Mining is another way to earn revenue at DODO. There are currently two types of mining.
1.Single Coin Pledge
Mining Users only need to charge tokens to the mining contract to participate in single coin pledge mining. With single coin pledge mining, there is no loss of principal.
2.LP Market Making Mining
Users need to add market making funds to the designated liquidity pool, and then get LP token and fill the mining contract to participate in mining. Note that LP market making mining only supports public pools, and there is a risk of principal loss in market making mining.
How to participate in mining?
1.Choose a Trading Pair
Go to “Earn” -> “Mining” -> “Active” to see every trading pair on DODO that is available for liquidity mining.
Once you have selected a trading pair, click the button for the token you would like to stake.
Note: When staking, depositing, or trading a token for the first time on DODO, you need to give DODO permission to access that token in your wallet by clicking “approve” in your wallet app.
2.Obtain LP Tokens
If you don’t have any LP Tokens, click the “Get [token] LP” button to get transferred to the Add Liquidity page for that trading pair, and obtain LP tokens by adding liquidity to this liquidity pool.
After successfully adding liquidity on the trading pair’s liquidity page and obtaining the LP tokens, go back to the trading pair’s Mining page and click “Approve”.
LP tokens on DODO, known as DLPs, are your proof of being a DODO liquidity provider, representing a share of the liquidity pool. The ratio of DLP to liquidity assets is not 1:1.
Click “Approve” and “Stake” on DODO, and confirm the transaction in your wallet app to start mining.
4.Stake and Start Mining
5.Withdraw Your Assets
To withdraw your assets, you need to unstake your LP token on the Mining page first, and then withdraw your funds on the Liquidity page.
Liquidity mining is not risk-free, and there is always a possibility of loss. Please be careful when liquidity mining and make sure you understand the risks.