Guide: How to bridge FRAX & FXS to Binance smart chain (BSC) and add liquidity to Impossible Finance.
We will demonstrate how to bridge your FRAX & FXS to BSC and add liquidity to FRAX-FXS and FRAX-IF pool on Impossible Finance.
Frax Finance & Impossible Finance liquidity program distributes FXS and IF Rewards to Impossible Finance FRAX-FXS and FRAX-IF Pools on Binance Smart Chain.
1- How to get FRAX & FXS tokens?
- Connect your MetaMask extension to Curve.fi, then purchase the desired amount of FRAX you like to add to the liquidity using the links below:
FRAX : https://curve.fi/frax/
- FXS : https://app.uniswap.org/#/swap?inputCurrency=0x3432b6a60d23ca0dfca7761b7ab56459d9c964d0&outputCurrency=0x853d955acef822db058eb8505911ed77f175b99e
(NOTE : you will need equal dollar value of both FRAX and FXS or FRAX and IF, for example if you want to add 100 FRAX you will need 100$ worth of FXS or 100$ IF).
2- How to bridge your FRAX & FXS tokens to Binance Smart Chain (BSC)?
- Now you have both FRAX & FXS in your Eth wallet you will need to bridge them, There are some options for migrating to Binance Smart Chain (BSC).
Binance Exchange Withdraw to address (only for FXS)
Binance Bridge (only for FXS)
Multichain Bridge (only for FRAX )
In this example we will use the Multichain & Binance bridge to migrate FRAX & FXS to BSC.
- Head to Multichain bridge link: https://multichain.xyz/swap and connect your MetaMask wallet.
- You will arrive at this page:
- Choose FRAX (ETH) in the “from” menu and FRAX (BSC) in the “To’’ menu, then write the desired amount you wish to bridge to BSC then click “Transfer”
- A MetaMask transaction will pop-up “Confirm” it.
- A pending deposit transaction will appear and wait until it is finished.
- A confirmed transaction will pop-up.
- Now your FRAX tokens are bridged, you need to bridge your FXS tokens also.
- Head to Binance Bridge link: https://www.binance.org/en/bridge and connect your MetaMask wallet.
- You will arrive at this page:
- Choose FXS from the drop-down menu, write the desired FXS amount you want to bridge, and add the destination address then click “Next”.
- Click “Confirm”.
- Click “Submit transaction via MetaMask”
- A MetaMask transaction will appear “Confirm” it.
- Wait until all confirmations are passed to receive FXS tokens in your BSC wallet.
3- How to Switch your MetaMask wallet to Binance Smart Chain (BSC) Mainnet Network?
- To switch your MetaMask to Binance Smart Chain (BSC), you will find at the top “Ethereum Mainnet” Click on it to open the drop-down menu.
- At the bottom of the list, you will find “Custom RPC”. click on it.
- The window below will appear, Enter these details and then Click “Save”:
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
You are now connected to the Smart Binance Chain!
4- How to add liquidity to the FRAX-FXS or FRAX-IF Pool on Impossible Finance.
- Your MetaMask wallet is now connected to Binance Smart Chain, you will need to add liquidity on FRAX-FXS or FRAX-IF pool on ImpossibleFinance.
- To add FRAX/FXS liquidity, head over here https://app.frax.finance/staking#Impossible_FRAX_FXS
- To add FRAX/IF liquidity, head over here https://app.frax.finance/staking#Impossible_FRAX_IF
- We will be adding FRAX/FXS liquidity here.
- You will arrive at this page. Click on “+/- LIQUIDITY”
(NOTE : You will need BNB in your wallet to spend for gas).
- You will arrive at this page. Click on “Connect Wallet”.
- Connect to any wallet of your choice. (We will be using metamask).
- Click “Next”.
- Enter the desired amount you wish to add as liquidity (FXS amount will automatically updated when you enter the amount of FRAX).
- Click on “Approve FRAX”. Wait for MetaMask to pop-up and then click on “Confirm”.
- Click on “Approve FXS”. Wait for MetaMask to pop-up and then click on “Confirm”.
- Click on “Supply”.
- Click on “Confirm Supply”.
- Click on “Confirm”.
- You will receive FRAX-FXS LP tokens, and Impossible Finance will show your liquidity position here:
- Click on “Got it”.
- You have successfully received your LP tokens.
- Head over here https://app.frax.finance/staking#Impossible_FRAX_FXS
- Enter the desired amount of FRAX-FXS LP token you want to stake and then choose the duration you want to lock your FRAX-FXS LP token (minimum lock-up is 7 days). Click on “Stake”.
- A new metamask window will pop-up. Click on “Confirm”.
(NOTE: This process will require 2 transactions)
- Wait for processing approval transaction.
*A new metamask window for second transaction will pop-up. Click on “Confirm”.
- Wait for processing transaction.
- “Staking successful” notification will display.
Congratulations, you have successfully provided liquidity, you should NOW Start receiving FXS and IF REWARDS 🙂
About Frax Finance
Frax is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic. The stablecoin (FRAX) is named after the “fractional-algorithmic” stability mechanism. The ratio of collateralized and algorithmic depends on the market’s pricing of the FRAX stablecoin. If FRAX is trading at above $1, the protocol decreases the collateral ratio. If FRAX is trading at under $1, the protocol increases the collateral ratio.
FRAX : is the stablecoin targeting a tight band around $1/coin.
Frax Shares (FXS) : is the governance token which accrues fees, seigniorage revenue, and excess collateral value.