Decentralized Finance (DeFi) has emerged as an integral building block for all smart contract based protocols — Tezos is in the midst of experiencing some parabolic growth in their DeFi ecosystem.
One project that is currently leading the charge is Plenty DeFi!
What is Plenty DeFi?
As stated in their Mainnet press release:
Plenty is a decentralized yield farm running on the Tezos blockchain. Our goal is to bring more liquidity and users to DeFi in the Tezos ecosytem.
And this project is doing exactly that!
Currently, Plenty offers 7 pools in which you can stake and liquidity mine / yield farm their governance token: $PLENTY (below I have listed the supported pools).
- PLENTY-XTZ LP
Since launching, Plenty has transformed from Tezos DeFi startup to an absolute juggernaut. Within the first week alone, Plenty was responsible for 30% of all smart contract calls on Tezos while peaking with a TVL of $10,000,000.
How can I start Farming on Plenty?!
Now that you have an idea of what Plenty DeFi is, I think it’s time to show you how to get in on some of the action.
In this walkthrough, you’ll learn how to:
- Setup a Temple Wallet
- Make your first swap using Quipuswap
- Add liquidity to the PLENTY-XTZ LP
- Start Farming on Plenty DeFi
Step 1: Create a Temple Wallet.
Temple Wallet is basically the MetaMask wallet for Tezos (pretty straightforward comparison, I think).
To setup a Temple Wallet do the following:
- Go to templewallet.com
- Click on ‘Install Now’ (located in the top-right corner of the screen)
- Temple Wallet is supported on Chrome, Firefox, and Brave so make sure to click ‘install’ on the appropriate browser option.
- You’ll be navigated to the Chrome Web Store. When you land there, double-check that the extension is offered by Madfish Solutions.
5. Click on ‘Add to [browser name]’ (I’m using Brave browser, for example).
6. A popup, dialogue box will appear informing you that your browser may/may not review offered extensions.
Click on ‘Add extension’
7. After tapping ‘add extension’, the Temple Wallet extension will be installed and you’ll be navigated to the Temple Wallet creation page.
If you’re familiar with setting up a MetaMask, then these next steps should be fairly easy for you.
8. Click on ‘Create a new Wallet’
9. Enter a password for your new wallet, followed by re-entering it in the ‘repeat password’ box.
Don’t forget to check the ‘Accept Terms’ box.
10. Write down your Seed Phrase and store it in a safe location.
Reminder: Never share your Seed Phrase with anyone. If this phrase was to ever get compromised, your wallet and all funds held within will be in jeopardy.
Once you’ve written down your Seed Phrase, make sure to click on the ‘I made Seed Phrase backup’ box and click continue.
11. Congratulations, welcome to Tezos!! 🚀🚀🚀
Now is when the actual fun starts.
Time to Farm 🚜
Step 2: Load up your Wallet with XTZ and Go to Quipuswap 💰
Before anything, you need load up your wallet with some Tez ($XTZ). So make sure you send over a sufficient amount that will cover any & all swaps, liquidity providing, and gas fees.
After you’ve received your XTZ, head over to Quipuswap.
This is where we’ll swap some of our XTZ to $PLENTY (or any of the other supported asset we would like to stake: ETHtz, USDtz, hDAO, wLINK, wMATIC).
Step 3: Swap some XTZ for an asset you’d like to stake on PlentyDeFi 🔄
Interacting with Quipuswap is analogous to Uniswap.
To setup a swap:
- Tap on the ‘Swap’ tab
- In the ‘Input’ section, tap on ‘Select a token’ and choose XTZ
- In the ‘Output’ section, tap on ‘Select a token’ and choose PLENTY (and any of the supported assets you’d like to stake — see the What is Plenty DeFi section above).
- Enter the amount of XTZ you’d like to exchange.
5. Click ‘Swap’ and pay the Gas Fee.
6. Pat yourself on the back, you just executed your first swap on Tezos!!
Step 3: Add liquidity to PLENTY-XTZ pool ⚖️
Ok so we’ve successfully swapped some XTZ for PLENTY (Awesome!). Now let’s go ahead and add some liquidity to the PLENTY-XTZ pool to start earning some trading fees.
Similar to Uniswap, when providing liquidity to a pair (PLENTY-XTZ in this case) you need to have the equivalent amount of both assets in order to proceed. In other words, if you plan on providing $70 worth of XTZ, then you need to also provide $70 worth of PLENTY — for a total of ~$140 (which will be the cumulative value of your PLENTY-XTZ LP token).
Here’s how to add liquidity:
- Click on the ‘Invest’ tab
- Click on the ‘Add liquidity’ tab and make sure that the first box reads ‘Tezos Deposit’.
You’ll be entering the amount of XTZ you want to deposit here (obviously).
3. In the ‘Token Deposit’ box, click on ‘Select a token’ and choose PLENTY.
4. Click on ‘Add Liquidity’ and pay the Gas Fee.
Once this transaction has been confirmed, you will be a proud liquidity provider of the PLENTY-XTZ pool!
Let’s get to farming 🚜
Step 4: Go to PlentyDeFi 🟣
FYI: PlentyDeFi’s UI is extremely slow, so please be patient during this process. The team is working diligently to fix this issue in an attempt to offer a more streamlined experience.
2. You should be navigated to the PLENTY-XTZ LP page.
3. Scroll down until you see the ‘PLENTY-XTZ LP Staked’ section. Below you’ll notice plus (+) and minus (-) symbols.
4. In order to stake your LP token(s), you need to click on the plus (+) symbol.
5. Afterwards, a Gas Fee window will popup — click ‘confirm’ after you’re done reviewing the generated Gas Fee.
6. The confirmation should take no more than 1–2 minutes (I know this is pretty slow, but just be patient).
7. Once the transaction has been added to the blockchain, your PLENTY-XTZ LP token(s) has been successfully staked and is farming (earning) PLENTY tokens!
Video Demonstration 📺
Let us know what you think 💭
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