Contributing to wXDN/BUSD Liquidity Pool on PancakeSwap
By contributing to wXDN/BUSD Liquidity Pool, you not only earn a part of the trading fees on every transaction, but also earn additional rewards in proportion of your contribution to the pool.
The wXDN/BUSD PancakeSwap pool allows you to contribute and earn
Note 1: you can use any of the wallets that support Binance Smart Chain. This tutorial will focus on Metamask wallet.
Note 2: the Binance Smart Chain only works with BEP-20 addresses. Please make sure you use a BEP-20 address (beginning with '0x') NOT BEP-2 address (address beginning with 'bnb') to store or transact wXDN, BUSD, BNB or any other coins on Binance Smart Chain.
In order for you to be able to contribute to the pool, you will need to have both, wXDN and BUSD. If you want to contribute a total of $1000 to the pool, you should have no less than $500 worth of wXDN and 500 BUSD in your wallet.
1.1 If you haven't already connected your wallet with Binance Smart Chain, you can see the instructions to do it here
1.2 Decide how much you want to contribute to the pool. In this example, we are trying to contribute $1,100 to the pool. So that means we will need $550 worth of wXDN and $550 worth of BUSD (which is 550 BUSD given that BUSD is a Stablecoin pegged to USD).
Note: both sides should be of the same value in your contribution. So if you were to contribute $2000 to the pool, you will contribute 1000 BUSD and $1000 worth of wXDN.
1.3 Ensure you have the amount you determined to contribute in your wallet (BUSD as well as wXDN). If not, move it to your BSC address on the wallet. If you don't have wXDN, you can follow instructions here on how to convert your XDN to wXDN.
1.4 You will need a very small amount of BNB in your account in order to pay for transaction fees on BSC chain. A $1 worth of BNB will be enough for this exercise. We recommend to getting $10 worth of BNB so that it's there to support many future transactions you may do in the future. You can buy BNB on Binance or can also buy BNB with your BUSD on PancakeSwap itself as seen in the image below.
Once you have both BUSD and wXDN, and a little bit of BNB in your wallet, you are now ready to go to PancakeSwap to connect your wallet.
2.1 Go to the liquidity page on PancakeSwap and click on the "Connect" button at the top right corner to connect your wallet. NOTE: Please ensure that you have the "Binance Smart Chain" selected.
2.2 Follow the instructions and you should be able to connect your wallet. Once your wallet is connected, you should be able to see your BSC account address in the top right corner (hidden in the screen below). Click on "Add Liquidity" button and you're ready to contribute to the pool
3.1 You will be presented with the below screen. Put the amount you would like to contribute to the pool. You need to put either BUSD or wXDN - the other side will get calculated automatically based on the going ratio of the pool at that point (remember, you contribute equally to both sides.) We want to contribute $1,100, therefore, we put 550 BUSD and the PancakeSwap pool automatically calculated the wXDN needed to be 130,384 based on the going rate.
Note 1: Since your wallet is connected to PancakeSwap, you can see the available quantities of BUSD and wXDN at the top in the boxes marked with red rectangles.
Note 2: At the bottom, it shows that if your contribution goes through then how much it would be in terms of percentage to the overall pool. Since at the time of this documentation the feature is not open for general use and is open only for the testers and documentation, the total liquidity is small. So this contribution of $1,100 will be making up 48.12% of the pool once successfully done.
3.2 When you connected PancakeSwap to your wallet above, the PancakeSwap only has "view only" access to your wallet. It can only see what's in the wallet. For PancakeSwap to be able to pull the funds in the wXDN-BUSD pool, you will need to approve each move - BUSD and wXDN - simply by clicking each button. You can see this in the two screens below:
Note: You will need a very small amount of BNB (about $0.25) to be able to do this transaction. Comparing this with fees on Ethereum based exchanges, this is negligible.
Approving moving required BUSD from your wallet to the Pool
Approving moving required wXDN from your wallet to the Pool
3.3 Now click on "Supply" button - you will see your wallet open. Please hit "confirm" to continue the transaction. This will put your contribution on the pool.
3.4 You are done. Your contribution is now in the pool. You are now earning on every trade and any additional rewards that are available for the contributors of the pool. Your contributions to the pool are visible at the bottom.
If you close your screen to come back later to see your pool contribution details again, you will see your pool contribution under "Your Liquidity" (while your wallet is still connected).
Clicking on the "WXDN/BUSD" dropdown will take you to the following screen - using which you can see the details, add more liquidity, or remove full or part of your contribution if you want.