We are happy to illustrate the steps of participating in ELENA’s liquidity mining:
Step1: mint USE
The ELENA protocol will incentivize the liquidity pool of USE/DAI. USE token can be minted through DAI and ELENA. When the collateral rate is 100%, 1 USE is minted by 1 DAI. As the collateral rate decreases, the percentage of ELENA as collateral will gradually increase during minting USE.
Before minting USE, we need to Approve it first, and then we enter the amount of DAI we want to mint, and the amount of ELENA needed will be automatically calculated based on the current collateral rate. Subsequently, we confirm and click the Mint button, and wait for the execution of the contract after interacting with Metamask.
After we receive the minted USE token, we could provide liquidity for the USE/DAI pool in Uniswap. We can jump to the Uniswap pair page by clicking the “add liquidity” link as shown on the page. After providing the liquidity in Uniswap, we could return to the Staking page to stake the USE-DAI LP token we just received. Here you need to click the “+” sign to stake.
Next, we need to fill in the number of USE-DAI LPs we want to stake in the pop-up window, then submit after confirmation. Now your liquidity mining starts, and your rewards are automatically calculated.
We can check the earnings in the panel on the left and withdraw the rewards at any time. If we want to quit liquidity mining, we can also click “UNSTAKE” button to withdraw the USE-DAI LP tokens from the contract. Note that no fees will be charged during all actions, all you need to pay is ETH gas fee.
At last, on the home page, we can see all the data of the Elena protocol, such as the test data shown below, the current collateral rate is 95%, the price of USE stablecoin is $0.9971, and the price of Elena is $156.2227. In the upper right corner, we can jump directly to Uniswap to buy or sell ELENA or USE.