SpaceSwap step-by-step tutorial: getting MILK2 coins using NOAHP
The Noah Project strives to develop in all accessible ways. The new trending DeFi protocol SpaceSwap is all about juicy opportunities. The Platinum Software Development team decided to join the SpaceSwap Partnership Program, which means inclusion of the NOAHP token in their ecosystem. To start earning in SpaceSwap and find out how to receive more MILK2 coins using your ERC-20 NOAHP, read this step-by-step guide and you will be all set!
Introduction: what is SpaceSwap?
SpaceSwap is a new DeFi platform that’s based on the Uniswap protocol; but instead of simply copying it, it has been improved and refined. Its smart contract will be audited soon to fix any potential bugs and vulnerabilities. Recently, the updated SpaceSwap v2.0 project was released. The developers improved the protocol to make it more safe and stable.
In SpaceSwap, users provide their crypto liquidity and in return get tasty rewards – on top of APY rates, they also get a serving of MILK2 coins. The term ’liquidity’ is defined as the ability to buy or sell assets in the market without causing a drastic change in the asset’s price.
SpaceSwap beginner’s guide
Open the SpaceSwap homepage and click on ‘Connect Wallet’. So far, SpaceSwap supports Metamask browser wallet though more options will be added soon. Give permission to connect your wallet to SpaceSwap. Note that Metamask might charge you a fee for the connection to SpaceSwap but it’s paid only once. After that, you will be able to stake assets in the liquidity pools and pay ETH gas fees in a click.
Liquidity pools, in essence, are pools of tokens that are locked in a smart contract. There are two tokens in each pool and the relative amount of tokens determines the price between them and can always be traded as long as there are corresponding tokens in the pool.
We prepared a special guide for Metamask and how to add NOAHP token.
Please note: Metamask cannot connect to SpaceSwap via a mobile browser. If you want to operate SpaceSwap using a mobile device, you need to download the Metamask application either from the App Store (iOS) or Play Market (Android) and install it.
Next, you have to open the application on your smartphone and click on the ‘Browser’ button in the Menu.
Type “spaceswap.app” in the search line and press ‘Follow’. The main page will open.
You can also add SpaceSwap to your Favorites by clicking on the three dots and selecting the “Add to Favorites” option.
All you need to do next is connect your wallet as described above and start using the SpaceSwap platform.
Proceed to the Dashboard. It will show the overall liquidity in SpaceSwap pools and the amount of MILK2 in your glass. So far, it’s empty but you can easily fix that by getting MILK2 coins as a reward for staking in Milky Planet pools.
Now you are ready to explore the SpaceSwap universe! Click on ‘Milky Planets’ to start your cosmic journey and reap DeFi profits. Milky Planets are what SpaceSwap calls liquidity pools.
The list of Milky Planets (liquidity pools) is displayed on the Dashboard, each with its own combination of crypto assets. The starting list of liquidity pools in the SpaceSwap protocol is:
- NOAHP – ETH
- QDAO – ETH
- MILK2 – ETH
- MILK2 – SHAKE
- YFII – ETH
- CVP – ETH
- DF – ETH
- UNI – MILK2
- ETH – USDT (from Mooniswap)
- ETH – USDT (from Uniswap)
- MILK(v1) – ETH
MILK2 starts with Unicorns
Before you start MILKing SpaceSwap’s crypto cow, you should get acquainted with the Unicorn of the DeFi industry. When you participate in Uniswap’s pools as a liquidity provider, you automatically receive special LP (Liquidity Provider) tokens. They indicate your contribution and allow you to claim rewards from the pool. You can take these LP tokens and deposit (stake) them in SpaceSwap pools. That’s how the protocol confirms your participation and starts rewarding you with MILK2 coins. The longer you hold LP tokens in the SpaceSwap pools, the bigger your earnings.
ERC-20 NOAH has been added to the SpaceSwap protocol recently and at the moment, there’s only one pair available – ETH-NOAHP UNI-V2 LP tokens. In order to provide liquidity, you should have both ETH and NOAHP coins in your Metamask wallet.
Open the NOAHP page on Uniswap and click on the ‘Add liquidity’ button.
ETH is usually chosen by default but if not, select it in the opening window. NOAHP will be chosen by default too, as you were redirected from its page. Now select the amount of ETH and NOAHP you want to add to the liquidity pool. Please note that you will be charged a fee when buying coins in Uniswap and adding liquidity to pools.
Once the liquidity is added to the pool, you will receive LP tokens. Now you can jump in the rocket, explore the Milky Planets and take your profits to the Moon! Your LP tokens can be checked at any time on Etherscan:
How to stake (deposit) in SpaceSwap?
Staking in DeFi means users can utilize smart contracts and participate in various issues via voting in a proof-of-stake model, as well as earning passive rewards by depositing their crypto assets.
We’ll continue using NOAHP-ETH LP tokens as an example. Select the Orange Planet (NOAHP-ETH UNI V2 pool), click on it to find out the details (tokens staked, MILK2 earned), make a deposit or withdraw your earned MILK2.
Click on ‘Approve’. You will be connected to your Metamask wallet to confirm the payment of the ETH gas fee (it is required so that SpaceSwap can access your LP tokens in Uniswap). This fee is only paid once.
Proceed to make the deposit. Enter the amount of LP tokens you want to submit or click on ‘MAX’ to deposit all of your balance. Press ‘Confirm’ and proceed to paying the ETH gas fee. Remember that Metamask and other wallets alike allow you to select the transaction speed (fees will vary accordingly).
Congratulations! Now when your LP tokens are added to the pool, you will enjoy APY rate rewards and MILK2 coins dropping into your wallet.
At this stage, your fantastic adventure in the SpaceSwap universe has only just begun. Feel free to explore other options:
- add and withdraw liquidity from SpaceSwap pools
- get liquidity back to Uniswap
- stake assets in the MILK-SHAKE pool for extra earnings
- sell accrued coins
- receive income from transaction fees
- earn more MILK2 with the help of SHAKE coins (instructions will be added once the feature is deployed)
Holy Cow! It’s that easy?
Yes, but before you start enjoying MILK2 flowing into your wallet, make sure you do not deposit more than you can afford to lose. Despite SpaceSwap being a tried and tested platform, there are additional risks associated with crypto price fluctuations, high ETH gas fees and APY rate corrections. Assess your risks properly and you’ll be golden.
Noah Blockchain ecosystem: