Add liquidity for IOTA/USDT

Good to know before you get started:

Earning Passive Income in DEX: Becoming a liquidity provider and its associated Gains & RisksMedium

Video Tutorial for Adding Custody & Liquidity:

If you prefer to read:

Three steps are explained below:

1. Prepare your wallet and tokens;

2. Set Custody;

3. Add Liquidity.

Please follow them step by step.

Step 1: Prepare your wallets and tokens:

To get started, you will need:

• A Tanglepay BSC wallet or a Metamask BSC Wallet

• A Tanglepay IOTA wallet

• Equal value of IOTA and USDT. ( When you add liquidity on Iotabee, you will need to add equal value of both tokens, for example, X USD worth IOTA and X USD worth of USDT. )

• ℹ️ When you use Metamask BSC wallet, you may need to add network "Smart Chain" first: - Click "Add Network", and then fill in the below information:

  Network Name: Smart Chain

  New RPC URL: https://bsc-dataseed.binance.org/

  Chain ID: 56

  Symbol: BNB

  Block Explorer URL: https://bscscan.com/ - Then click "Save" ℹ️ Once added, you may also need to add (import) USDT token in Metamask to be able to see it in your wallet: - Click on "import tokens" on your Metamask homepage and fill in the below information: Token contract address: 0x55d398326f99059ff775485246999027b3197955

  Token symbol: USDT Decimal precision: 18

STEP 2: Set Custody

If you have set custody before, you can jump directly to STEP 3.

1. Connect your IOTA wallet: Connect your TanglePay wallet with the IOTA address you want to custodize with and copy this address.

2. Connect your BSC wallet: Switch your TanglePay or Metamask wallet to a BSC network address.

3. Go to Pool page and click custody, then click "add asset custody"

4. Select USDT token and input the USDT amount. Then enter the Tanglepay IOTA address that you have just copied (Firefly is not yet supported)

5. Click Settle and Confirm Settle.

6. Put in your password in your wallet pop-up window to confirm the transaction.

❗Note that you need to have enough BNB tokens to pay for the gas fee, otherwise the transaction can not be executed.

Step 3: Add liquidity

1. Switch your TanglePay wallet to the IOTA address that you used in the previous step. If you were using MetaMask wallet, click the top right hand side profile picture to "Change" to TanglePay wallet.

2. Go to Pool Page. You can already see your USDT in "My custodies".

3. From the Pool page recommended pools, you can choose IOTA/USDT, click Add liquidity. On this page you can input the IOTA and USDT amount you want to add liquidity with.

4. Click add and confirm add. Your TanglePay wallet is pumped out for payment. Once that is done. Your LP position is added successfully and you can check it in your "My Position" page. And you can withdraw LP at any time.

ℹ️ Tips:

• You can only review your custodies when you’re connected with the IOTA wallet that you used for the asset custody.

• If you want to add more asset custody, don’t forget to switch back to copy your IOTA wallet address here, and then switch to your BSC wallet and start over from Step 2.

• You may also see “My positions” and “New Position” when connected to your IOTA wallet. This will help better manage your different pools when Iotabee supports more trading pairs.