Preparation:
To participate in the mainnet launch mining you will need:
- Google Chrome Browser (Link)
- Conflux Portal Wallet installed, and create your own wallet address (Guide)
- cUSDT, CFX, or cMOON as collaterals ( see our cUSDT guide here )
- Sufficient CFX for gas fee
A step-by-step guide to PHM Liquidity Mining:
Phantom Mainnet Mining Rewards can be obtained in 4 simple steps:
- Connect Conflux Portal Wallet to Phantom
- Build a pAsset
- Add liquidity for pAsset trading pairs in Moonswap
- Stake LP in Phantom
- Claim PHM rewards
1. Connect Conflux Portal Wallet to Phantom
1. Visit the Phantom conflux mainnet with https://cfx.phm.finance/and click the “Connect” button in the upper right corner.
2. Select your account in the popup wallet window.
3. Click “Submit” when the dialog box asking whether to connect the wallet with Phantom.
2. Build a pAsset
1. Go to the “Build” page (https://cfx.phm.finance/build_home).
We can see the types of synthetic assets Phantom supports, including Crypto, Commodity, Stock, and Prediction. Select a category, click on the “Build” button.
Note: Currently, we can create Crypto and Commodity assets; the Stocks and prediction pAssets will be launched in the future.
2. Select the collateral asset and input amount, then select the pAsset you want to build.
Reminder:
1. If you are going to participate in liquidity mining, remember not to use all the collateral to generate pAssets. It’s better to leave 50% to create trading pairs like cUSDT-pBTC or CFX-pCFX.
2. Both Withdraw and Close CDP operations will incur a 1% handling fee, so double check your amount before building.
3. Set a collateral ratio. For example, we can create pETH with 100 cUSDT, fill in the collateral rate of 300%, and then click the “Build” Button.
Note: The default collateral ratio is equal to the Minimum collateral ratio +50%, we can adjust the c-ratio as long as it is higher than the minimum collateral ratio. When the collateral ratio drops below the minimum collateral ratio value, the CDP will be liquidated.
4. Approve your wallet. If this is your first time creating synthetic assets, you must first approve the wallet interaction. Click the “Approve” button. Then select “Confirm” in the Portal Wallet popup.
After a successful message appears in the upper right corner, we can continue to click “Build” to generate synthetic assets.
5. Build pAssets. After clicking the “Build” button, select “Confirm” in the wallet popup window to confirm.
6. pAsset created successfully. Wait a few seconds for the complete message. At this point, the synthetic asset is created successfully, at the same time, a CDP (Collateral Debt Position) is created as well.
The generated pAssets can be viewed on My Info page: https://cfx.phm.finance/my
Remarks: Please note that a 5-minute interval is required for each wallet address to create a pAsset for security purposes.
We can form token pairs with the newly created pAsset and continue with the next step “Add Liquidity”.
3. Add liquidity for pAsset trading pairs in Moonswap
1. Provide Liquidity in Moonswap. Go to the Pool section of MyInfo page (https://cfx.phm.finance/my), select the “···” button of a trading pair, and click “Provide” in the dropdown menu.
Notes: you need to have both tokens in the wallet to provide liquidity for a pair, for example, you need pETH & cUSDT to provide liquidity to the pETH-cUSDT trading pair.
2. Input Amount. The page will be redirected to Moonswap (a decentralized exchange on Conflux), where we can add liquidity to trading pairs.
Take the cUSDT-pETH trading pair as an example: Fill in the amount of token, then click the “Supply” button after the approval of both tokens.
3. Confirm Supply. Click the “Confirm Supply” button to mint the cUSDT-pBTC LP tokens.
4. Confirm the transaction in your portal wallet.
Wait for the success message.
5. Go to the “Pool” session on https://cfx.phm.finance/my, we can see your LP Balance.
You’ve successfully added liquidity and are ready to go back to Phantom and stake LP tokens!
4. Stake LP tokens in Phantom Pools
- Go back to Mypage on Phantom (https://cfx.phm.finance/my). Select “Farm” of the corresponding trading pair and start pledging LP for liquidity mining.
2. Fill in the amount of LP tokens you wish to stake or click MAX to enter the total amount, click “Approve”.
3. Confirm the transaction in your portal wallet.
4. A success message will appear in the upper right corner after approval. Now click the “Stake” button to continue.
Confirm the transaction in your portal wallet.
Wait until the success message appears.
5. View your PHM rewards
Liquidity Mining rewards are paid in PHM — the token of the Phantom protocol. Go to the Farm page at https://cfx.phm.finance/farm, you can see the awarded PHM.
Please note that the PHM withdrawal function will be available after IDO.
More useful tips
A Friendly reminder: set your wallet auto-lock timer
- As the default auto-lock timer of Portal wallet is 5 mins for security considerations, you will need to re-connect the wallet every 5 minutes.
- You could change the setting in Setting > Advanced > Auto-lock timer to adjust.
Risk control mechanism
- The synthetic asset generation and mining smart contracts on Phantom’s mainnet have passed CertiK’s third-party audit.
- If there is a significant market disturbance during mainnet activity, Phantom will activate the recovery mechanism to protect user assets; more information can be found in the official website document.
If you run into any issues while operating, please ask for assistance in our Telegram group or on our official Twitter; our community members will be happy to assist you.
- Twitter: https://twitter.com/PhantomDefi
- Telegram Group: https://t.me/PhantomProtocol
