How to Add/Remove Liquidity
Last updated
Last updated
"Liquidity" is central to how Sphynx Labs Exchange works. You can add liquidity for any token pair by staking both through the Liquidity page.
In return for adding liquidity, you'll receive trading fees for that pair, and receive LP Tokens you can stake in Pyramid Farms to earn SPHYNX rewards!
To provide liquidity, you’ll need to commit an amount of any token pair you like. Your lowest value (in USD) of the two tokens will be the limit to the liquidity you can provide.
You can easily trade for any tokens you need. Watch our How to Trade on Sphynx Labs video if you need to.
In this example, we will add liquidity using BNB and SPHYNX.
1. Visit the dAPP and go to Swap & Charts page, the go to the Liquidity tab.
2. Click the Add Liquidity button.
3. For the top Input, click 'Select a currency'. Then choose one of the token in the liquidity pair you want to add liquidity to. Here, we are gong to use BNB as an example.
4. For the bottom input, click ‘Select a currency’. And choose the other token in the liquidity pair you want to add liquidity to. Here, we are gong to use SPHYNX as an example.
5. Enter an amount on one of the tokens under “Input”. The other should be calculated and filled automatically.
(If one of the token does not have enough balance. You will see an error and the button being greyed out. Please enter a lower amount to proceed.)
6. Click the Enable SPHYNX button. If you are adding liquidity against tokens other than BNB, you might need to click enable twice for each token in your pair. Your wallet will ask you to confirm the action.
7. The Supply button will then light up. Click to proceed.
8. After clicking on Confirm Supply your wallet will ask you for confirmation. Confirm your transaction from your wallet.
9. Soon after, you will see your LP Token balance at the bottom of the page.
You can repeat the above steps to add more liquidity, or add liquidity to different pairs.
To remove liquidity.
1. Visit the dAPP and naviggate to Liquidity Tab.
2. Click on the pair you want to remove liquidity from under “Your Liquidity".
3. Click Remove. A new modal will appear.
4. Use the buttons or slider to choose how much liquidity you want to remove. Choose MAX to remove all of your liquidity from this pair.
5. Click Enable. Your wallet will ask you to sign the action. (In some cases you will need to click on RECEIVE WBNB before you fully remove it)
6. The Remove button will light up. Click to proceed.
7. A window will appear showing how much token you will receive. Click Confirm. Your wallet will ask you to confirm the action.
8. After the transaction is confirmed. You will receive two of the tokens from your pair. And if you haven't remove all of your liquidity, your remaining liquidity value will be updated on "My Liquidity" page.
