Guide : How to wrap FRAX on MATIC L2 & add liquidity to QUICKSWAP.

In this guide we will demonstrate how to Wrap your FRAX & FXS on Polygon (Matic) L2 Network and add Liquidity to QUICKSWAP.

Frax Finance + QUICKSWAP liquidity program offers QUICK Tokens Rewards to farmers who add liquidity to these Pools :

FRAX-FXS
FRAX-QUICK

in the example below we will add liquidity to the FRAX-FXS Pool.

1- How to get FRAX & FXS tokens?

(NOTE : you will need equal dollar value of both FRAX and FXS, for example if you want to add 100 FRAX you will need 100$ worth of FXS).

2- How to Wrap your FRAX & FXS tokens on Polygon (Matic) L2 Network ?

  • Now you hold both FRAX and FXS, you will need to Wrap your FRAX & FXS Tokens.
  • head to Polygon (Matic) bridge link : https://wallet.matic.network/bridge/ and connect your MetaMask wallet.
  • you will arrive at this page :
  • Choose the amount of FRAX you would like to Wrap and Click “Transfer
  • A notification will appear, Click “Continue”.
  • Click “Continue”.
  • Click “Continue” again to confirm your transfer.
  • A MetaMask transaction will appear to Approve your FRAX tokens spending, Confirm the transaction.
  • Click “Continue”.
  • A MetaMask transaction will appear to Wrap your FRAX tokens , click “Confirm
  • Wait for the transaction to process. this might take several minutes, Depending on network demand, then Repeat the same process to Wrap your FXS Tokens.
  • Now you Wrapped your FRAX & FXS Tokens, you will need to Switch your MetaMask wallet to Polygon (Matic) Network.

3- How to Switch your MetaMask wallet to Polygon (Matic) Mainnet Network?

  • To switch your MetaMask to Polygon (Matic) Network, you will find at the top “Ethereum Mainnet” Click on it to open the drop-down menu.
  • At the bottom of the list, you’ll find “Custom RPC”. click on it.
  • The screen below will appear, Enter these details and then Click “Save”:

Network Name: Matic Mainnet

New RPC URL: https://rpc-mainnet.matic.network

Chain ID: 137

Symbol: MATIC

Block Explorer URL: https://explorer.matic.network/

You are now connected to the Polygon (Matic) Network!

4- How to add liquidity to FRAX-FXS Pool on QUICKSWAP ?

Step 1

(NOTE : You will find in your wallet 0.1 MATIC to spend for gas, it will cover all your gas fees).

Step 2

  • Select the amount of FRAX you wish to add to the liquidity pool, QUICKSWAP will automatically calculate the equivalent value in FXS to be added, we will add 500 FRAX +60.2597 FXS.

Step 3

  • Click “Approve” for both FRAX and FXS spendings, for each Approve a MetaMask transaction will pop-up. Confirm the transaction, and wait between each transaction.

Step 4

  • Once FRAX & FXS are approved, click “Supply”:
  • Click “Confirm Supply”:
  • A MetaMask transaction will pop-up. Confirm the transaction:
  • Wait for the transaction to be completed.
  • you will receive FRAX-FXS LP tokens, and QUICKSWAP will show your liquidity position here:

Step 5 (Staking)

  • Click “Deposit QUICK-V2 LP Tokens”.
  • Click “Approve”, a MetaMask transaction will pop-up. SIGN it.
  • Click “Deposit”.
  • A MetaMask transaction will pop-up. Confirm it.

Congratulations, you have successfully provided liquidity, you should NOW Start receiving QUICK Tokens REWARDS!

(NOTE : when you want to send your tokens back to Ethereum Network use Polygon (Matic) Network Bridge Transfer mode: PoS Bridge, it’s faster than the Plasma Mode. Link: https://wallet.matic.network/bridge/ ).

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.

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Frax is the first and only stablecoin with parts of its supply backed by collateral and parts of the supply algorithmic.