$REGEN enters Osmosis DEX!
Swap, Provide & Mine Liquidity: start experimenting now with Regen Network & the record-breaker Cosmos’ AMM
🌱 Regen Network Community,
Welcome to Osmosis, the AMM Laboratory!
Today we’re going to delve into Osmosis DEX to find out how to easily manage all the operations that REGEN holders can now experience:
- Deposit
- Swap
- Provide Liquidity
- Liquidity Mining
If you need assistance, remember to always use the official chats that you can find in the [Before Getting Started] section.
And now, safety goggles on and let’s get the experiment started!
Before Getting Started
⚠️ Keplr is the only wallet integrated with Osmosis DEX & Keplr extension is officially supported only on Chrome.
To know how to create your account and make the first steps with Keplr Wallet, please check this Step-by-Step tutorial of mine.
It isn’t possible to use Keplr extension or osmosis DEX from mobile.
⚠️ Pay attention to the websites you connect your Keplr wallet with.
This is the link to the Osmosis DEX Dashboard, be always extra careful when using search engines to find a website.
⚠️ No one from Regen Network, Osmosis, or Keplr teams will ever write you in a DM asking to validate your wallet or type your mnemonics:
Please beware of scammers and if you need help always use public channels.
• Regen Network
• Osmosis
• Keplr Wallet
⚠️ It is recommended to avoid executing operations at the end/beginning of each epoch (every day at 5pm UTC), as heavy traffic may result in congestion and subsequent transaction failure.
⚠️ Osmosis DEX Dashboard does not have an integrated explorer: to monitor your transactions you have to use third-party explorers like Mintscan or Aneka.
⚠️ What about if I don’t have $OSMO?
You can swap using [low] fees for 0 $OSMO. Remember to adjust the gas [set gas] to at least 5000000.
⚠️ At this moment on Osmosis you might experience episodes of high volatility: please trade conscientiously.
You are your own bank: help us in assisting you in keeping it safe.
Deposit $REGEN
Before performing any operation in the Osmosis DEX you must deposit the tokens you want to handle in the Osmosis dashboard.
Please keep in mind that you will not be able to stake or send via Regen Network local chain your tokens until you have withdrawn them.
Note: When depositing, always leave a minimum of $REGEN available in your Keplr wallet so that you can safely pay the fees.
- Go to this link, and click on [Connect Wallet]on the left side of the screen.
- Select [Approve]to successfully connect your Keplr Wallet Osmosis Account to app.osmosis.zone
- Click on [Assets] in the side-left bar.
- Scroll down to find [Regen Network — REGEN]
- Click on [Deposit]
- Keplr will request you the authorization to connect app.osmosis.zone to your regen-1 account. Select [Approve]
- Write down in the [Amount to Deposit] field the amount of $REGEN you want to add to your Osmosis DEX Dashboard.
- Select [Deposit]
- A Keplr window will open and you will be asked to confirm the transaction details by clicking the [Approve] button. You will also have to select the fees you want to use: keep in mind that you can’t select [Low] (0 fee transaction), the minimum to see the operation successful is [Average].
It is not required to fill in the [Memo] field this time.
👩🏻🔬👨🏽🔬 Congratulations, by depositing $REGEN in Osmosis DEX you can now start having fun with George Wosmongton’s lab!
Please note:
• Depositing $REGEN on Osmosis DEX is in fact an interchain transaction, which is why the time required to complete the transaction could be up to 10 minutes.
• In the eventuality that the transaction is not successful after waiting for an hour, check the starting address. Usually, funds are automatically redirected to the originating chain. If this is not the case, please ask for support in the Osmosis chat.
• To withdraw tokens, run the same process but select [Witdrawal].
Swap $REGEN for [X] Token
In this tutorial, we’ll describe a swap taking as an example the acquisition of $REGEN using $ATOM, but it is possible to apply the same to all other tokens and combinations, such as swapping $REGEN for $OSMO and so on.
- Click on [Trade], on the left side of the screen.
- In the swap box, select in the [From] field the token you want to give and in the [To] field the token you want to receive.
In our specific case, we will select [$ATOM] in the first field and [$REGEN] in the second. - Write the amount of [$ATOM] you want to exchange: automatically the counter value in $REGEN will be shown in the box below.
Note:
• Since the market is extremely volatile, the displayed value may change by the time you confirm your trade. If you want to make sure that the expectation of the tokens you are about to receive does not differ too much from reality, you can change the [Slippage] by pressing the little wheel on the top right of the box.
There you have 4 options: [1%] [2.5%] [3%] [5%] which represent the percentage of tolerance you are willing to accept in completing the operation. If the system determines that it is impossible to execute the operation because the value of the tokens has changed, the operation will be canceled.
• Don’t swap all the tokens you have, there are fees to pay for doing so and if you don’t take this into account, your operation will fail. - Select [Swap]
- A pop-up window of Keplr Extension will open asking you to confirm your action. Since the operation is performed in the Omosis hub, the fees are requested in $OSMO. In case you haven’t received any $OSMO from the airdrop you can choose the [Low] option, which will allow you to run the operation for 0 $OSMO.
