By Wendy’s Whitepaper contributor @LibertyRaider
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Maki Swap is aiming to be the #1 liquidity provider on Huobi Eco Chain (HECO) and is off to a great start with over $70 million in total value locked (TVL) in the first 7 days – comparable to PancakeSwap that also reached $70 million in 7 days.
View: MakiSwap Analytics
What is MakiSwap?
The Unilayer-powered MakiSwap protocol became the first dedicated automated market maker (AMM) on HECO when it launched on May 28, 2021. In addition to token swaps, yield farming, staking, and analytics already live, MakiSwap is planning to add many new protocol features soon, such as the following:
Limit Orders
Order Books
TradingView Charts
Lending and Borrowing
NFT Marketplace
IFO Launchpad
All these tools will be natively integrated within the MakiSwap platform, making it the first AMM to have a more robust trading experience for both experienced and new traders. MakiSwap plans to release its initial farming offering (IFO) platform very soon, which will increase demand for MAKI tokens, since they are required for participation.
Getting Started
If you are using Metamask, you will need to add a custom RPC to connect to Heco Chain and fund your wallet with HT for transaction fees.
Learn How: Connect Metamask to Huobi ECO Chain (HECO)
Initial Farm Offerings
Initial Farm Offerings (IFO) are a new type of token sale event popularized by Decentralized Exchange (DEX) platforms. These integrated IFO platforms are a unique type of launchpad combining a fundraising event and producing initial liquidity for upcoming projects.
The DEX team will thoroughly vet projects before hosting IFO’s. However, this does not ensure the token’s success or integrity, so users should still practice due diligence before making financial decisions. Users should research the IFO details and project before participating.
To participate in an IFO the user will typically need to provide MAKI/HT LP tokens. These are used to purchase sale tokens for the new project. Then the MAKI is usually burned, and the HT goes to the project. More details on this should be released soon.
Providing Liquidity
To create Liquidity Provider (LP) tokens, you need a 50/50 amount of each token (in value). For example, you could start with 1 HT token and swap .5 HT for MAKI on the MakiSwap exchange. To provide liquidity on MakiSwap visit the Liquidity page on the website. Select the MAKI/HT token pair and “Supply” liquidity.
Learn How: MakiSwap Liquidity Guide
Tip: When trading or creating token pairs, remember not to use all your HT because you always need to save a little to cover the very minimal fees (a few dollars’ worth is more than enough). HECO uses HT for transaction fees like Ethereum uses ETH for gas fees.
Staking
The MAKI pool is live! Stake your MAKI tokens to earn more MAKI. This was the first staking pool that went live at launch time with more coming soon.
Learn How: MakiSwap Staking Guide
What’s this SOY token?
MakiSwap’s SOY token is deposited in your wallet when you stake MAKI in the MAKI pool. This is the governance token and is automatically swapped back when you unstake your MAKI. Do not attempt to sell your SOY as it is a 1:1 swap and you will need your SOY when unstaking.
According to the team, you will then be able to stake your SOY in new pools to earn other tokens from new projects across the Heco ecosystem – a kind of double dipping rewards. All while leaving your MAKI staked and compounding those rewards. More details will be released soon, but here’s the two types of pools we know about so far:
Stake MAKI, earn MAKI (SOY)
Stake SOY, earn other tokens
Watch for new pools and get in early for maximum gains. As more people enter the pools, your share will decrease and so will your rewards. This works the same with yield farming.
Yield Farming
Experience the next generation of yield farming on HECO with MakiSwap. This is how DeFi (decentralized finance) was meant to be with high-speed transactions and super low fees. You can participate in the MakiSwap Yield Farms by Staking your LP tokens.
Learn How: MakiSwap Yield Farming Guide
You can shop around the yield farms and see live data on APY as well as total liquidity by expanding the “Details” dropdown. Remember, the more liquidity, the lower your share of the pool – and vice versa.
What’s next?
With high-speed and low fees, you can move in and out of pools and staking for next to nothing in transaction costs. Experienced DeFi users will be following MakiSwap announcements to jump in the pools early. If you are new to DeFi, you can practice while enjoying those super-low fees.
Geo Olica, MakiSwap and Unilayer founder, previously referred to HECO as a ‘hidden gem,’ noting that its adoption statistics rivaled those of Ethereum and Binance Smart Chain (BSC). He also says the NFT and IFO platforms are ready and will be launched in a few days.
Follow MakiSwap on Twitter and find them on CoinGecko, CoinMarketCap, and DeFiBox. You can already trade MAKI on the MakiSwap DEX and Bilaxy with more exchange listings confirmed and coming soon, according to Olica.
Join Telegram:
General Discussion https://t.me/MakiSwap
Announcements https://t.me/MakiSwapAnn
Trading Group https://t.me/MakiSwapPriceTalk
Join Discord:
https://discord.com/invite/EfpzKfymXD
Join the AMA (Ask Me Anything) with HECO Chain on June 8, 2021 https://t.me/Huobiecochainofficial
Wendy’s Whitepaper Disclaimer: Please be advised that I own a diverse portfolio of cryptocurrency assets, and anything written or discussed in connection to cryptocurrencies– regardless of the subject matter’s content– may represent a potential conflict of interest. I wish to always remain transparent and impartial to the cryptocurrency community, and therefore, the content of my media is intended FOR GENERAL INFORMATION PURPOSES ONLY. Nothing that I write or discuss should be construed, or relied upon, as an investment, financial, legal, regulatory, accounting, tax, or similar advice. Nothing should be interpreted as a solicitation to invest in any cryptocurrency, and nothing herein should be construed as a recommendation to engage in any investment strategy or transaction. Please be advised that is in your own best interests to consult with investment, legal, tax, or similar professionals regarding any specific situations and any prospective transaction decisions.