How to Provide Liquidity on PheasantSwap
Supply Liquidity for NULS/USDTN Liquidity Pair
We are pleased to share that PheasantSwap (beta) is now live on ENULS mainnet. The PheasantSwap (beta) version has 3 features available, which are “Trade”, “Liquidity”, and “Farm”.
Today, we mainly demonstrate how to provide liquidity on PheasantSwap using Nabox Wallet. PheasantSwap is compatible with many web3 wallets, you can use Metamask, Nabox, Binance Wallet, Coinbase Wallet, etc.
Provide liquidity on PheasantSwap in 4 steps
- Visit https://pheasantswap.com/swap, click “Add Liquidity”.
2. Choose the liquidity pair you want to supply, we will use “NULS” and “USDTN” as an example.
- Enter the amount of NULS you want to supply, PheasantSwap will automatically calculate the amount of USDTN that is required.
Make sure you have NULS and USDTN assets on your ENULS wallet. You can use NerveBridge to crosschain $NULS assets from NULS blockchain to ENULS blockchain with only a little gas fee charged. For USDTN assets, you can simply transfer USDT from multichains to ENULS using SwapBox. Read a previous article released by NULS official : Knowing ENULS / Obtain USDTN and participate in the ENULS DeFi Applications to learn more details.
3. Enable USDTN
- Click “Supply”
4. Confirm Supply.
- You can also add the NULS-USDTN LP token to your wallet to easily track your assets. The contract address of NULS-USDTN LP token is 0xe9005dbcee28897107f562a92440169caaea33c8, which you can look up on ENULS Explorer.
- After completing this step, you LP assets will appear on the PheasantSwap liquidity page. Use the “Remove” function to withdraw your LP assets when you want to do so.
By providing liquidity on PheasantSwap, you share a potion of the pool’s assets. Holding these LP tokens allows you to totally control over when you withdraw your share of the pool without interference from anyone. As a liquidity provider, you are also constantly earning passive incomes from every transaction made upon the liquidity you supplied. However, it’s important that you clearly understand the pros and cons when providing liquidity on a decentralized exchange, that you earn trading fees, at the same time suffering from impermanent loss.
Learn about impermanent loss from a Binance-released article : https://academy.binance.com/en/articles/impermanent-loss-explained
Enjoy your DeFi journey on PheasantSwap!
