This article is intended to give step by step instruction on how to create liquidity pair and stake in PRYZ farms. As of writing this article, there are four Pools in the PRYZX farm.
All these pools earn a PRYZX token. PRYZX is a rewards token in the PRYZ ecosystem and can be swapped back to the PRYZ/MATIC/USDT.
If you would like to use any of these farms, there are a few steps you need to follow. Please note that Pryz team has made the DeFI simplified by allowing you to do all these steps from within the website.
- As always, you need to navigate to the farm page and connect your wallet. Wallet can be connected either from the pool itself or from the top of the page. If your wallet is already connected, you won’t see the Connect Wallet.
- Once you connect your wallet, you need to enable the pool that you would like to use. I am going to use the PRYZ-MATIC pool as an example for the rest of the article, but it will follow similar steps for other pools.
- When you enable a pool, you will have a confirmation dialog show up in your wallet to confirm the transaction. Click on the Confirm button to enable the pool. Remember you only need to enable pool once. If you already enabled the pool, you can proceed directly with creating liquidity.
- Once a pool is approved, you will see a minus (-) and plus (+) sign in your pool. These allow you to stake or unstake your liquidity pair tokens. However you need to create the Liquidity Pair first. Think of liquidity pair being a new token by taking half of one token and half of another token (e.g. $100 PRYZ and $100 MATIC). Please note that Liquidity Pair (LP) token that you will create is a different token and will not match one on one with the count of the tokens you used in the LP. However, at the start, they will have the same value. In above example, you will receive LP token worth $200 value.
- So how do you create LP tokens? You can do that from within the PRYZ website. Just expand your Pool. You will see a link to get the LP Token.
- When you click on the Get LP Link, in this case “GET PRYZ-MATIC LP” link, you will be navigated to a liquidity screen where you can select the desired amount of tokens. You just need to enter the count for 1 token (e.g. pryzx), the amount needed for the other token will be automatically computed. The ratio will be 1:1. If you choose $100 worth of PRYZX, then the $100 worth of MATIC will be required. Make sure you have enough tokens in your wallet.
- Once you approve the tokens, an option will appear to supply the liquidity. Supply the liquidity and confirm transactions as needed on your wallet.
- Now that you created the LP Tokens, it’s time for you to head back to the farm page and stake the LP token so that you can start earning PRYZX token
- Once you are back to the farm page, under the pool that you just enabled and supplied LP for, click on the + sign
- Now you can choose how much of LP tokens you want to stake and hit confirm.
- Make sure you pool now starts showing the amount of LP tokens you staked and also make sure you are starting to earn the PRYZX tokens.
- Always remember PRYZX tokens can be collected anytime and either swapped to PRYZ tokens or used in other farms such as PRYZX-USDT or PRYZX-MATIC.
- Enjoy the power of DeFi by earning extra while you sleep ! It’s fun when money makes money without you having to be involved much.