SparkDEX users can now leverage Smart Pools, powered by Steer Protocol, on the Flare Network. This guide will walk you through the process of becoming a liquidity provider using Smart Pools.

What are Smart Pools?

Smart Pools use advanced algorithms to automatically manage liquidity positions in response to market conditions. They offer:

  • Better liquidity concentration
  • Potential for higher fee generation
  • Reduced slippage for traders

How to Become a Liquidity Provider

Follow these steps to provide liquidity using Smart Pools:

1. Connect Your Wallet

  1. Visit https://app.steer.finance/
  2. Click “Connect Wallet” in the top right corner
  3. Select Flare Network from the network dropdown menu

2. Choose Your Smart Pool

  1. Use the pool finder to search for SparkDEX pools
  2. Select the desired Smart Pool

3. Deposit Your Tokens

  1. Enter the amount of one of the tokens in the pool you wish to provide, and the amount of the paired asset required will auto-populate
  2. If needed, use the built-in swap feature (next to the network dropdown) to obtain the required tokens
  3. Click “Deposit” and confirm the transactions in your wallet

4. Staking

  1. If staking is available for the Smart Pool for which you are an LP, on the Smart Pools homepage click the “View Staking” button in the upper right side of the screen. 
  2. Identify the staking vault you wish to join, click the 3 dots on the right side, select stake, and enter the amount of tokens you want to stake. 
  3. When you want to claim your rewards or unstake, follow the same actions outlined in the step above and select “Unstake” or “Claim”

Benefits of Participating

🩺Support SparkDEX’s liquidity and overall health

💰Potentially earn from trading fees and liquidity incentives

🤝Contribute to a more efficient market on Flare Network

Important Notes

  • Smart Pools use various strategies to manage liquidity. Make sure you understand the strategy of each pool you’re participating in
  • While Smart Pools aim to optimize returns, all liquidity provision carries risks, including impermanent loss
  • Past performance doesn’t guarantee future results

Need Help?

Join Steer Protocol’s Discord for support with Smart Pools and to learn more about using Steer Protocol with SparkDEX on Flare Network.

Remember, your participation, regardless of size, plays a crucial role in building a thriving ecosystem for SparkDEX and Flare Network.

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Have any questions?

Our team would love to talk to you!

Reach out via Twitter or Discord and the team will respond as soon as possible.

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