Smoothy.finance Mining Tutorial
This tutorial briefly introduces how to deposit tokens into Smoothy to provide liquidity and earn rewards.
1. Visit Smoothy.finance, click the “DEPOSIT” button, and unlock your wallet by clicking the button on the upper right. We recommend using MetaMask on the desktop.
2. If you only want to deposit a single stablecoin, please approve first (left button means approve unlimited times, and right button means approve exactly this time), and then click the confirm button at the bottom of the page.
According to Smoothy’s design, the swap can be conducted in a 1:1 ratio most of the time. However, if % of the total pool for one stablecoin is too high(above the yellow line), there will be slippage. A warning message will popup in that case.
3. At the bottom of the DEPOSIT page, you can see the proportions of each token in the current pool. The yellow line is the soft weight that can perform a 1:1 swap, and the red line means the maximum proportion of the token in the pool. Slippage will occur if it extends the yellow line. With the expansion of the pool size, the accommodated tokens number will also increase.
4. To avoid slippage, we designed a safe deposit/withdraw mode.
First, click the “Multi-Deposit Without Price Impact” button, and then click “MAX Without Price Impact” button on the right side of the selected token. The system will calculate the safe amount without slippage automatically, and then follow the steps to finish depositing
5. Smoothy supports and recommends users to deposit multiple stablecoins at the same time which will save gas fee.
After you click the “Multi-Deposit Without Price Impact” button, please select the tokens you want to stake (click the square on the right), and then click the “MAX Without Price Impact” button. The safe amount of each stablecoin that can be deposited will be calculated automatically. Since the calculation of the number of tokens is interrelated, please click multiple times to get a more accurate result.
Note: The “Multi-Deposit Without Price Impact” function is based on the real-time calculation of the proportion of the pool. If the interval time between calculation and transaction confirmation is too long, the transaction might fail because of the proportion change of the pool. Therefore, if the system says that the transaction fails (such as abnormal contract execution, or extremely high gas fee), please refresh the page and recalculate the rate again.
6. After the transaction confirmation, you can see that syUSD in your account has been added, which indicates the staking succeeded.
Note: syUSD is an LP token, not peg to USD in 1:1. It is accumulated with swap fee + interest + penalty fee. It would go down only if one of them is negative. syUSD will keep rising unless the interest-bearning token (yToken) returns a negative interest.
