How to Use Honeyswap to Provide Liquidity

In this guide, I will show you how to transfer dai from Ethereum mainnet to xDai chain and how to use and provide liquidity on Honeyswap. xDai is an Ethereum compatible EVM sidechain, and any contract that works on the Ethereum chain could be integrated on xDai. The benefits are much cheaper fees and fast transactions. To follow the steps below, you need to have installed MetaMask wallet, but if you don’t have it follow this article to set it up. So let’s not waste more time and see what we have to do.

 

Set up xDai network in MetaMask wallet

 

Network Name: xDai

Chain ID: 0x64 or (100)

Currency Symbol: xDai

Block Explorer URL: https://blockscout.com/poa/xdai

 

 

1. Step one, open MetaMask, and follow the picture below.

custom rpc metamask

2. Copy and paste mainnet details as it is shown in the picture below. Click save when finishing.

xDai network

 

Transfer xDai from Ehereum mainet to xDai cain

 

1. First, go to a 1inch exchange and convert some ETH or other ERC20 to Dai, as shown in the picture below.

1inch exchange

 

2. Next, go to https://dai-bridge.poa.network/ to transfer dai from Ethereum main net to xDai chain. Your MetaMask should be on the Etereum network to send tokens to xDai. If you want to send dai back to ETH main net from the xDai chain, your MetaMask should be on the xDai network. Enter the amount that you want to transfer, click unlock and confirm on MetaMask. The process could take a few minutes, and if not, you may need to speed up the transaction from MetaMask.

ethereum to xdai

 

3. When it is ready, you will see confirmation in the bottom right corner. Then click transfer and confirm om MetaMask again.

dai unlocked

 

 

4. Waiting for six confirmation. Be aware that you will pay transaction fees on both networks.

waiting confirmation

 

5. When the transfer is ready open MetaMask and switch from Ethereum Mainnet to the xDai network. Your xDai will show in the wallet.

switch to xDai network

 

Providing Liquidity on Honeyswap

Now, when everything is set up, and you have funds in your MetaMask on the xDai chain, let’s see how to use HoneySwap and provide liquidity.

 

1. First, go to https://app.honeyswap.org/#/swap and connect it with MetaMask. After that, buy the coins that you want to provide liquidity (in this case, it will be HNY and HEX). You could check the pairs on Honeyswap here.

buy coins on HoneySwap

 

2. After you buy the coins, click pool.

 HoneySwap pool

 

3. Click add liquidity.

click add liquidity

 

4. Enter the amount you want and proceed.

enter the amount

 

5.  Click supply and confirm supply after that.

supply

 

6. Confirm in the wallet.

confirm in the wallet

 

After a few seconds transaction will be confirmed. Now you know how to use Honeyswap.

 

 

 

 

 

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