A Beginner’s Guide to Liquidity Mining on DeGate

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On 8th March 2024, 13:00 UTC, we launched our inaugural Liquidity Mining Program with great success! Full details of the campaign reward details were covered in our previous article (DeGate salutes early Crypto Natives with Airdrop and Liquidity Mining).

DeGate proudly stands as one of the pioneering protocols that introduced liquidity mining via a decentralized Grid Strategy feature. With this guide, we hope to help users participate in this campaign. Let the mining games begin! :farmer:

Step-by-Step Guide

Preparation

  • Have an ERC20 web3 wallet ready: DeGate supports Metamask, WalletConnect and Ledger.
  • Ensure that your web3 wallet contains either ETH or stablecoins to facilitate deposits into the DeGate DEX.

Steps

  1. Visit the campaign page at https://app.degate.com/mining
  2. Choose your preferred mining pool from the available options: DG-USDC, ETH-USDC, ETH-USDT, ETH-WBTC, USDT-USDC.

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  1. Choose a mining pool and click “Start Mining”.

  2. Set up your grid strategy either in [Auto] or [Manual] mode.

Note:
For [Auto] mode, ensure you have sufficient funds before setting up Grid Strategy
For [Manual] mode, adjust the parameters according to your preference

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  1. To be eligible for mining rewards, the minimum mining order amount per grid is set at $120.

Note:
The mining tool will be illuminate in green if your grid order is eligible for mining rewards.

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  1. Click on “Create Grid Strategy” and you are all set! You can visit DeGate to monitor the progress of your mining rewards.

  2. Mining rewards can be claimed at DeGate

Note: Mining rewards can only be claimed after the Grid Strategy has been active for 12 hours.

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Mining Rewards Calculation

Rewards are calculated every 15 seconds. All qualified orders within the same mining pool share rewards proportional to their value to be filled. The rewardable price range typically depends on the status of the order book. For a more detailed explanation, please refer to this article.

Tips/Recommendations

  • Opt for the mining pool with the highest APY to maximize profitability.
  • If you’re new to Grid Strategy, opt for the [Auto] mode for easy setup.
  • For experienced grid trading users, consider setting up a minimum of 10 grids to optimize profitability.
  • The closer your grid orders are to the market price, the greater your mining rewards will be.
  • Ensure each grid order meets the minimum $120 to be eligible for mining rewards.

DeGate is looking for Contributors:

DeGate is looking for talented contributors. Check out this link

About DeGate

DeGate is an Order Book DEX on Ethereum built with Zero-Knowledge technology. DeGate allows users to trade spot market with Limit Orders on a DEX. In addition, DeGate offers a decentralized grid trading function.

DeGate is focused on being user-friendly and is built on the principle of Trustlessness, or ‘Can’t do evil’. Users can expect super-low gas fees that are the result of DeGate’s special Efficient Gas Saving technology. This innovation ensures significant gas savings while maintaining a decentralized protocol.

DeGate also enables permissionless listing, meaning that any token can be listed in a permissionless manner through an open listing mechanism. DeGate Mainnet is live on https://app.degate.com/.

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