Use either token in the pair to add liquidity to the pool and receive LP tokens, all in one seamless transaction!
KyberDMM DEX aims to be the best place to swap and earn tokens, and has already generated $4M+ in fees and $30M+ in incentives for liquidity providers. We regularly gather user feedback to ensure our UI/UX is of the highest standard for new and advanced users alike.
Adding liquidity into a pool is a core function for the thousands of liquidity providers using KyberDMM today on Ethereum, Polygon, BSC, Avalanche, and Fantom. We’re glad to announce a new feature that makes liquidity provision on KyberDMM even easier.
Current challenges to adding/removing liquidity
Currently, it only takes a few minutes to add liquidity to a KyberDMM pool, but you do need to have both tokens in the pair and deposit an amount according to the required pool ratio.
For a simple example, to add liquidity to this new ETH-KNC pool, you need to have 50% in ETH and 50% in KNC tokens. However, you might only have ETH in your Metamask wallet after buying it from a centralized exchange like Binance or FTX and transferring it there. You might not have any KNC.
To add liquidity on other DEXs, you would first need to manually swap some of your ETH to an appropriate amount of KNC so that you have sufficient amounts of both token types in the pair to fulfil the required pool ratio, before adding liquidity to the pool. Thus, you would need to make at least 2 transactions — 1) To swap some ETH to KNC, 2) To add liquidity to the ETH-KNC pool. You might also be left with some dust tokens from the token pair after adding liquidity to a pool.
Similarly, when you remove liquidity from a pool, you can only receive both tokens in the token pair, with no option to receive it in one of the single tokens.
Single Token Deposit makes it easier to add liquidity
With KyberDMM’s new Single Token Deposit feature, you can now use just one token in the pair (e.g. only ETH) to deposit and add liquidity to the pool, and receive the corresponding liquidity provider (LP) tokens, all in one seamless transaction!
In this example, by using the Single Token Deposit feature, KyberDMM automatically swaps your ETH to the precise amount of KNC before adding liquidity in the required ratio to the ETH-KNC pool and returning LP tokens to your wallet, thus saving you time and effort!
If you would like to add liquidity to the pool using the standard way of depositing both token types in the pair (both ETH and KNC in this example), simply select the Token Pair tab.
Watch the full process for adding liquidity with a Single Token Deposit:
Remove liquidity and receive one desired token just as easily
On the My Pools page, click Remove Liquidity and you have the option to remove liquidity and receive it in a single token type via the Single Token tab. KyberDMM will automatically remove your liquidity and convert it to your desired token (either token from the token pair), all in a single transaction.
To remove liquidity the standard way and get both token types (ETH and KNC in this example), simply select the Token Pair tab instead.
Watch the full process to remove liquidity to get a single desired token:
Help us make KyberDMM DEX even better!
We take user feedback very seriously and will continue making improvements to KyberDMM DEX as we approach the end of our beta phase, ensuring it is the best venue for token swaps, adding liquidity, and yield farming on multiple chains! Let us know what you would like to see next by sharing your thoughts here.
KyberDMM has been making headway in the DEX and DeFi space recently
- Total Trade Volume: Over $2B
- Over $4M in fees collected for 10,000+ liquidity providers
- All-time-high TVL of ~$500M and $50B in Amplified Liquidity
- Integrated by Dapps such as Coin98 Wallet, Kattana Trade, Rome Terminal, as well as other top Aggregators such as 1inch, Paraswap, 0x API, Matcha and Slingshot.
- Deployed on Ethereum, Polygon, BSC, Avax, Fantom, and many more soon
Use KyberDMM DEX and our new Single Token Deposit feature now!
About Kyber Network
Kyber Network aims to deliver a sustainable liquidity infrastructure for DeFi. As a liquidity hub, Kyber connects liquidity from various protocols and sources (e.g. KyberDMM DEX) to provide the best token rates to takers such as Dapps, aggregators, DeFi platforms, and traders.
Through Kyber, anyone can contribute or access liquidity, and developers can build innovative applications, including token swap services, decentralized payments, and financial Dapps — helping to build a world where any token is usable anywhere.
Kyber is powering more than 100 integrated projects and has facilitated over US$7 billion worth of transactions for thousands of users since its inception.
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Add Liquidity on KyberDMM Pools with a Single Token Deposit was originally published in Kyber Network on Medium, where people are continuing the conversation by highlighting and responding to this story.