Guide: How to bridge FRAX to BNB chain and add liquidity to Wombat Exchange.
Welcome to BNB Chain! In this guide, we will demonstrate how to bridge your FRAX to BNB Chain and add liquidity to the FRAX pool on Wombat Exchange.
Frax Finance & Wombat Exchange liquidity program distributes WOM Rewards to Wombat Exchange FRAX Pool on BNB Chain.
1- How to get FRAX 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/
2- How to bridge your FRAX tokens to BNB Chain?
- Now you have FRAX in your ETH wallet you will need to bridge them to BNB with the use of Frax Ferry.
- Head to Frax Ferry bridge link: https://app.frax.finance/fraxferry?src=ethereum and connect your MetaMask wallet.
- Select Departure as the chain you are sending Frax from (in this case ETH) and Destination to BNB Chain.
- Input the desired amount you wish to bridge and the recipient address then click the switch button.
- A MetaMask transaction will pop-up, click “Confirm” to approve the transaction.
- After the transaction is submitted, details of the bridging transaction including the expected arrival date of bridged tokens will be displayed underneath “Recent trips”
3- How to Switch your MetaMask wallet to BNB Chain Mainnet Network?
- To switch your MetaMask to BNB Chain, 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 “Add network”, click on it.
- The window below will appear, search for the BNB Smart Chain and click “Add” :
You are now connected to the BNB Chain!
4- How to add liquidity to the FRAX Pool on Wombat Exchange.
- Your MetaMask wallet is now connected to BNB Chain, you will need to add liquidity on FRAX Pool on Wombat Exchange.
- Firstly you need to connect the wallet on https://app.wombat.exchange/pool.
- The navigation bar is on the top right corner of the page, where the “Connect Wallet” button is located. Once you click it, simply choose “MetaMask”.
- To add FRAX liquidity, head over here https://app.wombat.exchange/pool?pool=INNOVATION&token=FRAX&action=DEPOSIT
- We will be adding FRAX liquidity here.
- Enter the deposit amount in the field, or you may also click “MAX” to deposit all of your FRAX token balance.
- Once you have entered the amount, transaction specifics will be displayed.
- ⭐️ Tip: (You may adjust Slippage Tolerance and Transaction deadlines in Settings.)
- After inspecting all details, click “Approve” to allow Wombat to access the asset. Then, click “Deposit & Stake” to confirm the transaction and earn the rewards in a one-stop solution. A pop-up window will appear showing the transaction details. Approve your action on the wallet app to execute the transaction.
Congratulations, you have successfully provided liquidity, you should NOW start receiving $WOM REWARDS 🙂
About Wombat Exchange
Wombat Exchange is a multichain stableswap native on the BNB Chain, focused on re-engineering the stableswap experience with its innovative algorithm design as the next-generation stableswap 2.0.
Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, increased accessibility, and scalability, with the adoption in a multichain world. To learn more, visit wombat.exchange, or follow us on the social channels below:
Website | Telegram | Twitter | Discord
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
Frax Price Index (FPI): is the second stablecoin of the Frax Finance ecosystem. FPI is the first stablecoin pegged to a basket of real-world consumer items as defined by the US CPI-U average.
Frax Price Index Share (FPIS): is the governance token of FPI, which is also entitled to seigniorage from the protocol.
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