool is identified by the token pair that it represents. For example, KCS-USDT is a liquidity pool that manages the KCS/USDT token pair’s liquidity.
Providing Liquidity on MojitoSwap: A Step-by-Step Guide
Step 1: To begin, the first log into your Metamask wallet.
Step 2: Open your built-in Dapp browser and browse to this page. https://koffeeswap.exchange
Step 3: When you first arrive at the site, you’ll notice an Ethereum logo in the top toolbar; click it to switch to the KCC-MAINNET (KCC) network. To understand how to add KCC to your Metamask wallet, click HERE.
Step 4: Next, click the pool button in the top left corner of the page.
Step 5: Select Add Liquidity after clicking the Pool button.
Step 6: You’ll be redirected to a page where you may add liquidity. It is recommended that you select “Add Liquidity.”
Step 7: Choose one of the tokens in your wallet to give liquidity.
Step 8: Once you’ve chosen your token, you must give the smart contract permission to interact with it. To do so, click the approve button.
Step 9: After the transaction has been approved, click the provide button in MetaMask to seek another signature; if granted, you will be an LP collecting transaction fees.
Congratulations! You now know how to add liquidity to KoffeeSwap using MetaMask Wallet.
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