Tutorial: How to Buy and Add Liquidity to the $XTZ/$SOIL Pair on Quipuswap.
Current as of 5 May 2021
After numerous requests on how to add liquidity to Quipuswap, we decided to prepare a tutorial to help assist the community.
In this guide we will walk you through the steps of how to buy and add liquidity to our $XTZ/$SOIL pool on Quipuswap using the Google Chome browser. We will also go over some basic “good-to-know” aspects that arise during the process.
DISCLAIMER
This is not intended as financial advice. This is simply a tutorial to assist those that have decided to add liquidity, but need assistance. Please do your own research when it comes to investing in any cryptocurrency.
These are the steps we will cover in this tutorial:
- Where to buy $XTZ
- How to set up a Temple wallet
- How to send $XTZ to my Temple wallet
- How to connect your Temple wallet to Quipuswap
- Buying $SOIL on Quipuswap
- Adding Liquidity to the $XTZ/$SOIL Pair to Receive $SOIL Liquidity Pool (LP) Tokens
Where do I buy $XTZ?
You may purchase $XTZ from any exchange that has it listed. We personally recommend Kraken.com, but if Kraken isn’t supported in your geographical location, please check out Coingecko for a list of exchanges that offer $XTZ.
How do I set up Temple wallet?
Luckily for us, Madfish Solutions has created a wonderful walkthrough on how to properly download, install and connect your Temple wallet to the Quipuswap exchange 👏. We highly recommend you follow this article step-by-step, as they have done an amazing job detailing the importance of security and recovery for your wallet. You can find the tutorial here.
How do I send $XTZ to my Temple wallet?
At this point you are ready to send your $XTZ from the exchange you purchased on to your new Temple wallet address. To obtain your address, simply click on the Temple extension icon in the top right of your browser.
If you do not see the Temple icon , click the puzzle piece at the top right of Google Chrome and you should be able to select the pin to have Temple always appear in your toolbar.
Now click on the Temple Icon and you should see the Temple wallet appear. If you haven’t set this wallet up, make sure you check out the Madfish Solutions tutorial here. Once your wallet appears, you will see your address near the top of Temple. It will start with “tz”.
When you click on the address, it will automatically copy the address. This is the wallet address where you send your $XTZ. Now, send your $XTZ from where you currently hold your $XTZ to the Temple address you just copied. Your $XTZ should now appear in your Temple wallet.
DISCLAIMER:
Some exchanges can take up to a hour to process a transaction, but usually transactions should appear in your Temple wallet within a couple of minutes.
Connecting your Temple wallet to Quipuswap.
Now that you have Temple wallet installed and $XTZ in your Temple wallet, you will need to visit Quipuswap.com and connect your wallet to the exchange.
Choose the Temple Wallet. After that, you will see a window where Temple will ask you to confirm the connection by clicking “Connect”.
You have now connected your wallet to the Quipuswap exchange! You should now be able to see your Tezos address and $XTZ total where the “Connect to a Wallet” button use to be.
Buying $SOIL on Quipuswap
To make things simple, we have provided this link that redirects to the $XTZ / $SOIL trading pair. Another option is to manually add the contract address KT1TtaMcoSx5cZrvaVBWsFoeZ1L15cxo5AEy with token ID: 0 to get $SOIL to appear in the “Swap” menu.
Now you are ready to buy or “Swap” $XTZ for $SOIL. Enter the amount of $XTZ you want to spend and the exchange will automatically calculate the amount of $SOIL you will receive in return.
NOTE: You can not use all the $XTZ in your wallet to buy $SOIL. You will need to leave around .5 $XTZ in your wallet for network transaction fees. $XTZ is the gas that keeps the network moving. Otherwise, you will get an error and the transaction won’t go through.
To complete the trade, hit the “Swap” button and you will see a pop-up from the Temple wallet verifying you wish to swap $XTZ for $SOIL. Verify the information is correct and then select “Confirm”.
You will see a “Confirming…” pop-up appear at the bottom right of Quipuswap while the transaction is processed and then that will switch to “Complete” once the transaction is successful.
You have successfully purchased $SOIL!
Adding Liquidity to the $XTZ/$SOIL Pair to Receive $SOIL Liquidity Pool (LP) Tokens
Now that you can buy/sell $SOIL, we will walk through adding liquidity to the $XTZ/$SOIL pool. You are not just adding $SOIL to get LP tokens. To add to the $XTZ/$SOIL pool, you have to have equal value $XTZ and $SOIL.
First, select the “Invest” tab and make sure “Add” liquidity is selected. Next, select “Select a token” and select “SOIL”. Your $XTZ and $SOIL balance should be visible under “Tezos Deposit” and “Token Deposit” (sometimes it can take a couple seconds to appear). Now you want to select how much $XTZ/$SOIL you want to add to the liquidity pool.
Finally, select “Add Liquidity” and follow the Temple wallet prompts to submit your transaction. You can remove liquidity at any time by selecting the “Remove”.
Congrats! You have successfully purchased and added liquidity to the $XTZ/$SOIL pair.
Don’t forget to find resources like these and the latest information from the $FARM project on our social media seen below!
Twitter: @farmsomesoil
Telegram: $FARM Announcements: https://t.co/jyOwqgx9KA?amp=1
$FARM Chat: https://t.me/joinchat/VIYX-e98kCk1NDkx
Quipuswap $XTZ/$SOIL Pair: https://t.co/sIdKFHGIf8?amp=1
A special thanks to Madfish Solutions for letting us use their references in this tutorial!
