How to Earn 1INCH in 2022
1INCH is a token of the decentralized exchange (DEX) aggregator of the same name, which aims to provide users with the most attractive crypto swap conditions. 1INCH is a management token of the platform, meaning its holders can participate in the development of the network through voting, adjusting liquidity pool parameters and some other settings such as fees. This how-to will show you how to earn 1INCH in 2022.
With Honee wallet, you can earn 1INCH via providing liquidity into the pools. By supplying liquidity, you’ll be getting part of the transaction fees paid by other users for making swaps. Unlike exchanges, liquidity pools don’t require you to place orders and wait for them to be filled. The price of tokens within the pool is balanced by an automatic market maker.
Before You Become a Liquidity Provider
- For staking, you need to add both coins in the pair at the same ratio. Their share in total liquidity will be fixed in LP tokens accrued to you
- The returns are different in different pools, so before supplying liquidity into any of them, check out its APY
- You can withdraw your funds whenever you want
- Mind the risk of Impermanent Loss
How to Earn 1INCH in 2022
To start earning 1INCH in Honee:
- Scroll down the page of the wallet interface and locate the Providing liquidity card;
- Click on the Provide liquidity button;
- Select 1INCH as the first coin and specify its amount;
- Select the second coin. Its volume is calculated automatically depending on the in-pool exchange rate at the time of transaction;
- Press Add;
- If everything checks out, Confirm;
- Upon transaction confirmation, you’ll receive LP tokens of the pool. It is a receipt allowing you to take your coins back from the pool at any time. The information about a successful operation will be shown in the Minter network’s Explorer.
Using Honee, you can easily figure out how to earn 1INCH in 2022. You’ll be able to do that even in your sleep—just click a couple of buttons, and Honee will do the rest for you.
