Standard Protocol — Mainnet DEX Launch on Shiden Network — The Guide
Standard Team prepared lots of revenue generation opportunities for You degen farmers 🚜and I will try to present them all here. But first, let's get You prepared for the Standard DEX experience.
Standard Protocol is launching MVP products — Decentralized Exchange (DEX) and MeterUSD Stablecoin on Shiden Network. The DEX will operate as a market maker to ensure a capital-efficient liquidation process and stability of our stablecoin MeterUSD ($USM).
What would You need to fully experience the DEX functions and what’s in store for You degen farmers? 🚜🧑🌾
As Standard DEX will operate on Shiden Network You will need Standard #STND tokens, Shiden #SDN tokens, and some Stablecoins (#USDT, #USDC, #BUSD) — all those have to be on Shiden Network Metamask Account.
Here is how to get prepared, add Shiden Network to Metamask and bridge tokens to Shiden Network
1. Adding Shiden Network to Metamask
Before You will start bridging #STND tokens to Shiden Network and sending Your #SDN and Stablecoins to Metamask, You need to add Shiden Network to Metamask Networks.
- To do so, please Click on your Metamask wallet network drop-down menu, and select “custom RPC”, then fill in Shiden Network details as below.
2. Adding tokens to Shiden Network Metamask
Once the Shiden Network is set up, we can import the #STND token on Shiden Network.
- Click “Import tokens” on the bottom of Metamask, go to “Custom token”, and enter #STND contract address:
👉 Shiden STND contract address: 0x722377A047e89CA735f09Eb7CccAb780943c4CB4
- You can also add other tokens which You will eventually use on Standard DEX. Here is the list of tokens deployed on Shiden by Anyswap with their Shiden Network contract addresses:
To add those tokens just simply repeat above procedure with new adresses
3. Crossing assets from Ethereum to Shiden Network
To cross-chain #STND from ethereum erc20 to Shiden #STND, You need to use the router provided by Anyswap and have STND tokens on the Metamask wallet.
- Go to the Anyswap router page — https://anyswap.exchange/#/router and connect the Metamask wallet on the ethereum network.
- Click on the token selection drop-down menu on the ethereum network section, and select STND from the list, or simply type STND in the search name section.
- Enter the #STND amount You want to send via the router.
*If You are using the router for the first time, You will have to hit the “Approve” button first and confirm the transaction in Metamask. Please keep in mind that each transaction needs some eth for fees.
*Please read carefully all Infos at the bottom about minimum and maximum transfer amounts and tx fees.
- After You approve the #STND token spend in Metamask You are able to do Swap with the router. Click “swap” and confirm tx in Metamask.
- After the transaction is completed — (You can check with Metamask or explorer — *Please keep in mind that the estimated Time of cross-chain Arrival is around 10–30 min.)
Your STND will be available on Shiden Network Metamask wallet account. Just switch networks from ethereum to Shiden. Now You are ready to use #STND on Standard DEX on Shiden Network.
To cross other assets like #USDC, #USDT, #WBTC, etc. which You will eventually use on Standard DEX for liquidity provision and LP farming, You need to use Anyswap bridge — https://anyswap.exchange/#/bridge
- To use the Anyswap bridge, connect with Metamask on the ethereum network. Select token You want to bridge on the ethereum side, select Shiden Network in the lower section as destination network and confirm the transaction with Metamask.
After confirmation in Metamask, You can track Your bridge progress with the provided link in the pop-up.
After the transaction is confirmed on Anyswap bridge, change the network in Metamask to Shiden and Your assets are ready to use on Standard DEX
4. Transferring Shiden #SDN token from polkadot.js or CEX to Metamask account.
To use the #SDN token on Standard Protocol DEX, to provide liquidity and enter farming, You need to have #SDN tokens on Metamask on Shiden Network.
To get #SDN tokens to Metamask simply follow those tutorials below. One is to send tokens directly from CEX, another is in regards to the polkadot.js interface.
👉 Polkadot.js: https://stakenode.medium.com/?p=819da3798f45
Now, when You are prepared with Your assets ready on Shiden Network You are ready to experience our DEX. We will be launching the following modules on Shiden Network.
- Swap & Liquidity Pool — The basics of DEX. Our Swap will charge a 0.25% fee for LP provider reward, and a 0.05% for a Growth fund, DAO Treasury, and Dividend Pools.
- LP Farming — Currently the only way to yield #STND is by staking LP tokens after providing liquidity. The farmable #STND and emission rate will be covered in later details.
- Bonding & Dividends —New Standard to earn passive income. Standard Community can bond their #STND and start yielding Dividends. The Dividends Pool collects a split of the 0.05% fee in LP tokens. Members who bonded #STND for 30+ days will be able to withdraw those LP tokens as dividends rewards.
Standard is in fact distributing its revenue to Degens who share the same vision
Get ready to add liquidity to the below pairs:
🧑🌾Feel Invited to join Standard Protocol DEX Farming 🧑🌾
🧑🌾💰💸https://app.standard.tech/swap 💸 💰🧑🌾
We strongly encourage you to try out our first MVP, because there’s one more announcement we want to make here:
Our stablecoin vault will be launching this Year !!
So, buckle up, get used to the current Standard ecosystem, and get prepared for our core product, MeterUSD ($USM), launch.
About Standard Protocol
Standard Protocol is the first Collateralized Rebasable Stablecoin (CRS) protocol for synthetic assets that will operate across multichain ecosystems, with our in-built DEX as a market maker to ensure capital-efficient liquidation process and stability of our stablecoin MeterUSD ($USM). It is also a recipient of the Shiden Network Builders Program Grant, Polygon #DefiForAll Fund and Polkadot Web3 Foundation Grant. Standard Protocol strives to innovate as the next-generation digital asset and prides itself on its global community growth approach.