What is adding liquidity using JoyID on UTXOSwap?
Using JoyID to add liquidity on UTXOSwap means that users connect to the UTXOSwap decentralized trading platform through the JoyID wallet and deposit their CKB (the native token of the Nervos Network) and other tokens (such as NFTs or other CKB-based assets) into the UTXOSwap liquidity pool. The purpose of this action is to provide the market with the ability to trade pairs of these tokens, while users receive corresponding liquidity provider (LP) tokens as rewards for providing liquidity. These LP tokens not only represent the user's share in the liquidity pool but can also yield rewards in the future through removing liquidity or participating in governance.
Tutorial: Adding liquidity on UTXOSwap using JoyID
Step 1: Open the UTXOSwap website and connect your wallet
Visit UTXOSwap: Open your browser and go to the official UTXOSwap website.
Select token and connect wallet: On the website, select the CKB token pair you want to participate in liquidity for, and then click the 'Connect Wallet' button on the page.
Step 2: Choose JoyID wallet to connect
Select wallet: In the pop-up wallet selection window, find and click the 'JoyID Wallet' option.
Prepare to connect: Ensure your JoyID wallet is installed and logged in, then allow UTXOSwap to access your wallet as prompted.
Step 3: Authorize UTXOSwap to connect to your JoyID wallet
Confirm authorization: The JoyID wallet may pop up a request window asking if you allow UTXOSwap to access your account information. Carefully read the permission request content, and after confirming everything is correct, click 'Confirm' or 'Allow'.
Step 4: Enter the add liquidity page
Navigate to the liquidity page: Once your wallet is successfully connected, you will be redirected back to UTXOSwap. Find and click on 'Your Liquidity' or a similar option on the homepage or sidebar.
Select to add liquidity: On the liquidity management page, click the 'Add Liquidity' button.
Step 5: Enter the amount you wish to add
Enter CKB and token amounts: In the add liquidity form, enter the amounts of CKB and the corresponding tokens you wish to add to the liquidity pool.
Preview results: The system will automatically calculate the number of LP tokens you will receive and the expected APY (annual percentage yield) based on the current market prices and rates.
Step 6: Confirm and submit the transaction
Check transaction details: Carefully verify the transaction details, including token amounts, rates, LP token quantities, etc.
Click confirm: After confirming everything is correct, click the 'Confirm' or 'Supply' button to submit the transaction.
Step 7: Authorize and complete the transaction
Sign the transaction: The JoyID wallet will prompt you again to sign to confirm this transaction. Carefully read the transaction details, and after confirming everything is correct, click 'Confirm' to sign.
Wait for the transaction to complete: The transaction will be submitted to the CKB blockchain for processing. You may need to wait a few seconds to a few minutes until the transaction is confirmed.
Step 8: Transaction successful and view liquidity
View results: Once the transaction is successful, UTXOSwap will display a success message, and your LP tokens will appear on the 'Your Liquidity' page.
Manage liquidity: You can view the number of your LP tokens, current value, and choose to remove liquidity at any time on this page.
Through the above steps, you have successfully added liquidity on UTXOSwap using JoyID and started to enjoy the potential rewards of being a liquidity provider.
What is UTXOSwap?
UTXOSwap is a decentralized exchange (DEX) protocol based on the BTC ecosystem, designed to provide users with a better trading experience and better transaction prices through intent-based trading. It leverages the advantages of the UTXO programming model and merges the strengths of order books and automated market makers (AMM) to achieve an off-chain matching and on-chain verification trading model. Users can conduct swap trades through UTXOSwap, including assets from RGB++ and the CKB ecosystem, and future expansions will support other BTC ecosystem assets. The advantages of UTXOSwap include high trading efficiency, low gas fees, and support for user-defined AMM curves and fee rates, providing liquidity infrastructure for the BTC ecosystem.
What is JoyID?
JoyID is a multi-chain, cross-platform wallet built on Nervos CKB, allowing users to create and use wallets with biometrics without the need for passwords or mnemonic phrases. JoyID supports multi-device, social recovery, CoTA Rollup NFT, FT asset management, and management of L1 assets like CKB and SUDT. Additionally, it supports static descriptive information like usernames and avatars, as well as using usernames + UID as identity identifiers. JoyID serves as the account layer for Web3, combined with the Nervos ecosystem project did.id as the identity layer, together providing a secure, user-friendly, and non-custodial DID layer for the mass adoption of Web3. The JoyID wallet is already compatible with the RGB++ protocol, allowing users to transfer RGB++ assets on the Bitcoin mainnet and trade RGB++ assets on the second layer Nervos CKB using its built-in DEX.
What is $CKB ?
CKB, short for Nervos Common Knowledge Base, is the native token and main trading asset of the Nervos network. The Nervos network is an open, decentralized, and scalable blockchain platform aimed at building Layer 2 solutions compatible with Bitcoin. As the underlying asset of the Nervos network, CKB features a unique UTXO (Unspent Transaction Output) programming model that supports the development of complex smart contracts and decentralized applications (DApps). Through CKB, users can participate in the governance of the Nervos network, pay transaction fees, and provide liquidity for decentralized applications.
