How to earn over 100% yield by providing liquidity for L3P on Binance Smart Chain
At this very moment (while I am typing), the yield on staking L3P/BNB liquidity pool tokens on MANTRA DAO’s is over 250%. In this article, I will show you how you can take advantage of this opportunity. For now, we plan to manage the pool so that the yield stays above 100%.
First of all, you need to have your wallet in Binance Smart Chain mode, and you need some money to spend. In this case, we are going to provide $300 in liquidity. $150 of that will be in L3P and $150 of that in BNB.
Buying the tokens
Before we start, take a note of the L3P contract address for Binance Smart Chain:
Now, go to PancakeSwap. For the purchase of both tokens, I will use BUSD.
At Pancake Swap, look at the menu, click “Trade” -> “Exchange”`.
First of all, let’s buy US$150 worth of L3P.
In the top box, change the currency to BUSD, and set the amount you want to purchase. In this case, I am buying US$150 worth of L3P. Whatever amount you choose, remember you will need the same amount of BNB to match with it to create the liquidity pair later.
Now, change the token in the second box (it will likely have defaulted to CAKE when you opened the page). Click the second token name and a box will pop up. Paste the L3P Token address into the field which says “Search name or paste address”.
L3P should appear. Click it and you should see something like this:
Now click SWAP. The confirm window will appear. It might say that there is a price update which you should accept.
If this happens, once you accept the confirm swap button will turn green and you can initiate the transaction. At this point, your wallet will ask for confirmation.
Now, go to your MetaMask. Scroll through your assets until the bottom and click import tokens. Paste the contract address, then press Add Custom Token. You should see something like this:
Press Import Tokens.
You can now see your L3P in your MetaMask.
Ok, next, let’s buy the BNB.
Repeat the process above. In my case I am using $150 in BUSD to buy BNB.
There is no need, of course, to add BNB to your wallet, as it is the default coin of the network.
Now that you have US$150 of each token, let’s provide the liquidity.
In PancakeSwap, click the menu item — trade — again but this time select “Liquidity” from the drop-down.
You will see this window:
Press “+ Add Liquidity”. You will now see a dialogue box that asks for two tokens. In our case, these tokens will be L3P and BNB. It does not matter which order you put them in.
Let’s do BNB in the first box and L3P in the second box.
I have clicked “max” for the L3P tokens and it has shown me the corresponding amount of BNB required to match it. Click Supply, and approve the transaction in your wallet.
I have received 74.13 LP tokens. Now, it is possible to add these to your MetaMask but given they are going straight on to MANTRA DAO’s website, there is little point.
Staking LP tokens on MANTRA DAO
Go to MANTRA DAO’s staking platform (and note they have a shiny new look!)
Scroll down until you see the L3P/BNB box:
Click “Start Stake” and in the pop up, click “Stake”. A form will appear.
Choose how many of your LP tokens you wish to stake, most likely all of them!
If this is your first time, you will need to pre-approve access to your wallet by this contract. Once this is done, you can click “confirm staking”.
Once you have completed this, a window will pop up congratulating you. You can view the transaction on BSCScan and then you can click “View Stake”. Click that now.
In my case, I can see that my daily rewards will be approximately 140 L3P.
You can collect your rewards periodically. Once you claim them there is an 8-day waiting period. You can remove your LP tokens at any time.
If you have any questions about LP staking please feel free to reach out to us in our Telegram Group.
Lepricon is reimagining the possibilities for entertainment through blockchain technology and seeking to establish the general acceptance of player-owned economies in games. We believe that gaming can and should be the first killer-on ramp to mainstream adoption, and Lepricon’s stated mission is to catalyse this outcome.
Our activities break into three distinct tracks; technology, entertainment and DeFi.
At the core of this strategy is Lepricon’s own high-speed, gas-less Ethereum-compatible side chain, Leprichain. We are developing software solutions in the form of SDKs, which will empower mainstream game development studios to incorporate blockchain technology into their games. These solutions are built upon and powered by Leprichain, with the intent to create a drag and drop blockchain solution for mainstream game developers.
Lepricon is developing several in-house entertainment activities that operate on Leprichain, including our collection of arcade and carnival games at Lepricon City. The first games are straightforward, but we will develop more complex games that demonstrate Leprichain’s capabilities over time. We will leverage these demonstration games to encourage third party dApp developers to deploy on Leprichain.
Leprichain and all of the dApps that run on it are powered by our ERC-20 / BEP-20 utility token, L3P. Lepricon’s DeFi portal will enable L3P holders to manage their tokens, participate in governance, and benefit from advanced yield-earning activities. Lepricon’s DeFi portal will launch towards the end of the fourth quarter of 2021.
For further information, please visit https://www.lepricon.io.