New joint liquidity mining program with Lido

This post was originally published on 1Inch

New joint liquidity mining program with Lido

The program starts on September 24, featuring the stETH-DAI pool.

We are happy to announce the 1inch Foundation’s decision to launch a new liquidity mining program in collaboration with Lido.

Providers of liquidity to the stETH-DAI pool will collect 200,000 LDO and 200,000 1INCH tokens in rewards, on top of LP rewards in the pool’s tokens.

The 1inch stETH-DAI farming program kicks off on September 24 at 11:00 AM CET and will run for a period of 4 weeks.

Getting started

Users can easily provide liquidity on 1inch to the stETH-DAI pool to earn rewards in 4 separate tokens, stETH, DAI, LDO and 1INCH.

  1. Visit app.1inch.io/#/1/dao/pools?filter=stETH and connect your wallet.
  2. Search for stETH-DAI using the filter.
  3. Select the stETH-DAI pool.
  4. Click ‘Provide Liquidity’.
  5. Choose the proportion of DAI and stETH you wish to provide. Please note this will automatically be done in a 50/50 split.
  6. Choose the quantity of LP tokens to mint. This will be based on the quantity of DAI and stETH you provide.
  7. Once you are satisfied with the numbers, press Unlock and unlock both your DAI and stETH tokens. You will need to confirm both of these events using your Ethereum wallet.
  8. Once tokens are unlocked, press Provide Liquidity and confirm the transaction using your Ethereum wallet.

How to contribute to 1inch liquidity farms

Once the transaction has been completed you will be providing liquidity to the stETH-DAI pool on 1inch, represented by the 1LP-stETH-DAI now in your wallet. These represent your stake in the liquidity pool. Your 1inch LP tokens can be staked across 1inch farms for additional rewards in LDO and 1INCH, described above.

To stake 1inch LP tokens, follow these steps:

  1. Visit app.1inch.io/#/1/dao/farming.
  2. Navigate to the stETH-DAI farm.
  3. Once found, click Deposit.
  4. A pop-up window will show up with your 1LP-stETH-DAI balance and an overview of your staked amount and daily/monthly/yearly earnings.
  5. Choose the amount of 1LP-stETH-DAI you wish to stake out of your existing balance and press Unlock Token. Confirm the transaction in your Ethereum wallet.
  6. Once unlocked, you can deposit your 1inch LP tokens. Do so by clicking Deposit and confirming the transaction using your Ethereum wallet.

Claiming LDO rewards

To claim your LDO rewards, visit 1inch-pool-rewards.lido.fi. Connect your wallet and follow the instructions.

Earlier this year, 1inch already ran a successful liquidity mining program with Lido.

More exciting news and updates from the 1inch Network are on the way! Stay tuned!

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