How to add liquidity to FRAX-IQ pool on Fraxswap.
In this guide we will explain how to add liquidity to FRAX0IQ pool on Fraxswap.
1- How to buy FRAX & IQ Tokens?
- Connect your MetaMask extension to Fraxswap then purchase the desired amount of FRAX and IQ using the link below:
(NOTE : you will need equal dollar value of both FRAX and IQ, for example if you want to add 100 FRAX you will need 100$ worth of IQ).
2- How to add liquidity to the Frax-IQ pool on Fraxswap ?
- Now that you hold both FRAX and IQ in your wallet, you will need to add liquidity.
- Head to Fraxswap FRAX-IQ add liquidity link: https://app.frax.finance/swap/liquidity?from=0x853d955aCEf822Db058eb8505911ED77F175b99e&to=0x579CEa1889991f68aCc35Ff5c3dd0621fF29b0C9
- You will arrive at the following page:
- Write the amount of FRAX you want to add to the liquidity pool, Fraxswap will automatically calculate the equivalent IQ that needs to be added.
- Click “Supply” .
(NOTE: It is recommended to use enough gas fees to execute the transaction)
- A MetaMask transaction will pop-up to approve your spendings.
- Click “Confirm” .
- Another MetaMask transaction will pop-up to add liquidity.
- Click “Confirm” .
- After waiting for the transaction to be completed, you will receive FRAX-IQ LP tokens, and Fraxswap will display your liquidity status here:
Step 5 (Staking)
- Head to FRAX-IQ staking page: https://app.frax.finance/staking/fraxswap-frax-iq-v3
- You will arrive at this page:
- Now your LP tokens should appear in the Staking area, click “MAX” to add them, according to personal preference, select the lock-up period and click “Stake”.
- A MetaMask transaction will pop up to approve your Fraxswap LP token spending, and another MetaMask transaction to Stake them, Confirm the transactions.
Congratulations, you have successfully provided liquidity, you should now be able to start receiving FXS & IQ rewards!
The IQ token is a DeFi, NFT, and Oracle token centered around bridging the real world and the Metaverse through BrainDAO. BrainDAO will use the IQ Token to fund the future of knowledge on the blockchain. The IQ token is multichain available on Ethereum, Binance Smart Chain, Polygon, Klaytn, and EOS. The IQ token was first launched in 2018 and powers the Everipedia encyclopedia, the decentralized prediction market PredIQt, the first-party oracle service Everipedia OraQles, and the staking platform HiIQ.
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.