Sep 16, 2021
OpenSwap Liquidity Pool Guide
OpenSwap is an Open Finance Project that provides rewards to liquidity providers. On this guide we will learn how to Swap, Create a liquidity token (LP Tokens), and supply a liquidity pool to earn rewards. If you are not familiar with “Yield Farming” I highly recommend for you to do some research on this subject before continuing on with this guide. We will be using MetaMask Mobile App but you can also follow along with your PC as well.
Connecting MetaMask to OpenSwap
Launch MetaMask App and connect your Network to Harmony Mainnet. Instructions to do so are available here.
Once on Harmony Mainnet you can press the menu button at the top left and select “Browser” to begin to add the OpenSwap URL.
Copy the URL exactly as written https://openswap.one and go to the website. With Metamask your wallet will automatically connect to OpenSwap.
If your wallet does not connect, you can manually do it by pressing the wallet icon at the top right. You will get the “Successful Connect” message.
Using OpenSwap Dex
Once you are connected you can select the “Swap” icon at the middle top part of the page. The main display will say Swap and it will ask you to “Select Token”. We will be swapping $ONE for some $oSWAP tokens.
At the top select $ONE token and at the bottom select the $oSWAP token to set up the swap. After you have it set up, click on the “Next Arrow” to continue the swap.
On the next page you will see information regarding the tokens we selected. Highlighted in blue you can see our balances and the amount of $ONE tokens we wished to swap for $oSWAP tokens. After we set that up, select “Approved” to confirm the contract (highlighted in green). Then submitted the “Swap” (highlighted in yellow) to finalize the swap.
Creating LP Token
Here we will pair $ONE/$oSWAP to creat the LP Token for the liquidity pool. Note: Only create LP Tokens for the liquidity pools that OpenSwap has available. Here is a small list but the full list is available on their farm page on OpenSwap.
- $oSWAP
- oSWAP/ONE
- eWBTC/eBUSD
- bBNB/ONE
- bBNB/oSWAP
- oSWAP/WONE-VENOM-LP
- bBUSD/eUSDC
Press on the liquidity icon at the top to access the liquidity section of OpenSwap. Select $oSWAP for the top and $ONE for the bottom. Click on the next button to continue on.
On the next section I used the Max amount of $oSWAP tokens to supply the LP Token. Select “Approved” button to confirm the contract. Once complete you can select the “Add” button to add the liquidity to create the LP token. After the transaction is complete you will see the LP token balance update.
Yield Farming “Provide Liquidity”
Click on the “Farm” icon and select the OPENSWAP/ONE pool.
From here you will see information available for the pool and the amount of LP tokens we can provide. At the bottom select the “Stake” button to begin. Add the amoubt of LP Tokens you wish to use and “Approve” the contract.
Confirm the transactions and once they are completed you can click on the “Stake” button to support the LP Token to the pool. When it is complete you can see the LP token in the pool (highlighted in green).
You can now back out using the left bottom back button. You should now see the amount of LP Tokens you have deposited. Congratulations you are now yield farming on OpenSwap.
Thank you for using our guide on OpenSwap! I am BrotherOne Harmony Validator and I hope our guide was of some use to you. If you have any questions please reach out to me on Twitter @OniiiONE Your support is greatly appreciated! My Harmony Validator page is available on the Staking Dashboard. Please like and share to help out newcomers.
