The most detailed guide to using the Ubeswap floor (2021)

Through incentive programs with a total value of up to $ 100 million, Celo has officially entered the adoption phase with large cash flow as well as a constantly increasing number of users. This article will focus on the most important AMM project, which is the first destination for money to start exploring this potential ecosystem.

Overview of Ubeswap

Ubeswap is an AMM DEX similar to Uniswap on Ethereum, or Pancakeswap on Binance Smart Chain. Ubeswap allows users to perform basic transactions such as swaps, provide pool liquidity, and go farming. The fee received for providing liquidity is about 0.3%.

Ubeswap is currently the place to list the most tokens of projects on the system, so this is the first platform you should visit if you want to trade or provide liquidity for different token pairs.

This has helped Ubeswap have TVL as well as the transaction volume that has grown very rapidly in recent times, anticipating the cash flow that is flowing into Celo.

Project ranking in Celo system according to TVL. Detail here.

Liquidity and trading volume 24h on Ubeswap September 27, 2021. Detail here.

What to prepare to use Ubeswap

Download and install the wallet used on Celo

Currently, Techtipsnreview wallet has Celo support. You perform the following steps to create a Celo wallet:

Step 1: Choose Add Wallet => Select create Celo cUSD wallet

Step 2: When accessing dApps on Celo, I choose Celo Extension Wallet => Pop up Techtipsnreview wallet will appear.

Step 3: Login to Techtipsnreview wallet (remember to enable Celo wallet in Techtipsnreview Wallet app)

Ubeswap will still record that I am connected to Celo Extension Wallet, but if the wallet address is correct, then I have successfully connected. To be more careful, you can check the CELO number in the corner of the screen.

The current Techtipsnreview Mobile Wallet There is already an integrated Ubeswap exchange, for convenience, you can buy and sell tokens directly here. Then if I want, I will bring these tokens to Ubeswap to provide liquidity and farm.

To better understand how to use Techtipsnreview Wallet, you can refer to the following article.

In addition, due to Celo is an EVM (Ethereum Virtual Machine) compatible blockchain so it has Metamask wallet support. Some other wallets created specifically for the Celo system include: Valora, Celo Extension Wallet

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Prepare gas charge on the system

Since Celo is a blockchain like Near, Solana, etc., the transaction fee will be the blockchain’s own CELO token. The easiest way to get CELO is to buy them on CEX exchanges like BinanceCoinbase, …

CEX exchanges allow trading of CELO

Then transfer these CELOs to your Celo wallet and use them as gas fees for future transactions.

Transfer CELO on Binance

Detail: Instructions to transfer coins to Celo network to skin in the game

Transfer assets to the Celo . network

In addition to preparing Celo to make gas fees, you also need to have crypto assets to be able to start swapping or farming. The easiest way is to transfer CELO to the wallet (as I instructed above) and then use Ubeswap to buy other tokens.

However, if you want to transfer other assets such as stablecoins, ETH, etc., you can use Celo’s bridge like Optics Bridge (integrated directly on the platform). Mobius Finance) or Moss bridge.

Because the way to use the two bridges is the same, I will choose Optics Bridge to explain the steps carefully.

Step 1: Into the Mobius Finance: https://mobius.finance/

Step 2: Connect to your e-wallet by selecting Connect to a wallet.

Step 3: Switch to tabs Bridge.

Step 4: Select the chain you want to transfer assets in the box From (Note that Optics Bridge is still a beta, integrating with the Polygon network has many problems, so it may be locked, so I recommend only chaining Ethereum stop).

Step 5: In the cell Big, choose Celo is the destination chain (in case you want to transfer assets from Celo to other chains, do the opposite).

Step 6: Select the type of asset you want to transfer (with the Ethereum network, there are 3 supported tokens: USDC, WETH and WBTC, while the Polygon network only supports USDC).

Step 7: Enter Celo wallet address to receive assets.

Step 8: New tokens will need to be approve in the previous wallet.

Step 9: Choose Send (Note that the bridge is quite long, it takes about 3-4 hours before the money arrives in the wallet, so please take some time to transfer the assets to the chain first)

Step 10: When successfully transferred to Celo, the new token will have the prefix c, ie cETH, cBTC and cUSDC (remember to add these tokens to your wallet to see the number of tokens you own).

