How to Provide Liquidity to Wrapped $DOGE (wDOGE) on Quickswap DEX
Dogecoin is the first memecoin in blockchain history and although this token has a massive global following and users with a market capitalization that has put it as one of the top 10 cryptocurrencies for almost a decade, this coin has lacked one thing — Web3 utility.
There are millions of Dogecoin holders who have $DOGE lying idle in their wallets with hardly a use for it. Except now, Dogechain provides a solution.
Web3 Utilities for $DOGE
Dogechain is a blockchain network that facilitates utilities for $DOGE by enabling the memecoin to be plugged into Web3 through the use of smart contracts.
Users can bridge their $DOGE onto the EVM smart contract-compatible chain which facilitates the use of the memecoin in different Web3 services and applications such as DeFi (trading, staking, lending, etc.), GameFi, NFTs, and so on.
By bridging $DOGE to Dogechain, the memecoin is wrapped on the Dogechain network as wDOGE.
One of the utility users can gain from bridging $DOGE is the ability to stake the meme coin and earn yields from staking. While several decentralized exchanges are building on Dogechain where users can provide liquidity with wDOGE, one DEX stands out — Quickswap DEX.
Quickswap is an AMM DEX built on Polygon. And you can also remember that Dogechain is a standalone EVM-compatible chain that leverages Polygon Edge infrastructure.
A few weeks after Dogechain launched its mainnet, Quickswap DEX was also successfully deployed on the chain. And if you go into research, you would find out that the co-founder of Quickswap, Roc Zacharias is a core contributor to Dogechain.
Benefits of Staking wDOGE on Quickswap
Quickswap V3 was deployed on Dogechain and as liquidity providers to LPs on Quickswap V3, the benefits include:
- 10 times more rewards on capital than in any V2 model.
- Users can provide a fixed amount of the pairs to provide liquidity. You customize your own price value.
- Liquidity is concentrated, therefore users would receive trading fees too when the assets they provided liquidity, trade and according to their custom price range.
Staking wDOGE on Quickswap
Before you get started with providing liquidity, there are aspects you have to get right.
- When you visit https://dogechain.quickswap.exchange for the first time, you will be asked to change the network of your Metamask wallet to Dogechain.
Make sure you fund your wallet with the tokens to provide liquidity in your wallet.
- For the other pair which could be a token on a different chain like $QUICK on Polygon, a bridge has to be performed to Dogechain.
You can use https://multichain.org to bridge your tokens to Dogechain.
- Note: wwDOGE is not wDOGE. They are different, but they are interchangeable.
For instance, if you want to stake 50 wDOGE but have 30 wwDOGE and 20 wDOGE, you can use the swap function of the DEX to swap your wwDOGE to wDOGE.
If the above-mentioned conditions have been met, you can now provide liquidity with wDOGE.
Staking on Quickswap is very easy. Follow the steps below:
- Go to https://dogechain.quickswap.exchange and connect your wallet.
- If you have an equal amount of the two assets you want to provide liquidity to in your wallet, open the “Pool” tab and click on “+ New Position.”
- On the tab, select the assets/pair you want to provide liquidity too. E.g: $QUICK — $wwDOGE and click on “Add Liquidity”
- Select the price range. This lets you provide liquidity in a selected price range with 4 predefined ranges — Full, Safe, Common, and Expert.
Under the predefined ranges, you will see a ranking (from 1 to 5) of the associated risk and profit. You will have to manually adjust your price range by typing in a minimum and a maximum price for your asset.
- Select the number of tokens you want to provide. This ratio depends on the price range you chose. Therefore, you can adjust the ratio manually, which will readjust your price range depending on the amount.
- Before you can add to liquidity, you must approve each asset by signing a transaction with your MetaMask wallet. Gas fees are low.
- Sign the transaction and viola! You’ve successfully added liquidity and will start bagging rewards!
Dogechain is a standalone EVM-compatible PoS blockchain network that leverages the Polygon Edge framework. This chain was created to enable Dogecoin to plug into Web3 utilities through smart contract compatibility.
On Dogechain, developers can build and deploy their Web3 projects and applications. It has 500+ memecoins and 200+ dApps created and deployed on its chain since its mainnet went live in August 2022 and is made up of several community builders who understand the value the chain offers.
Dogechain Family is one of the most vibrant and active communities. Follow and join all of its socials to be a part of its rapidly growing ecosystem and to stay updated: https://linktr.ee/dogechain