Confused about providing liquidity on XcelSwap and farming your LP token?
In this article, we will teach you step-by-step guides on how to contribute to liquidity pools and earn Liquidity Provider Tokens and farm those LP tokens to harvest more rewards in f $XLD on XcelSwap.
Step-by-step guide on how to contribute to the Liquidity Pool on Xcelswap.
Step 1: Open the XcelSwap official website www.xcelswap.com and navigate to the top right of the screen. Click on the ‘Connect Wallet’ button. After that, click on the MetaMask under ‘Connect Wallet’ drop menu.
Step 2: Now go to the ‘Liquidity’ tab and click on ‘Find other LP tokens’ button.
Step3: After you press on‘ Select a currency’, a drop-down menu will appear with a list of ticker names. Select Binance Coin (BNB) and XcelDefi(XLD) in respective tabs. Then press onto ‘Add Liquidity’ to proceed further.
Step 4: If you are enabling XLD for the first time, you can do it simply by tapping on the ‘Enable XLD’ button.
Step 5: A metamask confirmation screen will pop up on your screen — press ‘Confirm’.
Step 6: Input the desired value that you want to add into the liquidity pool. Defining an amount of one token will auto-generate the amount for the next token.
Next, click on ‘supply’ at the bottom of the tab.
Step 7: You will be asked to wait for a moment, in the meantime, a metamask confirmation will appear on your screen. To move forward, you can press on ‘Confirm’.
Step 8: You will receive LP Token for providing the liquidity in our DEX. Press on ‘Add XLD-LP to Metamask’ to add XLD to your metamask. After that, you can close the tab by pressing on ‘close’.
Congratulations! You are now an XcelSwap liquidity pool provider.
XcelSwap cuts 0.2% of a total transaction in receiving token as transaction fee compared to the industry standard of 0.3%. You are eligible to receive 0.17% of that fee, corresponding to the percent of liquidity you provide.