Buy or sell FLP
One can follow the steps to buy or sell FLP.
FLP is FXDX liquidity provider token and is backbone of the protocol.
By buying FLP, one is eligible to claim weekly rewards from accounts.
Buy FLP
Connect your wallet to the platform using your wallet provider on the top right corner.
At present, FXDX supports popular wallets such as Metamask, Coinbase or other via WalletConnect.
After connecting your wallet, you should see your wallet address instead of connect wallet.
Goto Buy/Sell FLP from the header menu.
Enter the amount of the asset you want to use to buy FLP. For example:
In case you are choosing any other assets than ETH, you must approve the assets to be used by FXDX contracts.
It may require 2 extra steps as follows:
In case you are using any other assets than ETH, you must approve the assets to be used by FXDX contracts. It may require 2 extra steps.
Approve the contract to enable buy FLP
After accepting the "Enable Buy FLP", you should see series of notifications.
Approve the Token (WBTC, USDC or USDT)
After Liquidity is enabled, one must approve the selected choice of asset such as USDC, USDT or WBTC.
After accepting the "Approve Token" in our case USDC, you should see series of notifications.
Now, you can enter the amount you wish to use to buy FLP.
After successful submission, you should see series of notifications.
In the end, you should see your updated FLP balance.
Cooldown
In order to prevent bad actors and maintain sufficient liquidity for trading and swaps, FXDX has a cooldown duration of 15 mins after one buys FLP.
Sell FLP
After cooldown period, you can sell FLP immediately as your choice. Based on the duration of holding FLP after buying, you will be eligible for rewards.
It is recommended to hold FLP for a week atleast after buying FLP. This would allow the users to claim their weekly rewards. The longer the duration of holding, the higher the rewards would be.
After selecting Sell FLP, enter the amount of FLP you want to sell.
Select the asset you want to receive after selling FLP.
One can buy and sell FLP for any asset of choice. Example: If you bought FLP with USDC, you can still sell the FLP for USDC, USDT, WBTC or ETH depending on available liquidity.
After finalizing the amount and asset for selling FLP, one can click the "Sell FLP" after which one can wait until notification of "Sold [Amount] FLP for [Amount][Asset]" is displayed.
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