Step-by-Step Guide on the Banano-Matic Liquidity Pool

Step-by-Step Guide on the Banano-Matic Liquidity Pool

By CryptoCelt97 | Other | 12 Sep 2021


 

Banano is a fork of Nano that offers completely feeless and instantaneous transactions. They recently announced a Liquidity Pool built on the Polygon network, which also has very low fees. This article will provide a step-by-step guide on how to get started with the Liquidity Pool and start earning APY on your Bans. 

 

Step 1: Add the Matic (Polygon) Network to MetaMask

  • If you don't have a MetaMask wallet, your first step will be to download that. You can find the download link to the wallet here: https://metamask.io/ 
  • Once installed, you will now need to add the Matic network to MetaMask. To add new networks to your wallet, you can visit https://chainlist.org/ and search 'Matic' in the search engine. Connect your wallet to the site and click the prompt to add the Matic network to your MetaMask account. If you wish to add it manually, input the details of the image below: 

267317449088625ece0b212aac670e1e75b907c8679a75fe0611b1ff03f77d02.png

  • The process of adding it manually requires clicking on the symbol on the top right > 'Settings' > 'Network' > 'Add Network' > Add details from the image above > 'Save'

 

Step 2: Get a hold of some Matic to fuel the transactions

  • Do not worry, the fees on the Matic network are incredibly low so you won't need much. In fact, 0.1 Matic will be more than enough to cover all the transaction fees to use the LP by a lot. 
  • Where and how can I get Matic?

1) Faucets: As you only need a minimal amount of Matic to cover the tx costs since they're so low - Matic faucets should provide you with enough to start using the LP. Here are a few that you can try to use: 

https://matic.supply/

https://macncheese.finance/matic-polygon-mainnet-faucet.php

https://faucet.polygon.technology/

https://faucet.firebird.finance/

A lot of users have mentioned that the 'macncheese.finance' faucet is the one that works best, so I would recommend using that one. 

 

2) Buy Matic: Some of you might just want to buy Matic off an exchange instead, perhaps the faucets are not working for you or you simply think Matic is a good investment and want to add some to your portfolio. When doing this method, make sure that you are sending on the correct network - on the Matic network and not the Eth network. Below I will guide you through buying and sending Matic from the CoinEx exchange:

 

  • If you do not already have a CoinEx account, sign up here:

    https://www.coinex.com/register?refer_code=bhrxm - you'll get 10% off the trading fees using this referral link.

  • Once signed up, fund your account and head over to the 'Exchange' section
  • Type in 'Matic' in the search bar which will be on the top left and click on the ticker
  • Scroll down to 'Spot Trading' > 'Market Price' > 'Buy Matic' - There is a minimum withdrawal of 10 Matic on this exchange so make sure to buy the required amount if using this method.
  • Now that you have some Matic, go to 'Assets' > 'Withdraw' - this will take you onto the page where you can withdraw your Matic to your MetaMask. 
  • Change the coin you want to withdraw to 'Matic'. You will then need to make sure that you are sending on the correct network:

711517fcbab8649b360a1f6bce3e6afea990efa8288534a62dc021cfbbde9cc0.png

  • Make sure that you click on the Matic Protocol Type and not the ERC20 option. As you can see on the image above, it's the option on the left-hand side. 
  • Next, input your Matic address in the box and click submit.
  • If you have done everything correctly, the withdrawal will have started and it will take a few minutes for your Matic to reach your wallet.
  • Now that you have some Matic, we can move on to the Liquidity Pool site.

 

Step 3: Deposit Banano onto the LP website  

  • If you're new to Banano, make sure to set up a wallet - the Kalium app is highly recommended. You can then either buy some on CoinEx or get some through faucets, get tipped on discord, folding etc. 
  • Then head over to https://polygon.banano.cc/ - The LP site. 
  • Make sure your MetaMask is on the Matic network and then click the 'Connect' button on the site. Now your MM wallet is connected. 
  • Next, you'll need to provide the site with your Banano wallet address.
  • Once you have your MetaMask and Banano address connected to the site, we're ready to get started. So far, your menu should look like this:

3b0dc0fa073bcdc1b118977496065f5085e03ef0f6ea18dd7e8f94023d75d152.png

 

1) Deposit Banano onto the site: Click on the 'Deposit Ban' box on the left. This will bring up a screen showing your Banano address on the top and the Liquidity Pool address on the bottom:

