Balancer is an automated portfolio manager and AMM (automated market maker) trading platform that allows users to efficiently trade tokens through the use of their widely used liquidity pools at low (gas) fees.
Users can provide wstETH (wrapped stETH) as liquidity to the respective pool to earn trading fees and additional incentives. The pool will be allocated 100,000 LDO for the first month, with up to 10,000 BAL allocated from the Balancer team as well.
For direct access to the wstETH/WETH MetaStable pool, visit here.
1. How to wrap stETH for wstETH
Users who hold stETH will need to wrap their stETH to wstETH beforehand to interact with Balancer. wstETH is a non-rebasing token that remains stable instead of changing daily to reflect staking rewards - staking rewards are only actualised when wstETH is unwrapped.
Head over to Wrap.
Connect your wallet at the top right.
Input the amount of stETH you would like to wrap to wstETH.
Select “Unlock token to wrap” and approve the transaction.
Confirm the final transactions.
2. How to provide wstETH liquidity
Head over to Invest.
Locate and select the wstETH/WETH pool.
On the right under “Invest”.
Input the amount you would like to provide.
Confirm the final transactions.
3. How to remove wstETH liquidity
Head over to Invest.
Locate and select the wstETH/WETH pool.
On the right, select “Withdraw”.
Input the amount you would like to withdraw.
Confirm the final transactions.
How to view your LP positions
You can view your LP positions/investments at app.balancer.fi/#/, after providing liquidity to a pool and connecting your wallet.
How to claim BAL liquidity mining rewards
Head over to claim.balancer.fi/# to manually claim your BAL liquidity mining rewards.
Connect your wallet and select “Next”.
Select “Claim”.
Confirm the transactions to claim your BAL.
More information on how to claim LDO rewards will be shared in the coming days.