Step-by-step Guide to Participating in an SPO

We have prepared a step-by-step guide for those wishing to participate in DeFiStarter’s SPO pools, provided by Balancer. The first step is to choose the specific SPO pool and understand which Balancer pool will be used. There is a link to the Balancer pool on the SPO pool card, you can follow it to see which Balancer pool is used.

Let’s take a look at our pilot SPO pool as an example (Balancer: DAI/USDC 50/50).

1. Adding liquidity to the Balancer pool

You need to select the specific Balancer pool that is used in the specific SPO pool and add liquidity to it. After you have added liquidity, Balancer will mint you BPT tokens of the pool.

1.1 Connect your wallet

Go to Balancer and connect your wallet. We recommend using MetaMask.

1.2 Setup proxy

• Click the “Add Liquidity” button. Balancer will ask you to set up a proxy contract before you supply liquidity for the first time.
• Click “Setup” to create a proxy contract. This is a one-time operation and will cost more than a simple transaction due to the amount of work involved in the contract setting up.

1.3 Unlock your tokens

Once your wallet is connected, you need to unlock your tokens before you can add them to the pool.

1.4 Add liquidity to the pool

There are two ways to add liquidity to the pool:

• Single asset
• Multi assets

The pool features a DAI/USDC 50/50 distribution. When using “multi assets”, you will need to add both DAI and USDC in the correct ratio. However, it is not necessary to hold both tokens to participate in the pool if you use the “single asset”. If you use this option, the pool will automatically convert a portion of your DAI to USDC.

1.5 Add your BPT tokens to MetaMask

After you have added liquidity, Balancer will mint you BPT tokens of the pool. To see your BPT tokens balance in MetaMask, you should manually add tokens to your wallet.

Get DeFiStarter’s stories in your inbox

Join Medium for free to get updates from this writer.

Subscribe

Remember me for faster sign in
• Click the “Add Token” button on the Assets tab.
• Go to the “Custom token” tab, add the token contract address and click “Next”.

After that, you will see the balance of BPT tokens in MetaMask.

2. Stake your BPT tokens in DeFiStarter’s SPO pool

You need to go to our SPO page and find the pool you are interested in. Then stake the BPT tokens in this pool.

2.1 Connect your wallet

Go to DeFiStarter’s SPO page and connect your wallet using MetaMask.

2.2 Unlock and stake your BPT tokens

Once your wallet is connected, you need to unlock your BPT tokens before you can add them to the pool.

• Click the “Stake” button, select the required number of BPT tokens in the pop-up window and click the “Stake” button again.
• Unlock tokens in Metamask.
• Confirm the transaction.

After the successful transaction, you will be able to see the number of staked BTP tokens in the pool card.

3. Claim your rewards

You can claim the first rewards as early as the next day. If your MetaMask is connected to DeFiStarter, you will see the rewards you have earned on the pool card. Your account will be updated every day.

Click “Claim rewards” to collect your rewards.

4. Withdraw your BPT tokens

You will be able to withdraw the BPT tokens after the Hold period is over. The Hold period duration is indicated on the pool card.

To withdraw your BPT tokens, click the “Withdraw” button, select the number of tokens to be withdrawn in the pop-up window and click the “Withdraw” button again.

Stay tuned

Website |Twitter | Telegram Channel | Telegram Group | Discord