With the new external incentives live on the Osmosis DEX, there’s never been a better time to start providing liquidity to the MNTL/OSMO pool.
This guide should provide you with all the steps you need to undertake to provide funds to the pool and start earning rewards.
Step 1: Depositing an IBC token to Osmosis
The first thing you will need to do is to deposit some assets to Osmosis. In our case, we will be using ATOM, as it’s an IBC token that is easily accessible on a wide range of exchanges.
- Visit https://app.osmosis.zone/, log in with your Kplr wallet, and navigate to the “Assets” section.
- Find the ATOM crypto and click on “Deposit”
- Type in the desired amount of ATOM you wish to deposit and click “Deposit”. The Keplr extension will prompt you to sign the transaction.
- Once you’ve signed, the ATOM you deposited will be available on Osmosis.
Step 2: Swapping your ATOM for MNTL and OSMO tokens
The MNTL/OSMO pool requires a 50/50 spread for both tokens, So, the next step will be to acquire an equal value of MNTL and OSMO tokens using the swap function on Osmosis. Let’s see how you can do this.
- Navigate to the “Trade” section of Osmosis. There, in the “From” field select ATOM and click on “half” to automatically input the amount for half of your tokens.
- In the “To” field, select OSMO and click swap to proceed with the exchange and sign the transaction.
- Next, let’s do the same for MNTL tokens. Again select ATOM in the “From” field and, this time select MNTL in the “To Field ”. Click on MAX to swap the remaining ATOM for MNTL.
- Once happy with your choice, click on “Swap” to initiate the exchange and sign the transaction.
That’s it, you now have an equal value of OSMO and MNTL tokens in your “assets” tab and are ready to provide liquidity to the pool.
Step 3: Providing liquidity to Pool #690
Now that you have an equal value of OSMO and MNTL, you can now provide liquidity to the pool.
- Navigate to the “Pools” section, search for pool #690 and click on the result. Alternatively, you can follow this direct link to the pool: https://app.osmosis.zone/pool/690
- On the top of the screen, click on “Add/Remove Liquidity”, provide the desired amount in the popup window and click on “Add Liquidity”
Once you’ve signed the transaction and it has been confirmed, the liquidity will appear in the window:
Step 4: Bond tokens and start receiving rewards
The final step is to bond your tokens so that you can start receiving rewards. Note that the external incentives for MNTL are solely distributed to 7 and 14 days unbonding. Consequently, we will be using the 14 days unbonding period in this tutorial.
- On the Pool page, click on “Start Earning”.
- Choose 7 or 14 days unbonding period.
- Provide the desired amount of liquidity to unbond.
- Click next.
Once you’ve signed the transaction, your assets will appear as bonded in the pool and will begin accumulating rewards.
Congratulations, you have successfully bonded your tokens and will start receiving internal and external incentives from the MNTL/OSMO pool.
Check out the video tutorial:-
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