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Liquidity Pool Step by Step guide – everything you need to know

4 min read

HoDooi.com recently announced its Staking platform, at stake.hodooi.com. With over $438,000 Total Value Locked across all Farms and Pools, have you joined the $HOD HODLers? 

This has been built on a HoDooi.com Staking and Farming platform, where we will be inviting specific partners to join us and bring their token community to Farm in exclusive HoDooi.com Partnering Farming Programmes.

When you add your tokens to a Liquidity Pool, you will receive FLIP tokens (PancakeSwap’s version of liquidity provider tokens). As an example, if you deposited $HOD and $BNB into the Liquidity Pool, you would receive HOD-BNB FLIP tokens. The number of FLIP tokens you receive represents your portion of the HOD-BNB liquidity pool. You can also redeem your funds at any time by removing your liquidity as shown in the Step by Step guide below.

Here you can find a step-by-step walkthrough on how to participate in the HoDooi.com Liquidity Pool.

HoDooi.com Liquidity Pool

Step 1: Connect your wallet, HoDooi.com suggest the use of MetaMask

Click the Connect Wallet button on the top right, once you click this you will be offered the chance of choosing your wallet, we advise you to use MetaMask wallet.

Step 1: Connect your wallet, HoDooi.com suggest the use of MetaMask

Step 2: Go to Trade – Liquidity and + Add Liquidity

Once you have connected your wallet to the HoDooi.com Staking platform you must now add Liquidity. To do this go to the top navigation bar. Click ‘Trade’, now switch to Liquidity. You will now see the + Add Liquidity button.

Step 2: Go to Trade – Liquidity and + Add Liquidity

Step 3: Add Liquidity to the Pool with BNB and HOD

The next step will be to add into the Liquidity Pool, ensure you have the correct amount of HOD and BNB in your chosen wallet. As seen below we have chosen our amounts, making sure it is in line with our balance in MetaMask. Once you are happy with this click “Supply”.

Step 3: Add Liquidity to the Pool with BNB and HOD

Step 4: Confirm Supply

Now you must confirm your supply of BNB and HOD into the Liquidity Pool, if you do not have the Input balances in your wallet then it will tell you that your balance is Insufficient.

Step 4: Confirm Supply

Step 5: Pay your Gas!

Once you choose to Confirm the Supply into the Liquidity Pool you must pay your gas fee, with our Pool being on the Binance Smart Chain the fees are low – but make sure you have some BNB in your wallet to cover the cost!

Step 5: Pay your Gas!

Step 6: Add Cake-LP to your MetaMask

You have now successfully added to the HoDooi.com Liquidity Pool, please click the Add Cake-LP to your MetaMask. This will enable you to see your Cake-LP token in your wallet and to see the value of what you have added to the Pool.

Step 6: Add Cake-LP to your MetaMask

Step 7: Go to Farms, review information and Stake

On the next step, please go to Farms in the top of the page. You will then be able to review the current status of the Liquidity Pool meaning the APR, Total Staked, Ends in, Deposit Fee, Transfer Fee, and Withdrawal Lockup. Once you have reviewed this information and are happy to move forward please click Stake.

Step 7: Go to Farms, review information and Stake

Step 8: Confirm total Staked value and then click Confirm

You will now see the screen below, on here you will be confirming your total Stake into the Pool. You can decide upon the amount, in the example below we chose the Max (100%) to add to the Pool. You will be able to see the Annual Return on Investment (ROI) at the current APR rate.

Once you have decided on the amount click Confirm.

Step 8: Confirm total Staked value and then click Confirm

Step 9: Pay your Gas!

Once you choose to Confirm your Stake into the Liquidity Pool you must pay your gas fee, with our Pool being on the Binance Smart Chain the fees are low – but make sure you have some BNB in your wallet to cover the cost!

Step 10: You are Staked!

You are now Staked into the Liquidity Pool, keep an eye on 3 key parts here. The first is the current status of the Liquidity Pool meaning the APR, Total Staked, Ends in, Deposit Fee, Transfer Fee, and Withdrawal Lockup. Secondly is the amount of HOD Earned and then finally the HOD-BNB-LP Staked where you can add or remove your Staked amount (once you have surpassed the 2-hour Withdrawal Lockup).

Step 10: You are Staked!

Step 11: Harvesting your HOD Earned

To Harvest your HOD Earned, click the Harvest button below. You will then be shown with the screen below where you then click Confirm. This HOD will be added to your wallet automatically.

Step 11: Harvesting your HOD Earned

Step 12: Staking more or Unstaking

Under HOD-BNB-LP Staked, you can add or remove your tokens from the Pool. To do this click the ‘-‘ to remove or the ‘+’ to add. In our example, we are Unstaking, once you click the ‘-‘ you will see the below screen. Here you can confirm the total amount you wish to Unstake in line with your balance, then click Confirm. With your HOD earned automatically adding to your wallet.

Step 12: Staking more or Unstaking

Step 13: Once Unstaked you can remove your Liquidity / Or Add Liquidity

To remove your liquidity (Cake-LP) from the Pool, you must now go into Trade and then into Liquidity. Once there you will see the below screen. Either Remove or + Add Liquidity.

Step 13: Once Unstaked you can remove your Liquidity / Or Add Liquidity

Step 14: Remove Liquidity

After choosing the Remove, you will be shown the below screen. Here you can choose the total amount you wish to remove from Liquidity, after you have made your decision please click Enable.

Step 14: Remove Liquidity

Step 15: Click Remove and then Confirm

Once you have enabled the removal from Liquidity, you must click Remove as circled below and then Confirm.

Step 15: Click Remove and then Confirm

Step 16: Confirm your Gas Fee and you have successfully removed your Liquidity

The final step, confirming your gas fee. After you do this, your Cake-LP will be 0 (if you have chosen to remove 100%) and your funds are converted back into BNB and HOD.

Step 16: Confirm your Gas Fee and you have successfully removed your Liquidity

What is Staking?

Cryptocurrency staking involves “locking up” a portion of your cryptocurrency for a period of time as a way of contributing to a blockchain network. In exchange, speakers can earn rewards, typically in the form of additional coins or tokens – this is exactly what we are doing with the HOD Staking Programme, giving the token holders the opportunity to earn HOD by locking up their cryptocurrency.

What is Farming?

HoDooi.com Farming Programme incentivizes liquidity providers (LP) to stake or lock up their HOD token in a smart contract-based liquidity pool. These incentives can be a percentage of transaction fees, interest from lenders, or a governance token. These returns are expressed as an annual percentage yield (APY). As more investors add funds to the related liquidity pool, the value of the issued returns decrease accordingly. 

Recently on HoDooi.com…

HoDooi.com debuted with the heavyweight boxing champ Tyson Fury’s NFT collection, with the Lineal by Tyson Fury” NFT selling for a record-breaking $987,000. HoDooi.com also collaborated with Shannon Briggs and Cris Cyborg over recent months to bring out two NFT collections on the marketplace, some of which are still available!

HoDooi.com has recently announced has entered the Play to Earn world, partnering with Black Eye Galaxy to bring HoDooi.com’s token into the Space world.

Website — hodooi.com

Twitter — twitter.com/hodooicom

Telegram — t.me/hodooi

Announcements — https://t.me/hodooiann

Instagram — instagram/hodooicom

Facebook — facebook.com/Hodooi

HoDooi.com Multi-chain NFT Marketplace | Create, Buy, Sell and Re-sell NFTs | $HOD available on Crypto.com

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