How to add liquidity on Balancer with Enkrypt
Want to participate in LPs? Earn passive income by adding liquidity to LPs on Balancer. Connect to Balancer and start earning with Enkrypt!
Balancer is a decentralized automated market maker (AMM) protocol, primarily used on Ethereum-based networks. It is intended to provide liquidity and facilitate trade without relying on traditional order books. Unlike standard AMMs, which typically focus on two-asset pools, Balancer allows users to create pools containing up to eight different assets.
Enkrypt is a multichain, non-custodial, and open-source web3 browser wallet built by the team behind MEW (MyEtherWallet). With Enkrypt, users and developers can generate accounts, manage tokens and NFTs, and interact with DApps on Ethereum, Solana, as well as Bitcoin, Substrate and any EVM chains. Follow the instructions in this guide on how to supply liquidity on Unichain with Enkrypt!
Balancer enables users to decentralize trades by creating or adding liquidity to pools. By doing so, users earn rewards when others trade using these pools. Liquidity providers receive a share of the transaction fees.
In order to supply liquidity, you will need at least two different tokens because you provide liquidity into the pool in pairs.
Connecting Your Wallet
First, head to the Balancer website then click ‘Connect’ at the top right.
Disclaimer: Keep in mind Balancer is a third-party DApp and is not affiliated with MEW in any way. Using DeFi involves some inherent risk. Please do your research and proceed at your own discretion.
Select the Enkrypt option.
Select the account you want to connect with then click ‘Connect’.
Check the checkbox and click ‘Proceed’ if you agree to Balancer’s policies.
If you are not on the Liquidity Pools page, click ‘Pools’ at the top right in the navigation menu.
You should see the liquidity pools available in the list. Either search through the list or enter the tokens you want to supply in the search bar.
When you find the liquidity pool you want to provide tokens to, click on it to view the details.
Click ‘Add liquidity’ at the top right of the charts.
Enter how much you want to supply then check the checkbox at the bottom if you accept the risks and click ‘Next’.
Click ‘Approve Permit’ to approve your tokens for deposit.
On the Enkrypt pop up, confirm the transaction by clicking ‘Send’.
Click ‘Sign permit’ to continue with your token deposit.
On the Enkrypt pop up, click ‘Sign’ to sign the permit message.
Click ‘Add liquidity’ to add your tokens into the liquidity pool.
On the Enkrypt pop up, click ‘Send’ to confirm the transaction.
You should see your transaction was confirmed on the pop up with the amount of LP Tokens you received and the value.
You should see your LP Tokens in your Enkrypt wallet. They will be named something based on the Liquidity pool you entered them on. In this example we received Balancer Surge USDC WETH tokens.
Thank you for checking out our guide on How to supply liquidity on Balancer with Enkrypt! Don't forget to download Enkrypt for a seamless web3 multichain wallet experience. We would love to hear from you on our social media about any guide suggestions you have for the future. Also, if you enjoy using mobile cryptocurrency wallets, give our MEW Mobile app a try, it's available on both iOS and Android platforms!