263f4cae80f27070586f9274dcfcb4b433f5fd6969238515241b5eaa283bf927.png

Now head over to your Kalium wallet and either Scan the QR code provided or Copy the Address and send however many Banano you want to. I would always recommend that you send a small test transaction through first to see if the address is correct. If the test transaction worked, send however many more that you want to. In this guide, I will be sending through 100 Bans and will take you through the process. So, I have just sent 100 Banano from my Kalium wallet to the LP site. Once it has been confirmed, there will be a small pop-up and you will see your sent Banano on the site:

ad4864a62073eec0a34137819399959139cf38639328a7269e1f8266e7e64e6b.png

As you can see, my balance stands at 100 BAN. 

 

Step 4: Wrap your BAN:

In order to engage with the Matic network, we will now need to wrap the 100 BAN (Or however many you have). Make sure to add wBan to your MetaMask, clicking on the prompt that you see on the screenshot will do this automatically for you. Next, simply click on the 'Wrap' button you see underneath the boxes. You will get a prompt from MetaMask requesting you to sign the process, click 'Sign' and confirm the gas you will pay on Matic and the transaction will begin: 

7809d9e7bb169c510a9c49581987237b3dd0a8e8194a898f9e52724bc1c951ca.png 

This process can be a bit slow and at times may take a few minutes. You'll get a pop-up from MetaMask confirming the transaction once it has gone through. Once it has been confirmed, you will have 100wBan in your MetaMask account:

0b153474a70c3f9f0e45950c8c9ff9b527f5c6382397bd675c3bfba441a58bb8.png

 

Step 5: Swap half your wBan for wEth on SushiSwap:

  • Click on the 'Swaps' button on the front page: 

9c8a02939cb9a1f5f6d9a545e4eb8d7d0c516cc17118fcdbad1c8a78c3ae4307.png

  • This prompt will take you to SushiSwap which should elicit the following pop-up: 

8c43858e04a1585e2e9f8066ff9de27d7aa79207b397dd9ff5533b517a81de66.png

Make sure you click on 'Import' to import wBan onto SushiSwap

  • wBan should now be imported onto the Swap section. You will then need to select which token you want to swap wBan into. Select WETH, which should be easy to find, Your screen should now look like this:

dd2d29230cd294a13428f6810fe2c2bd861bbdac61c3beeb87dcbbcf94e3c7b3.png

You should be on the 'Swap' section and have wBan on the top and wEth on the bottom. 

  • Then you will need to swap half of your wBan into wEth. As you can see in the screenshot above, I'm swapping 50 wBan for wEth. Then click on 'Swap'
  • You will then need to confirm the transaction and pay the Matic gas fees (which are minimal) - Make sure to add wEth to your MetaMask when the transaction pops up:

95fc0bfd91c18e57231d560d83b3c14ef4a6c891d6c301c6cfc5be7d5d880437.png 

Now, wait a few minutes for the transaction to go through. 

 

Step 6: Add Liquidity 

  • Next, you will need to add liquidity. To do this, click on the 'Liquidity' section on SushiSwap as the image below shows:

7545ea7539ba01947f09f96972bb4be8c7324a3ae79ae5658261b4787e82c6ea.png

So Liquidity > Add 

  • Then click on 'Max' on your wBan. This is your other half of wBan and the wEth that you swapped for earlier. Once you have clicked on 'Max' and the numbers are in, click on 'Confirm Adding Liquidity'. 
  • Once again, you will need to confirm the transaction through MetaMask and pay the Matic gas fees which as can be seen are very low:

81eb9b4efd7347b9b06596a79ed8526cc8968b04008abae77074b87efbcff2e5.png

Wait until the transaction is confirmed. 

 

Step 7: Stake and Farm:

  • We're at the final step!
  • Exit SushiSwap and go back to the LP website.
  • Click on the 'Stake and Farm' option.
  • This will take you to the following screen:

ea87f054c8f84469dab708ca2d64e2a4e1c36aa719277896ded7564f82ca93f3.png

The current APR is 54%.

  • Click on the 'Supply' button you see at the bottom. Then select 'Max' and confirm the transaction once again. Once it has gone through, you have finally done everything and will start earning the APR! 

 

I hope this guide was clear and helped you get set up on the LP. You will now be able to earn more Banano by simply leaving it in the pool and due to the low Matic fees, you will be earning some profit. 

Thank you for reading!

 

 

 

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