Aug 13, 2022
Optimism and the Velodrome Story
Velo…what?
Velodrome is the most prominent DEX on Optimism, which started as a fork of Solidly, but has since grown to be its own beast. Today we will take a look at how to interact with Velodrome in relation to Ripae.
Buying Tokens
Ripae’s two main tokens on Optimism, $pETHo and $sETHo are both whitelisted on the Velodrome DEX which makes the tokens easy to find.
Just head over to the Velodrome Swap: https://app.velodrome.finance/swap
And chose either $pETHo or $sETHo in the drop-down list in order to swap to them.
Even though we are whitelisted on Velodrome, it’s always good to go through a DEX aggregator that will find the best possible swap between your specific token and our $pETHo or $sETHo. You can easily use a DEX aggregator such as Firebird for this kind of swap on Optimism.
Now when you have gotten yourself some sweet, sweet Ripae tokens, it’s time to join the staking fun by creating an LP and staking it.
Creating and Staking LP
An LP is a pair of tokens that can easily be traded for each other in a liquidity pool. To create an LP on Velodrome which then can be staked either on Velodrome or on Ripae, we first have to go to Velodromes Pool Section.
Click on the big blue “Add Liquidity” button at the top banner to get to the Liquidity page.
On the Liquidity, you chose either $pETHo or $sETHo in the drop-down list at the top, and then chose $wETH in the drop-down list at the bottom. $wETH is wrapped version of $ETH on Optimism. If you don’t have any $wETH in your wallet, you can use Firebird to just wrap your $ETH in an instant.
Just go to Firebird, https://app.firebird.finance/swap
Chose $ETH in the drop-down above and $wETH in the drop-down below, and then click “Wrap”.
Now get back to Velodrome with your $wETH and lets continue adding LP.
The next step in the process where you chose which kind of LP you want to add, either Stable or Volatile differs slightly depending on if you are adding $pETHo or $sETHo LP.
$pETHo = Stable
$sETHo = Volatile
The next step is to change “Slipppage” to 0.1% to not feed bots some profit. You do this by clicking in the % Slippage and just typing 0.1.
After changing slippage, you click on the “Advanced” button to get a few more options. Here you click “Deposit LP” and sign the transactions.
Done!
Great job, you have now mastered adding LP into the Velodrome pool!
The next step in the process is to stake that LP into Ripae directly.
Stake LP Directly on Ripae
Head over to Ripae.finance and our Teller page.
Here you chose either the $pETHo-$ETH LP or $sETHo-$ETH LP Teller depending on what pair you added into the Velodrome pool in the above step.
When on the specific Teller page, you first click the “Approve” button and sign the transaction to allow staking. After approval is done, you click the “+” button and chose the amount of LP, and then click “Confirm”. You now have staked your LP and will start earning our precious $sETHo token which can either be added to LP according to the above instructions or staked in our Ripae Bank where you can earn $pETHo which can be used for LP using the above instructions.
Now you are a pro at staking, but if you felt that all this was too much… you can just simply go to one of our Teller pages, click “Approve” and then click the “Lightning” button where you just provide either $ETH or $wETH and Ripae does all the steps above automatically for you! This is called a Zap function and works with all our Tellers; awesome, right?
Stake LP on Velodrome
Another possibility is instead of staking your newly created stable $pETHo — $wETH LP in Ripae, you can stake the Velodrome LP directly on Velodrome in order to earn $VELO tokens instead of Ripae tokens. To do this, just head over to the Pools section on Velodrome: https://app.velodrome.finance/liquidity
Here you search for $pETHo and then click on that specific LP pair “manage” button in the list to enter the LP pair.
Now you should be able to see your LP together with a button saying “Stake xx.xx LP”. Click on that and sign the transactions in order to stake your LP.
Simple!
That’s it! This is just the beginning of Ripae and we welcome you to join our Discord where we share ideas and work on Ripae and its future:
We are Ripae Finance, a cross-chain algorithmic peg token pegged to each native chain we are deployed on. An Algorithmic Peg Token(APT) is a non-collateralized peg token tailored for improving price stability. The beauty of algorithmic peg tokens is that they are much more capital efficient than their collateralized cousins. Ripae finance will with its experienced teamwork, work towards expanding this idea of capital-efficient algorithmic peg tokens and build on previous iterations to expand the basis of the ecosystem.
Ripae Finance’s full focus is to build a true cross-chain algorithmic peg token protocol that is innovating around the DeFi Ecosystem. Ripae is a DAO which means that the holders of $PAE are also the owners of the protocol and move the protocol forward with decentralized voting.
We started on Fantom and with the partnership of Multichain.org, our main token $PAE is now available on Fantom, Avalanche, Binance Smart Chain, Cronos, Polygon, Abritrum, and Optimism.
Ripae: https://ripae.finance/
Discord: https://discord.gg/ripae
Telegram (only announcement): https://t.me/ripaefinance