  • To find contracts for these tokens, visit: https://explorer.celo.org/
  • Type the token name in the search bar like cUSDC, cETH,… ⇒ Go to the Tokens section and see what the contract address of that token is.
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Then go back to Metamask wallet, select Add token Paste Token Contract Address.

You also use this way to display tokens in the Celo system such as UBE, MOBI, etc.

Ubeswap User Manual

Use Ubeswap on Techtipsnreview Mobile Wallet

Step 1: At the main screen select Exchange.

Step 2: Choose Ubeswap.

Step 3: I will have to fill in some of the following information:

  • Select Celo wallet to start trading.
  • Select the Token you want to trade from the list => Enter the number of tokens you want to sell.

Parameters you need to note:

  • Rate & Inverse rate: Price ratio of 2 types of token swap
  • Price impact: Estimated % difference in swap price compared to display price
  • Liquidity Provider Fee: the amount of fees that will be used to pay the fees to the liquidity providers.
  • Gwei bar: The feature allows users to adjust the amount of Gas (transaction fees) to suit their needs.
  • Share URL: Share trading pairs via url.

Step 4: Select Swap.

How to swap tokens on Ubeswap

Step 1: Choose Launch App.

Step 2: Connect to the e-wallet by selecting Connect wallet.

Step 3: In the cell Fromselect the asset type available in the wallet ⇒ Enter the amount.

Step 4: In the cell To (estimated)select the asset type you want to convert to ⇒ Enter the quantity.

Step 5: Choose swap.

How to provide liquidity to the pool

Step 1: Select tab Pool.

Step 2: Choose add liquidity.

Step 3: Choose the two types of assets you want to add and their quantity.

Step 4: Press supply (then you will receive a Liquidity Provider token certifying that you have provided liquidity to the pool).

You can return to the pools tab to see the pools that you have provided liquidity, in the section Your liquidity.

For those who want to create their own pool, you can choose Create a pairthe next steps are the same as steps 3 and 4 above.

How to farm on Ubeswap

My advice is to go to the farm tab first, choose a high yield token pair, and then return to the pool to start providing liquidity.

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Step 1: Select tab Farm.

Step 2: Select the token pair that you just added liquidity to farm by choosing deposit.

Token pairs will be divided into 4 groups:

  • Triple Reward Pools: Liquidity pools have a reward of 3 tokens.
  • Double Reward Pools: Liquidity pools have a bonus of 2 tokens.
  • Available: Liquidity pools are still running the yield program (with a reward of 1 token).
  • Inactive: Pools are not rewarded.

Important parameters to note:

  • Total Deposit: The total value of tokens that have been provided as liquidity to the pool.
  • CELO rate/MOBI rate/…: Number of tokens received in a week (including many tokens such as Celo, Mobi, Ube, …).
  • Combined APR: Interest received when farming (including all tokens received).

Step 3: Enter the amount of LP tokens to farm (can choose max is to use the entire amount currently in the wallet).

Step 4: Choose Deposit UBE – LP token.

Step 5: To get bonus tokens back choose claim.

  • If you want to use more LP tokens to farm, choose deposit Enter the quantity.
  • If you want to receive both rewards and LP tokens, choose withdraw ⇒ Enter the amount of LP you want to withdraw.

Similar projects – Mobius Finance

Like Ubeswap, Mobius Finance is also an AMM on Celo but for stable assets (ie token pairs with the same underlying assets, for example cUSDC – USDC pairs both have US dollar base assets) at a rate Low slip and low cost. For those who are afraid of risk Impermanent Loss then you can farm on Mobius Finance and still receive high interest rates.

My advice is that in times of market volatility, many people who want to keep stablecoins should still make profits on AMM platforms for stable assets like Mobius Finance on Celo or Curve Finance, Saber

Because it is also AMM, the usage is quite similar to Ubeswap, you can fully take advantage of this time to skin in the Celo system game and make good profits with low risk.

High interest rates with stablecoin pool at Mobius Finance

summary

As the first AMM in the system, Ubeswap will continue to attract large cash flows in the future. Therefore, I think this is a good time to take advantage of the high APR and farm for profit, as well as anticipate future trends.

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Source: The most detailed guide to using the Ubeswap floor (2021)
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