PolyDEX is deccentralised exchange where liquidity plays vital role in facilitating efficient and more price accurate token swaps. PolyDEX has a migration feature where existing liquidity providers on existing DEXes can migrate the liquidity easily and participate in yield farming easily.
The process takes the LP tokens from other DEXes into the contract. Contract takes care of converting these LP tokens into PolyDEX-LP tokens for the same pair. Once PolyDEX-LP tokens are created, they are automatically staked in the respective farm for the pair. Thats it!
Lets say that we have LP tokens i.e we have provided liquidity for Sushiswap's ETH-AAVE.
- It will auto detect the existing LP tokens in your wallet for the pairs which already have a farm on PolyDEX.
- If the LP tokens are auto-detected, you can import the LP tokens. Click on Import button at the bottom. It will display this:
- Select the tokens from the drop downs whose pair needs to migrated. You will see a message Pool Found! and LP token balance below.
- Click on the Pair. It will expand show you the details. Click Approve.
- Send the approval transaction. After the transaction is processed, Migrate + Farm will become active.
- Migrate + Farm will directly migrate your liquidty and stake your LP tokens in respective Farm.
- Migrate will just convert existing LP tokens to PolyDEX LPs and give it back into your wallet. You will have to manually go to Farms page to participate in farming.