PlutusSwap & yPLT Guide
Join us on our journey to Mount Olympus! Step by Step guide on how to buy yPLT and farm on PlutusSwap
Last updated
Join us on our journey to Mount Olympus! Step by Step guide on how to buy yPLT and farm on PlutusSwap
Last updated
After learning and getting used to the flow, becoming a farmer can be a fairly straight forward process. All the information you need can be found below:
How to buy crypto with fiat
How to buy yPLT?
How to get yPLT LP token on UniSwap?
If you already have ETH, you can skip this step.
First of all, you will need to have ETH. If you don’t already have ETH, proceed to and buy Ethereum from your favourite fiat to crypto exchange such as Coinbase. Do take note that you will be an equivalent amount of ETH and desired purchase amount for yPLT. Eg if you wish to buy 5 ETH worth of yPLT, you will need 10+ ETH in total. (10+ because there will be gas fees required.)
Now that you have ETH in Coinbase, you will need an open-source ERC20 wallet. We will use MetaMask as an example since most DEX accepts this wallet. To create a MetaMask wallet, click here: Set-Up Metamask.
Once you are done with the setup, written down your secret phrase and memorised your password, you’ll see a MetaMask wallet Ethereum address — you can use this address to send or receive Ethereum or any ERC20 token.
Now copy your MetaMask wallet address and log in to Coinbase that holds the ETH. Send the ETH from Coinbase to MetaMasks. Next we need to add yPLT as a token to MetaMask so you can see your balance later, do this by opening MetaMask and clicking Assets, scroll to the bottom and then click “Add Token”, then click “Custom Token” and paste in the yPLT Token Contract Address.
yPLT Contract Address - 0x40E7705254494a7E61D5b7c86da50225DDc3DaAE Click Next and it’ll be added to your MetaMask wallet. This step is important so that your yPLT balance will be reflected on MetaMask after you buy yPLT on UniSwap. Now log in to Uniswap to buy yPLT. * Do note that yPLT UniSwap listing will be on 7th OCT. Any yPLT listed on UniSwap before 7th is not us. Do wait for the official listing announcement and always double-check the yPLT contract address before swapping tokens. Stay Safe!
Before we start, not all users are accustomed to DeFi products. For new users' benefits, we will explain what is UniSwap. If you are already an expert, bear with us and skip this introduction.
Uniswap is an AMM DEX protocol for ERC20 tokens.
Centralised exchanges maintain an order book and facilitate trades between buyers and sellers. Uniswap smart contracts hold liquidity pools of multiple ERC20 tokens, and trades are executed directly against these liquidity pools. Prices are set automatically using the constant product market maker mechanism (x*y=k), which keeps overall reserves in relative equilibrium. Reserves are pooled between a network of liquidity providers who supply the system with tokens in exchange for a proportional share of transaction fees. Now let’s dive straight into buying yPLT from UniSwap.
Here’s how to purchase yPLT on UniSwap- 1. Go to Uniswap: https://app.uniswap.org/#/swap 2. Connect to a wallet (Choose your preferred wallet supported on UniSwap. We use MetaMask as an example). A popup window would appear showing your account, choose the wallet then click “Next” and “Connect”. MetaMask will now pop up asking you if you trust the site and want to continue. Say Yes, Say Yes. Now your wallet is connected to UniSwap and you can now swap ERC20 tokens! 3. On the Swap tab, choose the amount of yPLT tokens you want to swap. Choose the yPLT by clicking the down arrow under “To”. A list will appear and you can choose the token you want to swap to, or if your token is not on the list you can paste the address of the token. Uniswap will display an estimate of how many tokens you would receive after the swap. To confirm, click “Swap”. 4. After the transaction is confirmed on the Ethereum network, you will now be able to see the yPLT credited on your MetaMask wallet and your ETH balance will decrease.
So now that you have yPLT and ETH in your MetaMask wallet, you can now contribute to the UniSwap yPLT/ETH liquidity pool and receive your LP tokens. You will need the LP token before you can start farming on PlutusSwap.
1. Stay on the Uniswap page where you bought yPLT and click the Pool tab 2. Click the “Add Liquidity” button. Select ETH and click “Select Token”, then just paste the yPLT contract address in the search box, then select yPLT.
3. Type the number of yPLT you have in your wallet in the yPLT box, the ETH value will adjust accordingly. The key to liquidity pools is that you create them with equal monetary values on both sides. ETH value must match the monetary value of the yPLT.
4. Now click “Approve yPLT”. MetaMask will popup again asking you to confirm, click “Approve” and take a quick nap (if the Ethereum network is congested). 5. Once your transaction gets confirmed on the network, you’ll receive yPLT LP tokens. You are now ready to stake the UniSwap LP tokens on PlutusSwap and earn yPLT. Congrats!
You can deposit and stake other UniSwap LP tokens and earn yPLT as well! However, yPLT pools incentivise users with x10 rewards! Other pools supported:
USDT/ETH
USDC/ETH
UNI/ETH
PICKLE/ETH
CORE/ETH
AMPL/ETH
LINK/ETH
