Today we bring a guide to create a pool to easily liquidate EOS blockchain based tokens.
Normally, to convert one asset for another, it is necessary to go through exchanges, but unfortunately, platforms do not list all existing assets, so it may be the case that a token is not accepted by the most popular exchanges or on platforms with high rates.
And this is where the decentralized finance (DeFi), thanks to various decentralized tools like Uniswap and Bancor, it is possible to liquidate cryptocurrencies with incredible speed and exchange assets for others with minimal fees.
Guide to using Bancor
With the protocol of BancorFor example, it is easy to create a group for any token in the EOS blockchain (in the future there will also be integration for sister chains like Telos), courtesy from the Block Producer (BP) EOS Nation.
The interesting thing about this platform is the possibility of using it as a DEX Real (Decentralized Exchange) whereby simply logging into the wallet it is possible to instantly convert the available assets. It also allows you to create liquidity groups, which we will cover in this guide, for other tokens or our token if we have developed one.
Before continuing, some essential and fundamental elements are required:
- An EOS account in which tokens are stored;
- Some Bancor (BNT) tokens in the same EOS account: the more tokens they hold, the greater the liquidity group of the token.
First, it is necessary to go to the xnation.io platform (it also allows converting ETH tokens and stable EOS-based currencies) where it is possible to log in with a wallet and then click on the "Create" button.
On the next screen, it will be time to choose the guarantee to put in the group, the Bancor token (BNT) or the Bancor stable (USDB), on the right side of the screen, after which it will be possible to select the token for which to provide liquidity. To do this, the maximum fee to be paid is 3%.
After that, simply enter the number of tokens to enter the group and their guarantees in BNT or USDB and then click the "Create group" button to confirm the transaction in the wallet.
Once the transaction is completed, after a few seconds a group will be created with all the relevant information, such as the token name, the account and the percentage of the fee.
In case it is necessary to change any parameter of the group, it is possible to withdraw liquidity, add liquidity, change the value of the rates and even change the owner of the group.
Creating this type of group is easy and can be done in minutes, the time necessary for the transaction to be irreversible.