Providing liquidity to participate in Supernovas
In order to take advantage of the yields available on Polaris supernovas, you need to provide liquisity by staking liquidity pairs.
The idea is that liquidity is valuable to growing Projects. However providing liquidity is risky due to Impermanent Losses. Therefore Projects are willing to pay high yields to attract liquidity providers.
The following steps take stakers and farmers through the steps required to participate in Polaris liquidity farms and earn high yields on offer.
- 1.Select which liquidity farm you would like to invest in. You can choose between Polars supernovas, including Polar-BUSD and Polar-BNB on BSC or Polar-USDC and Polar-Matic on Polygon. These are called Liquidity Pairs. You will need to create these Liquidity Pairs before you can stake them in a supernova.
- 2.Alternatively you can choose any of the partner supernovas and follow these instructions but using the partners tokens and liquidity pairs.
Create liquidity pair token for staking
- 1.Create a Liquidity Pair using the following steps, we will use a Polar-BUSD LP Supernova for our example:
- 2.Buy an amount of Polar and BUSD so that you have the same value of each token in your wallet. You can use PancakeSwap https://pancakeswap.finance/swap#/swap?outputCurrency=0x70905594023Cb2f37F3103fDc70315ad1601D6EF
- 3.You may have to add the Polar token address if your PancakeSwap view doesn't already recognise it: Use the BSC Polar token address:0x70905594023cb2f37f3103fdc70315ad1601d6ef
- 4.You can then deposit these two equal values of Polar and BUSD tokens into the existing Polar-BUSD liquidity pool on PancakeSwap https://pancakeswap.finance/add/0xe9e7CEA3DedcA5984780Bafc599bD69ADd087D56/0x70905594023Cb2f37F3103fDc70315ad1601D6EF
- 5.Once this transaction is completed you will receive a "Cake LP" (LP stands for Liquidity Pair) token into your wallet which is proof that you hold a percentage of the liquidity pool. You use this to remove your liquidity from the PancakeSwap liquidity pool. This page will recognise any Cake LP tokens held in your wallet https://pancakeswap.finance/liquidity
- 6.You can now stake this Cake LP into the Polar-BUSD Supernova to start liquidity farming.
Creating liquidity pairs on Polygon
It is the same process for creating liquidity for supernovas on the Polygon blockchain,. However, rather than using PancakeSwap DEX you can use SushiSwap DEX with following different addresses:
- 1.Polar address on Polygon: 0xdc3acb92712d1d44ffe15d3a8d66d9d18c81e038
Creating liquidity pairs for Partners Supernovas
You can follow the same process as outlined above. The only difference is that each Project will have their own token contract address. They may also require different liquidity pairs than the BUSD, BNB, USDC or Matic used in Polar Supernovas.
Please experiment first with small amounts as it is a complex process. Also the Impermament Loss risks should be understood. However the yields on offer are worthwhile.