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How To Swap DAI for ETH & AMPL on Dharma Wallet and Begin Participating in Geyser!
Aug. 2, 2020, 5:18 a.m.
Man has it been a wild ride since the launch of the Geyser Pilot! Not only did we see AMPL surpass some juggernaut projects on our ride to $4+, but we've also experienced AMPL abide by its countercyclical economics in executing a negative rebase (<$0.95) and cutting supply. There's far more in store for Ampleforth Protocol, and I can't wait to see what the team - as well as the community - will do to support one of the hottest topics in DeFi ?!
In light of Dharma Wallet's Uniswap integration, I've decided to offer a quick walkthrough on how to send your DAI (or ETH) to your Dharma Wallet, accumulate some interest, and swap your DAI for ETH & AMPL for ZERO Gas Fees. Yes, ZERO.
With that said, let's get into it!
Step 1: Deposit DAI into Dharma Wallet
Now before we proceed, those who're reading this and have yet to download and set up a Dharma Wallet, now is the time to do so.
Below I have provided the link to their webpage, as well as the download links for the App Store & Google Play:
After that's good to go, let's deposit some DAI into that account of yours by tapping on the 'Deposit' tab.
You'll be navigated to a 'Deposit Via' page, in which you can choose to purchase DAI with your Debit Card and Apple Pay or with your public key.
FYI: If you decide to use your debit card, your newly acquired DAI cannot be moved until 14 days after the initial purchase. This was implemented as a precautionary AML measure; ensuring that funds and identity of the user are secure.
Go ahead and copy your public key by tapping/clicking on 'Share' and pasting it in a third-party wallet that's holding some ETH or DAI.
Step 2: Swap your DAI for ETH and AMPL
Now that we've deposited some DAI into our wallets, you'll notice that you've already begun accumulating interest!
Unfortunately, we're going to have to swap some of that interseting accruing DAI for ETH and AMPL.
Let's start by clicking on the swapping symbol in the bottom left-hand corner of the screen (should look something like this: ?).
Once there, click on the 'Flip' button seen in the bottom right-hand corner, next to the large 'Preview Swap button (it'll look like this: ? Flip).
Notice how now the 'select A token' drop-down menu is in the top portion of the screen.
Go ahead and click on the down arrow, and type in 'Dai' in the search bar.
You've now set yourself up to swap your Dai for ETH (Dai > ETH).
Proceed by entering the desired amount of Dai you'd like to swap for ETH.
Afterwards, tap on the 'Preview Swap' button.
You'll be navigated to a 'Confirm Swap' receipt menu; detailing the prices of Dai, ETH, and conversion rate at the time of the transaction.
Step 3: Repeat Step 2 to acquire AMPL
Remember, Dharma is covering all of the Gas Fees so don't be shy!
Step 4: Send your ETH and AMPL to MetaMask
Once you've swapped for ETH and AMPL go on and send your tokens to your MetaMask wallet.
You can do this by clicking on the stacked coin symbol located directly to the left of the home icon, choosing the respective token (i.e. ETH or AMPL), tapping on the envelope-like icon in the bottom left-hand corner, and pasting your MetaMask public key.
Step 5: Add liquidity through Zapper
After you receive your ETH and AMPL in your MetaMask, go to Zapper.fi and search for the ETH/AMPL Uniswap V2 Pool (should be the fourth ranked pool in Zapper's liquidity leaderboard).
Tap/Click on the 'Add Liquidity' button.
Choose which asset you'd like to supply - between ETH or AMPL (in the demonstration I decided to be different and choose AMPL) and enter the amount you'll be contributing in the 'Enter Amount' field.
The 'Approx. Pool Output' section will populate the proportionate amount of ETH/AMPL you'll be supplying, as well as the price impact percentage of your deposit.
Select the Gas Fee value you'd like to pay - between Standard, Fast, or Instant - and click/tap 'confirm'.
Step 6: Deposit your WETHAMPL tokens into Geyser
When your transaction clears, you'll have two options:
If you're not already participating in the Geyser:
- You can click on the 'stake' button in Zapper and begin participating in the Geyser from there.
> If you decide to go with this option, then you're good to go! Welcome to the Geyser: Beehive v1!
If you have an existing Geyser position:
- If you're already participating in the Geyser and would like to add to your position, then you will have to go over to the Geyser Dashboard (link here: Geyser: Beehive v1.0).
- Enter the desired deposit amount in the 'Deposit' section.
- Click 'Deposit'
- When the transaction clears, you'll notice the amount of deposited tokens has increased; signifying that you have successfully added to your previously existing position!