Add liquidity for SMR Layer1 Tokens /IOTA

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 with your Tanglepay Shimmer wallet (address starts with smr);
3. Add Liquidity with your Tanglepay IOTA wallet (address starts with iota).

Please follow them step by step.

STEP 1: Prepare your wallet and tokens

To get started, you will need:

• the A Tanglepay IOTA wallet

• A Tanglepay Shimmer wallet

• Equal value of SMR/Layer1 and IOTA tokens. ( 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 SMR. )​

STEP 2: Set Custody

In Iotabee SWAP product, you will need to “settle custody “ first with your Tanglepay Shimmer wallet to “deposit” your tokens in Iotabee-managed wallets before you can add liquidity.

The Iotabee wallet addresses are public to ensure full asset transparency. (IOTA Wallet address; Shimmer Wallet address)

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

To set custody:

1. Connect with your Tanglepay Shimmer wallet

2. Go to Pool page and click custody. In this page, you can click "add asset custody". If you have done asset custodian before, you may click " My custodies" first, then "add asset custody".

3. Select token and amount Select SMR token and enter the SMR amount. Copy your Tanglepay IOTA address in the web extension, click “Settle” and Confirm Settle, then enter your password and confirm the payment within the Tanglepay web extension.

4. If the transaction is successful, you can switch your Tanglepay wallet to the IOTA address that you used in the previous step, and see your custodied SMR assets in "My custodies".

STEP 3: Add liquidity:

• Switch your TanglePay wallet to the IOTA address that you used in the previous step.

• From Pool page recommended pools, you can choose SMR/IOTA, click “Add liquidity”. In this page you can input the SMR and IOTA amount you want to add liquidity with.

• Click “add” and confirm add. Your TanglePay wallet web extension will pop up for payment.

• Once the payment is done, your LP position is added successfully and you can check it in your "My Position" page.

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 Shimmer 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.