Noah City Blog

The Decentralized Finance industry has been through a major uptrend in 2020 and it seems to be continuing into 2021. DeFi has enabled new methods of generating pretty good passive income and even if your knowledge about crypto is next to none, you can try them too. Start with NOAHP liquidity mining – it’s not rocket science and can generate crypto profits for you without much effort. If you need guidance, QDAO DeFi has provided a bunch of educational materials and guides for DeFi explorers.

What is liquidity mining?

The principle of liquidity mining is pretty much the same as how conventional banking works. You deposit (effectively lending) your assets and earn interest as a result. But when it comes to DeFi, users contribute their cryptocurrencies in what are called ‘pools’. This is a depositary with a particular combination of assets (for instance, ETH and DAI) and it charges its users transaction fees. Liquidity (asset) providers receive rewards from the fees generated by the pool. For example, if you have 10% of the pool share, you will earn 10% of the transaction fees generated each day.

If you own NOAHP coins, you can store them in pools hosted by:

Balancer offers an extensive array of pools with a pretty high ROI:

Each pool has its own combination of assets, transaction fees and 24H volume. When searching for the most profitable ones, it’s helpful to use analytics published by the Q DeFi Rating platform. With real-time DeFi pool and project statistics at your fingertips, you will be able to manage your crypto savings more profitably and efficiently.

So don’t rush to sell your QDAO and NOAHP coins – they could grow in price considerably by 2022-2023, as DeFi gains even more traction. Meanwhile, you can generate more coins by simply storing them in the Balancer pool – follow this step-by-step guide to staking.

Don’t forget to convert NOAHP into NOAHP ERC-20

Since Balancer runs on the Ethereum blockchain, it supports the coins of the ERC-20 standard. If you own NOAHP coins, they should be converted into NOAHP ERC-20 tokens. This allows them to interact with other blockchains, in particular, Ethereum.

Here are detailed instructions on switching to NOAHP ERC-20 through an atomic swap.

NOAHP/QDAO Pool Overview

Open the Balancer (NOAHP/QDAO) pool:

Here, you will see the total pool liquidity, 24H volume, swap fees and other statistics in graphs.

Start with connecting your wallet and clicking on the ‘Connect wallet’ button in the upper right corner. Balancer supports MetaMask, Coinbase Wallet, Fortmatic, Wallet Connect and Portis.

If you want to earn crypto profits in ETH with your NOAHP and QDAO coins, having an Ethereum wallet is a must. Metamask browser wallet is a versatile solution because it’s supported by the majority of DeFi pools. Here’s a guide on creating a Metamask wallet – check it out.

Where to get QDAO and NOAHP

You can purchase these coins using other cryptocurrencies in the Balancer Exchange. Choose the cryptocurrency to buy it with and the amount of NOAHP or QDAO coins you will receive is calculated automatically.

If you cannot find the coins by the ticker, search for them using the contract address:

Q DAO Governance token v1.0 (QDAO) – 0x3166c570935a7d8554c8f4ea792ff965d2efe1f2
NOAH DECENTRALIZED STATE COIN (NOAHP) – 0x41b3F18c6384Dc9A39c33AFEcA60d9b8e61eAa9F

Adding Liquidity

To submit your liquidity, click on ‘Add Liquidity’ on the NOAHP/QDAO pool dashboard and proceed to the next page.

Select the number of tokens you want to submit – the amount of the second cryptocurrency will be calculated automatically. In comparison with other similar DeFi platforms, Balancer allows users to provide one asset to a pool instead of both. If you have only one type of token, choose ‘Single’ and enter the number of submitted coins.

When all conditions are settled, click on ‘Setup Proxy’:

You will proceed to the Gas fee payment page. Confirm the fee to enable the processing of the transaction.

That’s it! Once your coins are transferred, you will start receiving profit from the transaction fees in proportion to your share in the NOAHP/QDAO pool.

How to withdraw your liquidity

You are free to withdraw your liquidity from Balancer together with rewards at any time. Open the NOAHP/QDAO pool and click on ‘Remove Liquidity’. Select the number of coins you want to withdraw and pay the Gas fees to confirm the transaction. Coins will be sent to your wallet right away.

Final word

With your NOAHP and QDAO coins safely stored in the Balancer pool, you can further research the DeFI market and find more ways to make additional profit. Explore crypto deposits in QDAO DeFi – it offers annual interest rates of up to 16.37%! Also, you can stake coins in SpaceSwap and read our blog for more ideas and yield farming guides.

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