So! You have just purchased your ‘Burn’ tokens and you’re doing your pre-flight checks ready for a…
If you are following the official Burn Token Medium page (which you should be) you may have seen reference to the ‘Liquidity Pool’ and the opportunity to ‘Earn Burn’.
I’ll leave the explanation of what the ‘Liquidity Pool’ is and how to ‘Earn Burn’ to the official Burn Token medium pages in the following links:
Having gone through the process of adding to the ‘Liquidity Pool’ without a step by step guide, there were a few idiosyncrasies that left me scratching my head. As such, I thought I’d share with you exactly how to go about adding to the liquidity pool and withdrawing from the liquidity pool.
This step by step guide is for investors that have already purchased Burn Tokens and wish to add to the liquidity pool. The assumption being that you already have a basic knowledge of the Uniswap Exchange platform.
*For this example I’m using the Dapp Browser in the Enjin Wallet. To download it see the following link:
In order to add to the liquidity pool, you will need to have an additional balance of Ethereum in your linked Enjin wallet, equal to the balance of Burn Tokens that you wish to stake. So, make sure you have some in there before you try to add Burn to the liquidity pool!
Copy and paste the following link into the Dapp Browser in the Enjin Wallet (The link won’t work in your normal web browser as it won’t be linked to your Enjin Wallet):
Now this might sound obvious to you but I was typing in the address for the Burn Token website https://theburntoken.com into the Dapp Browser. I was then clicking on the ‘Trade Burn’ button to get through to the Uniswap Exchange. Don’t do this. It’s long winded and due to Burn being a relatively new project, it’s not fully autolinked to Uniswap and Burn often doesn’t show up in the list of assets. I believe this will be addressed very soon.
Simple… click the pool button. There are 5 things to check once on the pool screen:
1: Check the Pool button is selected.
2: Check your ETH address is carried through in the top right corner.
3: Choose ‘Add Liquidity’ from the drop down menu
4: Choose To Deposit Ethereum in the top drop down menu
5: Choose Burn Token in the bottom drop down menu.
Again pretty self explanatory… type in either the amount of Ethereum or Burn you wish to add to the liquidity pool. Whichever one you choose to type in, the other will automatically populate with an equal balance of the other.
In this instance I typed in 100 burn and it auto populated the equivalent quantity of Ethereum above it.
Click that big blue button that says ‘Add Liquidity’ and accept the transaction confirmation… And that’s it!! You have now successfully added to the liquidity pool.
This is where things get a little less clear. Once you have added to the liquidity pool, you might be expecting a pop up to confirm the transaction. This doesn’t happen which leaves you a bit confused as to where the devil your tokens and Ethereum just went!
Rest assured your contribution to the liquidity pool is perfectly fine, you just have to dig a little deeper to see it.
In the first instance you can visit Etherscan to find the transaction by typing in your Wallet address on the homepage Search bar. link below:
This is where it’s a bit of a head scratching moment….
When you select Burn Token from the pool tokens drop down menu, you will notice the balance is most definitely NOT the balance you put into the liquidity pool!! It’s a fraction of what you put in… heart pumping, sweat droplets forming, anger ensuing… but take a deep breath, it’s absolutely fine.
All you have to do is type in the value shown in the balance above the asset drop down menu and all is revealed…
At any time you want you can remove your burn and Ethereum from the Liquidity Pool. You simply follow step 7 and then click the big blue button that says ‘Remove Liquidity’. Job done!
Now, this may have been helpful or it might have been an absolute waste of my time but if I can help at least 1 person it will have been all worthwhile!
Long live Burn, Burn to the Moon! 🔥