Guide: How to bridge FRAX to Solana network and add liquidity to Saber
In this guide we will demonstrate how to bridge your FRAX stablecoins to Solana network and add liquidity to Saber.so
Frax Finance & Saber.so liquidity program rewards SBR tokens to farmers who add liquidity to the wFRAX-USDC pool.
1- How to get FRAX ?
- 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 stablecoins to Solana network ?
- Now you have FRAX in your ETH wallet, you will need to bridge it.
- First you will need to have a Solana wallet, if you don’t have one you can use Phantom or SOL wallet, in this guide we will use Phantom wallet.
- Head to Phantom page Link: https://phantom.app/ and install Phantom wallet.
- Create a new wallet, then fund it with some Solana (SOL) to be used for gas.
- Head to Wormhole Solana bridge link: https://www.wormholebridge.com/#/move?from=ETH&token=WETH
- You will arrive at this page:
- Choose FRAX (ETH) in the “From” drop-down menu, and click “CONNECT”, write the desired amount of FRAX you want to bridge.
- Click “CONNECT” in the “To” menu, and choose Phantom Wallet.
- Click “Connect”.
- Click “Transfer”.
- A Phantom window will pop-up to Approve your Transaction Click “Approve”.
- A MetaMask transaction will pop-up to Confirm your spending Click “Confirm”.
- Another MetaMask transaction will pop-up Click “Confirm”.
- Wait until you transfer is completed.
- Now you bridged your FRAX to Solana network you need to get USDC for liquidity.
- Head to Saber Swap Link: https://saber.so/#/swap
- You will arrive at this page:
- Choose FRAX & USDC from the drop-down menu, swap half of your FRAX to USDC by clicking “Review”.
- Click “Confirm Swap”.
- A Phantom transaction will pop-up Click “Approve”.
3- How to add liquidity to Saber.so ?
- Now you have FRAX & USDC you will need to add liquidity.
- Head to Saber add liquidity Link: https://saber.so/#/pools
- You will arrive at this page, Find the wFRAX-USDC pool and click “Deposit”.
- Write the amount of FRAX & USDC you want to add to the liquidity, and Click “Deposit”.
- Click “Confirm Deposit”.
- Click “Approve”.
Step 3 (Staking)
- You successfully provided liquidity, now you need to Stake your SLP Tokens.
- Please head to the Saber Staking page link here: https://saber.so/#/farms
- You will arrive at this page, find the wFRAX-USDC pool and Click “Stake”.
- Write the amount of SLP tokens you want to stake and Click “Deposit”.
- A Phantom transaction will appear Click “Approve”.
- Saber will show your unclaimed SBR and how much SBR/day you will get.
Congratulations, you have successfully staked your SLPs, you should NOW Start receiving SBR Tokens 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.