Crypto Talk: Liquidity pools

With so much happening with @Splinterlands, especially with the airdrop and pre sale of Chaos Legion cards. I started a new series and collection called Crypto Talk to better understand what I am doing and help others with informational posts and short videos.

My intro post
Crypto Talk: Blogging about crypto, especially Splinterlands

Term:

Liquidity Pools

Definition:

According to Zapper Learn

A liquidity pool is a supply of crypto assets that are underpinned by a smart contract that outlines the terms under which those assets are traded, and executes the trading of those assets according to the terms in the smart contract.

Simplified- We, the users, add equal amounts of tokens to a pool to create a market so people can buy and sell those tokens.

Information:

There are many sites that have liquidity pools and some give you incentives for adding to the pool.

Uniswap
Pancake Swap
Bee Swap

I will be using Tribaldex's DEC:SPS pool

Why am I talking about Liquidity pools in regards to @Splinterlands?

According to @Splinterlands White Paper, in the Airdrop section, you can see that DEC liquidity pools give you 2 airdrop points. By putting your DEC together with another crypto currency you are getting twice the airdrop points. There are many combinations such as- DEC:BUSD, DEC:SPS, DEC:SwapHive etc...

Video:

Adding to and removing from liquidity pools (4:55 min)

Step by Step:

Let's walk through adding and removing from the Tribaldex liquidity pool.

ADD Liquidity

Step 1- Claim your SPS air drop

Step 2- Click ok

Now the 326.7 SPS is in-Game or Liquid

Step 3- Transfer

You can transfer to Binance Smart Chain, Hive Engine or to player.

Step 4- Transfer to Hive Engine
Choose how much SPS you want to transfer, pick Hive Engine in the drop down and click Transfer out.

Step 6- Click ok to confirm in Splinterlands and Hive Keychain

Now we are going to Tribaldex, which is a digital wallet and exchange.

Step 7- Log into Tribaldex.com using your username and Hive Keychain

Step 8- click add liquidity then type in DEC and find the DEC:SPS pool

Step 9- type in the amount you want to add to the pool. I clicked MAX to add all my SPS. The amount of DEC will then be calculated. Then click add Liquidity and ok on Keychain.

You will see a green box in the top right corner letting you know the transaction happened.

Step 10- click on Your Postion in Tribaldex to see the amount in the SPS:DEC pool

The next day look at your airdrop points and see the increase!

REMOVE Liquidity

Step 1 Log into Tribaldex
Step 2 Click remove liquidity
Step 3 select DEC:SPS
Step 4 select the percentage you want to remove

Step 5 confirm removal

Step 6 click on the wallet symbol by your user name
Step 7 Check your balance

Step 8 Love into Splinterlands
Step 9 click Transfer
Step 10 enter amount of SPS you would like to transfer in
Step 11 Select Hive Engine
Step 12 Click Transfer in and confirm on Keychain