eXRD Community Liquidity Incentives Guide
The Radix Community Incentives program is expected to be live from November 17th, 2020. This program is planned to distribute 200,000,000 eXRD tokens to community members who provide liquidity to the eXRD/USDC pool on Uniswap and then stake their LP tokens. You can read more about how to use Uniswap to provide liquidity to the eXRD/USD pool here.
If you have added liquidity to the eXRD/USDC Uniswap pool, and received the resulting Uniswap LP tokens to your wallet, this post explains how to participate in the Radix Community Incentives program using those LP tokens.
Staking your LP Tokens
While it is possible for experts to directly interact with the Radix Community Incentives program smart contract, a simple user interface can be accessed here: https://rewards.radixtokens.com
You will start on the screen below, prompting you to connect your wallet, or get eXRD via Uniswap.
To stake your eXRD/USDC LP tokens, you need to click Connect Wallet. If you do not have eXRD/USDC LP tokens, you need to get these by adding liquidity to the Uniswap pair. You can click the “Get eXRD on Uniswap” button and also find more information about using uniswap in this guide: Link
Once you click “Connect Wallet”, you will see the below screen. You can connect either using MetaMask or WalletConnect. Please select the option that is connected to a wallet that has the eXRD/USDC LP you want to stake (or was already used to stake LP tokens if you want to view your rewards or unstake).
You will also need a small amount of Ether (ETH) tokens in this wallet in order to pay gas fees. These gas fees are required for interactions with the incentives smart contract such as deposits and withdrawals of LP tokens and rewards. The gas fee for interacting with the Radix Community Incentives program is dependent on the Ethereum network, so the amount of ETH may change. You may need to adjust the gas fee that you pay on each transaction; you can find more information on current gas fees to ensure speedy transaction processing here: https://ethgasstation.info/
Once you select MetaMask or Wallet Connect, please follow the instructions on your wallet to connect to the interface.
Once your wallet has been connected, you will see the below screen. This screen shows important information about the connected wallet’s staked LP Tokens, your current rewards, your current reward multiplier and other information about your stake in the Radix Community Incentives program.
In order to deposit LP tokens to be staked for rewards, you must first give the smart contract permission to access the LP tokens in your wallet. To do this, click the “Enable Deposits” button. Follow your wallet’s normal steps to confirm and submit this transaction, such as what is shown in this screenshot using MetaMask:
Once this transaction has been confirmed, submitted, and processed by the Ethereum network, you will see the webpage updated to look like this:
To stake more USDC/eXRD LP tokens, you can enter the amount in the “Deposit” field, up to the maximum amount of USDC/eXRD LP tokens in your “Connected Wallet Balance”. Clicking “max” will automatically fill in this maximum amount. Once you have entered tokens to deposit, click “Deposit”.
This will create the deposit transaction for your approval. Once again, follow the normal steps for your wallet (such as the metamask ones shown in the screenshot below) to confirm and submit the transaction, depositing your USDC/eXRD LP tokens.
As beofre, once you complete the steps in your wallet, sign the transaction, and it is successfully processed by the Ethereum network, your USDC/eXRD LP tokens will be sent to the Radix Community Incentives program smart contract.
Once this transaction is confirmed on the Ethereum network, the Radix Community Incentives program interface will update to show your new stake information, and you will begin to earn rewards. You can return to this webpage at any time to see your current rewards and more status information about the program.
Withdrawing your Staked LP Tokens & Rewards
At any time, you can remove your USDC/eXRD LP tokens from the Radix Community Incentives program smart contract. You would need to do this, for example, if you wish to redeem them on Uniswap for your contributed liquidity.
To do this, you need to connect a wallet with staked LP tokens using the steps above.
Once your wallet is connected, enter the amount of LP tokens, up to the maximum amount your wallet address has staked, you would like to withdraw in the “Withdraw” field and then click “Withdraw”. Clicking “max” will enter the full quantity of LP tokens that you currently have staked. Withdrawing a portion of your LP tokens will also withdraw just the portion of your rewards associated with those tokens (see note in FAQ below for more detail), leaving your remaining LP tokens staked with its associated rewards. Withdrawing your full LP token quantity will withdraw all LP tokens and all current rewards.
Follow the steps in your connected wallet to complete the transaction. As mentioned above, you will need a small amount of Ether (ETH) tokens in this wallet in order to interact with the Radix Community Incentives program smart contract. This is used to pay the gas fee for the staking.
Once you have submitted the withdrawal transaction and it has been confirmed on the Ethereum network, your USDC/eXRD LP tokens will be returned to your connected wallet.
- How can I withdraw my reward eXRD?
- When you withdraw your eXRD/USDC LP tokens from the contract, the rewards generated by those tokens will also be withdrawn automatically.
- The rewards that a given stake of LP tokens generates depends on how long those tokens have been staked. So if you make a partial withdrawal, the incentives smart contract attempts to withdraw the most recently contributed tokens – as the older tokens with more staked time are more valuable to leave staked.
- How many eXRD rewards will I receive?
- You can find more details about this in the Radix Community Liquidity Incentives post.
- In short, the more eXRD/USDC LP tokens you stake, and the longer you stake them, the more rewards you receive until all rewards have been distributed. All rewards are expected to be distributed over a period of about six months.
- Is the Radix Community Incentives program Smart Contract Audited?
- Yes, the smart contract has been audited by Quantstamp. Further details can be found here.