Note: Recently there have been some issues with transaction gas. To make sure your transaction is successful, please select [Set Gas] and then manually enter 5000000. - Click on [Approve]to complete the swap.
⚗️ Experiment completed successfully!
Provide Liquidity
In order to provide liquidity, you will need to have both sides of the pair.
If you want to provide liquidity in the REGEN:ATOM pool you will need to have some $ATOM and some $REGEN, to provide liquidity in the REGEN:OSMO pool you will need both $OSMO and $REGEN, and so on.
Not all the pools are 50:50 so in order to figure out how much of each you will need you can look at the pool’s details.
Remember that when we talk about percentage we are referring to the value and not the number of the tokens.
As we did above, we’ll take as example the REGEN:ATOM pool.
- Click on [Pools], on the left side of the screen.
- Incentivized Pools will be displayed first. As a result of proposed governance #6, the REGEN:ATOM (#22) and REGEN:OSMO (#45) pools are both incentivized so you will find them among the first.
Select [REGEN:ATOM] Pool. - Next, let’s take a look at the weight of this pool. As you can see it says 50% ATOM and 50% REGEN. This means that you will need to provide an equal share of each token when providing liquidity. Once you have the required amount of tokens (1:1 ratio based on the value at that time of each) you will be able to click the [Add / Remove Liquidity] button near the top.
- Write in one of the two fields (REGEN/ATOM) the number of tokens you want to put in the liquidity pool. The other field will be automatically filled by the system.
- Select [Add Liquidity]
- A pop-up window of Keplr Extension will open asking you to confirm your action. Since the operation is performed in the Omosis hub, the fees are requested in $OSMO. In case you haven’t received any $OSMO from the airdrop you can choose the [Low] option, which will allow you to run the operation for 0 $OSMO.
Note: Recently there have been some issues with transaction gas. To make sure your transaction is successful, please select [Set Gas] and then manually enter 5000000.
🧪 You have successfully provided liquidity to a pool! YAY!
In return, you have obtained LP Tokens called [GAMM/22], which you can decide to bond for a certain period of time to earn OSMO tokens and participate in Pool governance. Read more in the next section!
Note:
• If you want to claim the tokens you have placed in the pool, all you have to do is click [Add/Remove Liquidity] again, select [Remove Liquidity], the percentage of tokens you want to redeem (25%-50%-75%-100), press [Remove Liquidity] and confirm the operation via Keplr pop-up.
• Rewards from incentivized pools are distributed at the end of each epoch, i.e. every day at 5pm UTC.
• Liquidity provision is not without costs. LPs take on a risk known as impermanent loss.
Liquidity Mining
To get LP rewards, you have to “bond” your LP shares, similar to how you would stake tokens for proof of stake.
In this tutorial, we will just execute the process of bonding LP Tokens.
If you are interested in going into detail about what is liquidity mining and the risks and benefits associated with it, I recommend you read this brilliant article published by the team of Osmosis.
- Click on [Pools], on the left side of the screen.
- Your Pools will be displayed first. Select [REGEN:ATOM]
- In the Liquidity Mining section, select [Start Earning].
- You can now choose how long you want to bind your LP Tokens for between the 1, 7, and 14 days options. Obviously the longer the time, the greater the reward.
- Type the number of your available LP Tokens that you want to bond in the field provided, and press [Bond] to confirm.
- A pop-up window of Keplr Extension will open asking you to confirm your action. Since the operation is performed in the Omosis hub, the fees are requested in $OSMO. In case you haven’t received any $OSMO from the airdrop you can choose the [Low] option, which will allow you to run the operation for 0 $OSMO.
Note: Recently there have been some issues with transaction gas. To make sure your transaction is successful, please select [Set Gas] and then manually enter 5000000.
🧿 You are now an OsmoMaster!
Stay involved in governance to stay up-to-date on new incentives and initiatives from the community!
Note:
• LP Mining bonding is very similar to how staking works in PoS:
. You have to explicitly send an ‘unbond’ transaction for your unbonding period to begin.
. Unbonding period applies from when you choose to unbond, not from the time when you first bond.
. You can’t cancel an unbond.
But:
. You can’t unbond a partial amount of LP tokens. When you click [unbond all], you will be unbonding the full amount.
. Reward distribution happens at the end of an epoch (17:00 UTC), rather than on a per-block basis.
. You will receive partial rewards during the unbounding.
• If you want to unbound the tokens, all you have to do is click [Unbound All] in the [My Boundings] section and confirm the operation via Keplr pop-up.
With this tutorial I don’t intend to give any financial advice: the fact that I describe a walkthrough is not intended to be a guarantee of reliability (or otherwise) and in no way replaces the need of DYOR.
See you in the Cosmos Network!
🐾 Catdotfish
