Note: If you are already a YUP-ETH liquidity provider tokens (known here as LPs) and are looking to migrate your LP tokens to polygon, read this instead: migration tutorial guide
Ethereum vs. Polygon
To maximize flexibility in depositing, withdrawing, and providing liquidity for YUP, we've opened a YUP-ETH liquidity pool on Ethereum and a YUP-ETH liquidity pool on Polygon. Which chain you choose mainly comes down to how much funds you want on Polygon, how active an LP you think you’ll be, and how much liquidity is in each pool.Let’s start with the first two factors.
If you want minimal funds on Polygon and want to take the "sit and chill" approach to providing liquidity, then Ethereum may be better, because you'll only have to hold enough MATIC to stake and withdraw your YUP-ETH LP tokens once.
If you're an active LP -- adding liquidity here, withdrawing liquidity there, and other shenanigans -- then Polygon may be preferable. This allows you to take advantage of lower fees.
Finally, LP rewards are split evenly between the Ethereum and Polygon pools - 50% of LP rewards will be distributed to each pool regardless of the amount of liquidity in them. Therefore you’ll want to consider what share of liquidity your funds will make up in the pool before diving in.
As always, this is not financial advice. Just giving you the lay of the land, kind stranger.
Providing Liquidity on Ethereum L1
If you’ve decided that being an LP on Ethereum suits you, here's where to begin.
Pre-requisite- Hold some ETH for providing liquidity and paying for transactions
Providing Liquidity on Polygon
Providing liquidity on Polygon is more or less the same as on Ethereum but lucky for you there’s a few less steps.Pre-requisite
3. Input an equal value of YUP and ETH in the pool and collect your YUP-ETH Quickswap LP token.
4. Go to app.yup.io/staking, select the Quickswap on Polygon staking pool and enjoy life as a humble YUP farmer.
How to get MATIC on Polygon
Now that Yup is on Polygon you will need some MATIC to withdraw, deposit, or provide liquidity from your Yup account. (Basically, unless you plan to hodl YUP to ∞, you need MATIC.). MATIC is the native token of the Polygon network. It is the currency you will use to interact with the Polygon network. Just as you pay ETH gas to transact on Ethereum you pay a MATIC gas fee to transact on Polygon.
Some of you may already hold MATIC, but if you’re new to the low-fee wonderland of Polygon, here are our recommended ways to get some:
**Binance, FTX, OKX or other centralized exchanges with native MATIC (Does not require Polygon bridge)**Many centralized exchange other than Coinbase allow you to purchase native MATIC tokens directly without the Polygon Bridge (sweeet). If you’re signed up on one of these exchanges simply…
Coinbase (requires Polygon bridge)
This option requires using the Polygon Bridge (a transfer between Polygon and Ethereum), so will cost you an extra Ethereum transaction fee. However, this is still probably the best option if Coinbase is your main crypto gateway.
5. Under token, search “MATIC”.
6. Hit “transfer’, confirm your transactions and boom! You’ve got MATIC on Polygon :)