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How to provide wOXEN-USDT liquidity — and earn rewards!

28 February 2021Admin

Swapping to and from wOXEN

To swap to and from wOXEN, first head to the wOXEN bridge at ethereum.oxen.io.

On the Swap Type dropdown, select either “From OXEN to wOXEN” or “From wOXEN to OXEN”, depending on which direction you want to swap to. Enter the desired receiving address for your swapped asset (ETH or OXEN Destination Address) and click “Swap”.

You will be brought to the transactions page, where you will be provided with an address to which you need to transfer the funds you are swapping. If you are transferring from $OXEN to wOXEN, you will be provided with a $OXEN address. If you are transferring from wOXEN to $OXEN you will be provided with an Ethereum address.

After you transfer the funds to be swapped to the provided address, the transaction will appear under Transactions on the right-hand side of the screen, with the status Waiting for Confirmation.

How it works

The wOXEN bridge server monitors the addresses provided for incoming transactions. Your transaction will flow through the following lifecycle:

Waiting for Confirmation: The server constantly monitors the Oxen blockchain and will immediately identify transactions that will result in a transfer. If you are transferring wOXEN to $OXEN, this step is skipped, as the Ethereum blockchain is polled in the next step.

Pending: Every 5 minutes the server adds identified transactions to its pending database. 

Completed: Every 10 minutes the server prepares and submits transactions to the blockchain, completing the transfer.

After the transaction status has been updated to Completed, you should see your swapped tokens ($OXEN or wOXEN) in your provided wallet. 

wOXEN Liquidity Mining

You can provide liquidity to the wOXEN-USDT Uniswap pool and stake the resulting LP tokens into our liquidity provider rewards contract. 

Step 0: Obtain wOXEN

Before you can provide wOXEN liquidity, you’ll need to swap some $OXEN into wOXEN. If you don’t yet have wOXEN, follow the steps above, then proceed below.

Step 1: Providing liquidity

Navigate to the wOXEN Uniswap pool here (also accessible via the wOXEN Uniswap link at the top of the wOXEN bridge page).

Click on “Add liquidity” at the top right of the resulting page. You will be prompted for the amount of wOXEN you wish to stake. Due to the nature of Uniswap, equal amounts of wOXEN and USDT will need to be provided.

If this is the first time you’re interacting with either wOXEN or USDT on Uniswap, you will first have to approve the token(s). Make sure you’ve followed the official Uniswap link, then approve the tokens as necessary. Input the amounts of each token you want to supply, then click Supply to submit your funds to the liquidity pool.

Step 2: Claiming rewards

After you have supplied funds to the liquidity pool, you will be provided with LP tokens from Uniswap. These tokens are utilised by Uniswap to allow you to withdraw your pooled funds. We also allow you to stake the tokens via our staking contract to receive $OXEN rewards for providing liquidity to the wOXEN/USDT pool.

To claim your rewards, navigate to the “Liquidity Mining” page on the wOxen bridge, then click “Stake All” to stake your LP tokens into our rewards contract. Rewards will be distributed proportionally to all persons who stake their tokens.

Please note that you will not be able to withdraw your funds on Uniswap while your LP tokens are staked into the rewards contract. You will need to return to the Liquidity Mining page and click “Unstake All” before you can withdraw your funds.

Congratulations! You have now swapped your $OXEN for wOXEN (or vice versa), provided liquidity to the wOXEN/USDT pool, and staked your LP tokens in the reward contract to start receiving liquidity rewards.