Adding a liquidity position on Henjin DEX involves several steps to ensure you provide the necessary tokens to a liquidity pool. Here’s a step-by-step guide on how to do it:
1. Connect Your Wallet: Visit the Henjin DEX website at henjin.xyz and connect your cryptocurrency wallet, such as MetaMask, which supports the Taiko network.
2. Navigate to the Liquidity Section: Once your wallet is connected, go to the “Liquidity” section on the DEX platform. This is where you can add liquidity to existing pools or create new ones.
3. Select Tokens: Choose the pair of tokens you want to add liquidity for. Ensure you have both tokens in your wallet. For instance, if you want to add liquidity to an ETH/USDC pool, make sure you have both ETH and USDC.
4. Set the Amounts: Input the amount of each token you wish to add to the pool. The platform will show the equivalent amount of the other token required to maintain the correct ratio.
5. Approve Tokens: Before you can add the tokens to the liquidity pool, you need to approve them for use on the DEX. This usually involves confirming a transaction in your wallet for each token.
6. Add Liquidity: After approving the tokens, confirm the transaction to add your tokens to the liquidity pool. This will involve confirming a transaction in your wallet.
7. Receive LP Tokens: Once the transaction is confirmed, you will receive liquidity provider (LP) tokens representing your share of the pool. These tokens can be used to withdraw your share of the liquidity or to earn trading fees generated by the pool.
8. View your position: You can check your LP position within the pool details that that position was created in. If you have made a manual position you may have to move aroudn the price ranges to keep it in range of trading.
For detailed instructions and updates, refer to the Henjin DEX documentation.