Tutorial: How To Add Liquidity to Balancer’s V2 PAR Liquidity Pools and Stake BPT tokens for MIMO Daily Rewards
The Parallel Protocol and the MIMO governance token were created with high-end tokenomics in sight. Not only is holding a token algorithmically pegged to the EURO — backed by collateralized digital assets — a wonderful financial option for investors, but the tokenomics and governance involved in the process make them one of the most well-suited tokens for yield farming through liquidity pools, decentralized democratic governance voting.
In this tutorial you will learn how to add tokens to Balancer V2 liquidity pools. We currently support PAR, USDC, MIMO and wETH. Adding any of these tokens as liquidity will allow you to earn passive income in the form of fees. You will also obtain BPT (Balancer Pool Token), which you can stake in our platform to earn even more passive income, this time in the form of newly minted MIMO tokens.
Step 1: Go to https://mimo.capital/mining and locate the section with PAR token pairs. For this tutorial, we will be using PAR-wETH Liquidity Providing Balancer V2 pool. Please click where it says “Click here to add liquidity to the Balancer Pool and receive BPT in return”.
Step 2: Please select the wallet you will be using to connect to Balancer V2. For this example, we will be using Metamask.
Step 3: When you get to the Balancer V2 Pool’s site, select the token you want to add as liquidity to the pool. For this example, we will be adding 0.01 wETH. Then, click on invest.
Step 4: Once the wETH has been added as liquidity, you will receive a message confirmation. You will also receive Balancer Pool Tokens (BPT), which allow you to withdraw the liquidity you have just added. These BPTs are necessary for obtaining passive income by mining MIMO tokens through the process of staking.
Step 5: In order to stake your BPTs for mining newly minted MIMO tokens, please go back to https://mimo.capital/mining, and select “Unlock BPT to stake” at the pair you chose to add liquidity to.
Step 6: After unlocking the BPTs in your wallet, please click on “Stake BPT” for staking these tokens in order to receive newly minted MIMO tokens as passive income.
Step 7: Congratulations! You’ve successfully staked your BPTs. You will now earn newly minted MIMO tokens as a daily issuance. You can check your staking balance, daily issuance, availability to stake and amount of MIMO available to claim on the tab.
Step 8: To claim your newly minted MIMO tokens, please visit https://mimo.capital/dashboard and click on the right-upper side button.
Step 9: Click on the “Claim” button of the PAR pool you added liquidity and staked on. For this example we used the PAR-ETH pool. You will now receive the MIMO tokens in your wallets. Awesome!
Please remember the claim balance is updated once a day.
And that’s it! You will be receiving passive income in the form of fees for providing liquidity to the BALANCER V2 and you will also receive passive income in the form of MIMO staking liquidity mining rewards.
