Adding to the $LEO/$CACAO Liquidity Poll - My Experience
So, yesterday I decided to move my liquid $LEO to the Liquidity Pool for Leodex.io I didn't put much, but I'd like to Dollar-Cost-Average my Liquid LEO each month into the poll.
I came to this decision after considering these reasons:
- After hearing how THORChain's token $RUNE increased in price, I wanted to get into $CACAO and I thought joining a Liquidity Pool would be the easiest way as I can take out my CACAO at any time.
- I wanted to Contribute to the community in some way. I believe $HIVE will be more popular if Leodex becomes more popular.
Step 1: I created a Keystore on Leodex.
I made sure to store my file in a safe place, but I'm still worried about losing it.
Step 2: I got some Arbitrum ETH for gas fees from inside Leodex.io it cost me 60 LEO.
Step 3: I moved almost all of my liquid $LEO to the Arbitrum network via this link: https://wleo.io/leo-arbitrum/
Step 4: I Swapped half of the $LEO amount I had into $CACAO:
Step 5: I added all my $LEO and $CACAO to the Liquidity Pool. That was a mistake!!
Apparently, I needed to leave some $CACAO for the transaction fees for this operation. Since I didn't do that, the $LEO got stuck on the Liquidity Pool alone without its counterpart $CACAO.
I needed to withdraw $LEO first, and then add a lower amount of $LEO and $CACAO to the Liquidity Pool. Once I did that, the transaction went through.
Step 6: Profit! Now
So, that was my experience becoming a part of the Liquidity Pool on LEODEX. I hope to add more in the future as I accumulate more $LEO! Let's go, Lions!!!
Thanks for Reading.~
Posted Using InLeo Alpha