Realizing the power of Mutual Respect and Understanding
I have met some really great people in this eco system, although we do not know each other in the “real world” yet have often conversed online, I must admit, I find myself looking forward to coming home after a busy day at work, making a coffee, logging on directly on as mangomayhem and seeing who is available to chat to. The intrinsic design of this metaverse, within HIVE specifically (As it is what I know), is a consistent learning process, and although I feel myself to be a learned individual, Knowledge is power, and within this eco system, I am in infancy stage, I feel that I am learning something new every day however still have a lot to learn. I am not embarrassed to admit it, as people here are so willing to share and offer advice unconditionally. Perhaps one day I will be able to pay it forward also.
TeamPH currently has 3 Diesel Pools (Liquidity Pools). To my understanding these act as an exchange for particular paired tokens, since the start of my Splinterlands Journey, I have always been in them, as they are a great way to earn a passive income. Back then in 2021, I didn’t have a problem buying tokens but was unsure about what to do with them. Lucky for me I had @leveluplifeph to refer to. He is also well invested in LP pools.
During our board meeting, we discussed the importance of keeping these pools alive, liquidity is king and as our token TeamPH is associated with all of our initiatives, it is important to have these exchanges available for our community. We ended the discussion with each of us committing to ownership of a pool, mine would be the TEAMPH:SPS one. It is important to keep our pools incentivized, to reward our valued Liquidity providers. I decided to set up my first rewards contract, reaching out to other HIVE Tribes for Support and investing my own capital in the hope that this would flourish.
I will now take you through the process of how this was set up, perhaps it may be useful to those like me, that are still in their infancy stages within this eco system.
I am used to using Tribaldex to do everything when coming to exchanges, buying tokens, adding liquidity etc. When setting up a rewards contract, go to contracts, and then to distribution. Please be advised that it costs 100 BEE Tokens to set up a Contract. Here's the link to Tribaldex: https://tribaldex.com/tokens
From there, there is a button highlighted “Create Distribution” which will lead you to this page. You must select strategy type and change to diesal pool. In the number of payment section it refers to the number of days that this will be active for and distributing toward your providers. I opted for 180 days which is approximately 6 months. Token Pair would be the pool that you wish to set up the contract for. Once you are happy with that and you have your 100 BEE, click on create.
After this is done, anyone can access your contract and deposit tokens into it however if you wish to do it on your own you will need to locate your contract via the search bar shown above, then click on details which will open up this page. In order to deposit. Click on the “Deposit” Tab. From there it is pretty self explanatory.
This is my current rewards contract. I connected with the owners of THGAMING, PIMP and Cryptoshots who were all but willing to support. At the moment this pool is boasting a 43% APY which I believe to be something to get into. I hope to keep this running and perhaps may think of a future initiative linked in with the TeamPH curation account to keep this self-sustainable, but for now I am happy to lead by example.
I hope you have found this informative, should you have any questions, please feel free to comment below. This is MangoMayhem signing out, Ciao for now, and I look forward to seeing you on the battlefield!
“Together we Thrive Kapamilya”