Tutorial for Farming Xigua 🍉 with Pumpkin
Disclaimer:
This tutorial was officially provided by Xigua Finance. The information provided here does not constitute any investment advice. If you have any questions, please contact the Xigua Finance DApp team directly.
Introduction
The mission of Watermelon (Xigua) is to be the Uniswap + MakerDAO of the IOST blockchain and provide decentralized trading and stable coin lending services. Xigua Finance has been live for 14 days already, reaching a maximum stake amount of more than 300 million IOST.
Official website:
There are 5 functions on Xigua: Swap, market-making, minting, vault, and data.
- Swap: currently supports 12 tokens on the IOST chain
- Market making: add two kinds of tokens to provide liquidity and get liquidity tokens
- Minting: over-collateralize IOST, lend XUSD
- Vault: Stake liquidity tokens and get rewards
- Data: Xigua Finance business data
You can farm Xigua with 8 other tokens including Pumpkin.
Tutorial 🍉
0. Preparation
1) Download wallet: With a wallet supporting IOST applications, such as TokenPocket and DappBirds
2) Account creation: take TokenPocket wallet as an example, to open an IOST account through Token Pocket wallet, and to open an IOST account requires a small amount of payment via WeChat or Paypal.
3) Deposit IOST: Please trade the IOST through Huobi/Binance or any trading platform that supports IOST, and transfer the token to the newly opened IOST mainnet account.
4) Get enough IGAS and IRAM: Since watermelon runs decentralized on the chain, the transactions require enough resources. Click [Resources] to deposit a small amount of IOST to get enough IGAS and IRAM.
5) Enter xigua.ist: Use the wallet that supports IOST, take TP wallet as an example, click [find] at the bottom to enter DApp interface, and search https://app.xigua.ist/ at the top
1. Minting: Stake IOST and lend XUSD
Xigua adopts a dual token system in which:
XG is the platform token. Available for farming, with a deflation mechanism, and holders have platform governance and income rights.
XUSD is a stable coin, which is generated through the collateralization of IOST on a 2.5 IOST : 1 XUSD ratio.
1) Enter the [XUSD] page
2) Enter the amount of IOST you want to stake, and then click [Stake IOST]
3) Click [Borrow] to enter the loan page, enter the loan amount and click [Borrow XUSD] to complete the withdrawal of XUSD
4) During the XUSD borrow phase, you can observe the related information in the lower part of the page
2. Market making: add two kinds of tokens to obtain liquidity tokens
1) Click [Pool] to enter the market making page
2) Click [Add Liquidity] to enter the pair selection page. Add Pumpkin as the token to pair.
3) After selecting the PPT/XUSD pair, enter the amount you wish to add (you will get incomes only by adding a pair that contains XUSD)
4) After completing the process, you can check your liquidity on the same page. Click [Manage] to increase or decrease the liquidity you have added.
3. Vault: Stake Liquidity tokens and get XG 🍉
1) Click [Vault] to enter the Vault interface
2) Click [Manage] to enter the staking page
3) Click [Stake] to stake
4) Click [Claim] to extract XG🍉
5) Click [Unstake] to get back the liquidity tokens and stop farming
4. Exit: remove liquidity
1) Click [Unstake] to get back the liquidity tokens and stop farming
2) Click [Pool] and then click [Manage] to increase or decrease the liquidity you have added.
3) Click “Remove” to exit the market making
4) Return the XUSD: Since the XUSD is borrowed by over-collateralization, if the IOST price plummets by 40%, there is a risk of liquidation.
Please always pay attention to the current price of IOST, and return the XUSD when there are price falls or stake more IOST.
5) After you are finished with the stablecoin, click [Return] to enter the page for returning the stablecoin. After returning, you can get the IOST back.
6) Click [Unlock] to enter the “unlock and retrieve IOST” page. You can choose to wait for 3 days to retrieve the full amount or pay a small fee to retrieve it immediately.
