Getting to know dApps on Moonbeam: Multichain.org and Stellaswap. Bridge your MATIC from Polygon to Moonbeam and use your assets to earn rewards for providing liquidity.
Most things with Moonbeam dApps are easy and intuitive, so in this article I decided to focus on more complex things, and review a scenario such as bridging Polygon native asset $MATIC to Moonbeam network and then providing it as liquidity on Stellaswap to earn some rewards.
Why Multichain? Well, this is why Multichain is probably the biggest Moonbeam bridge:
- To start things off you need to have some MATIC on Polygon.
2. Connect your wallet on https://multichain.org/
3. Select your source and destination chains.
4. Choose MATIC in the assets list.
5. Check the details of transaction and confirm it. Make sure that amount that you’re bridging is bigger than minimum crosschain amount.
6. Wait until transaction goes through on both networks. One network at a time.
Estimated Time of Crosschain Arrival is 10–30 min
7. Once it’s done the status will be shown as Success.
8. Add MATIC to your Metamask on Moonbeam network by adding its custom token contract. Press Import Tokens and enter: 0x3405a1bd46b85c5c029483fbecf2f3e611026e45:
9. Congratulations! You have successfully bridged your MATIC to Moonbeam.
You may now proceed to next step and explore how to swap your MATIC to GLMR and add it to liquidity pool.
- Visit https://app.stellaswap.com/exchange/swap and connect your wallet.
- Swap your MATIC 50/50 to GLMR and USDC.
Review the details and confirm the transaction in Metamask.
Don’t forget to add USDC to you Metamask once the transaction goes through :)
3. Go to the Pool section : https://app.stellaswap.com/exchange/pool
4. Click Add to create a new position.
5. Select GLMR and USDC in equal parts to create a liquidity pair.
6. Aprove both assets.
7. Once asset spending is approved, confirm adding it to liquidity pool.
8. Congratulations! You have successfully added a liquidity position and can now easily manage it (Add more or Remove liquidity)
9. You can choose the amount of liquidity you want to remove.
10. While your funds are in the pool, you will earn 0.25% fee whenever a trade is made on StellaSwap proportional to your share of the pool. Your earning are automatically added to the pool and can be claimed anytime by withdrawing your liquidity as shown on the screenshot above.
I hope you enjoyed this crosschain DeFi journey :)
