Providing Liquidity on HECO Belt Finance
Welcome to HECO on Belt Finance! This is a guide on how to add/remove liquidity to/from Belt Finance’s HECO version.
The HECO page will open at 11:00 GMT+8 on May 21 hBELT Mining Distribution will start at 17:00 GMT +8 on May 21
The first step is to withdraw the HRC20 assets you want to use on Belt Finance from your Huobi Global account. This guide will cover withdrawing HT and HUSD to Metamask and using it with Belt Finance HECO. You can also use this HECO yield farming tutorial as a reference.
We’ll start on Huobi Global. After logging in, go to the balances page. As you can see, I have 8 HT and around 57 HUSD.
Click withdraw on the asset you will be withdrawing to your wallet. I’ll be withdrawing HT tokens.
First, make sure to choose HECO as the chain to withdraw to. Then enter the HECO address from either your HECO supported wallet (I’ll be using the Metamask Wallet). Make sure to choose HECO as the withdrawal chain and choose a HECO address in your wallet. Your funds may be lost otherwise. Then choose the withdrawal amount. Finally, click Withdraw.
After going through security authentication, you will now have HT in your wallet! Follow this same process to withdraw any other token (e.g. HUSD) to your wallet.
From this point on, I’ll cover using Belt Finance with Metamask.
Before proceeding, make sure you have some HT in your wallet to cover associated transaction fees when using HECO DeFi.
When you’re done with that, your Metamask wallet should look something like this. At this stage, I’m currently holding around 4 HT tokens and 27 HUSD tokens. (For tokens other than HT, you will have to manually add the token).
To use deposit into the 4Belt pool, you have two options:
- 1.Depositing a single token token in a pool
- 2.Swapping and Depositing a portion of each token in a pool
First, go down to the Belt LP Staking section. After pressing on 4Belt and connecting your wallet, it should look something like this:
To start, I’m going to add 27.802599 HUSD to the pool. After pressing “Approve HUSD”, and confirming the transaction fees through Metamask, you’ll have to “Add Liquidity” again and confirm the transaction through Metamask. (This double approval is only necessary on your first instance of using each feature. And please make sure to wait until the confirmations go through before proceeding!)
Once your transaction is confirmed, your screen should show that you have a 4BELT BLP BALANCE like below:
You then have to “APPROVE” the staking, which will incur another small transaction fee. After pressing “APPROVE”, the “APPROVE” button disappears and the “STAKE” button remains. Pressing “STAKE” and confirming the transaction will add all of your 4BELT BLP to get staked. Your screen will then look like this:
The value of your deposit in the 4Belt pool will grow according to the APR! Keep in mind that the number of your staked tokens will not go up, but the value of each token will. Once mining begins, you will also get BELT rewards. Learn more about the 4Belt pool here: https://docs.belt.fi/understanding-belt/understanding-4belt
Withdrawing takes a few steps: Unstaking, choosing which token to remove, and then withdrawing.
The first step is to press unstake.
After confirming your transaction through your wallet, your 4BELT BLP should now show in the BALANCE section.
Now, go to the “Remove Liquidity” section and press either COMBINATION MAX or choose one token and “MAX” that out.
The above image is what it looks like when you max out HUSD.
From here, pressing Approve LP Token will lead you confirming the contract (on first instance only). After confirming, you should see a Remove Liquidity button in the place of the Approve LP Token button. Pressing this and confirming your transaction will remove your liquidity from this pool and you will receive the tokens or single token you selected. These tokens will now be in your wallet.
The HECO 4Belt BLP Rewards at time of writing:
For the 4Belt BLP pool, APR is calculated through a combination of the 4Belt APR(Base APR from multi-strategy yield from our strategy protocols), Trading Fee APR (this is a 24 hour average), and BELT token rewards.
The breakdown can be seen at any time by clicking the magnifying glass icon next to the 4Belt pool on the Belt Finance Website.
As you get rewards for your deposit in the 4Belt Pool, the number of your tokens will not go up but the value of each 4Belt BLP token will go up with the 4Belt APR and Trading Fee APR.
- The 4Belt APR is autocompounded to the value of your 4Belt BLP tokens every 6 hours.
- The Trading Fee APR is autocompounded to the value of your 4Belt BLP tokens with each trading transaction.
BELT APR rewards are added in real time and can be seen in the “BELT EARNED” section separately. These can be harvested at any time.
Likewise, there are a few steps to depositing and withdrawing liquidity to Belt Single-token vaults. I’ll be showing you guys the HT vault.
First go down to the Belt Vaults section and choose HT or whatever other vault you want to deposit in. After connecting your wallet, it should look something like this (Please note that the APR and other values shown are only for testing purposes):
To start, I’m going to add 2 HT to the pool. After pressing “DEPOSIT”, and confirming the transaction fees through Metamask, you will now have beltHT shown in your beltHT BALANCE section.
You’ll have to “APPROVE” and confirm the transaction through Metamask,which will incur a small transaction fee. before staking. (This double approval is only necessary on your first instance of using each feature. And please make sure to wait until the confirmations go through before proceeding!)
After pressing “APPROVE”, the “APPROVE” button disappears and the “STAKE” button remains. Pressing “STAKE” and confirming the transaction will add all of your beltHT to get staked. Your screen will then look like this:
The value of your deposit in this vault will grow according to the APR! Keep in mind that the number of your staked tokens will not go up, but the value of each token will. Once mining begins, you will also get BELT rewards. Learn more about the beltTokens (e.g. beltHT) here: https://docs.belt.fi/understanding-belt/understading-vtoken
Withdrawing takes a few steps: Unstaking, choosing how much of the token to remove, and then withdrawing.
The first step is to press unstake.
After confirming your transaction through your wallet, your beltHT should now show in the BALANCE section.
Now, go to the “Withdrawal” section and either input how much you want to remove or press the number under balance to max out the withdrawal.
Pressing “Withdraw” and confirming your transaction will remove your liquidity from this vault and you will receive the token in your wallet.
Belt Vaults receive BASE APR and BELT APR. In short, the BASE APR is automatically added and compounded to the value of the beltToken (e.g. beltHT). BELT APR is given separately in the form of BELT (hBELT) tokens and can be harvested at any time.
beltTokens refer to the belt tokens (beltBTC, beltETH, beltHT, etc.) you receive upon depositing into a Belt Finance vault. beltTokens are in essence a deposit receipt. They represent liquidity provided in a Belt depositor contract. beltTokens are compounding vault tokens.
For example, if you deposit HT in Belt HT Vault (Belt Depositor contract) you will receive beltHT in return.
All beltToken vaults have multi-strategy yield applied to them. This idea behind this can be seen in the image above. Every token deposit into Belt Finance is not depositing wholly in a single strategy. Deposits are split between our different strategy protocols to optimize yield and security by spreading risk across the different protocols. Deposits are operated through the “Keepers” decided ratio, which you can see in the architecture.
When the depositor contract you are providing liquidity to generates yield, your beltTokens will increase in value, since they represent a share of that vault. This is why you will observe an increase in price. The base APR from the multi-strategy yield is automatically added and compounded every six hours to the value of the beltToken. This is separate from any BELT rewards.
Basically, each beltToken represents the underlying token + the yield from our multi-strategy yield thus far (e.g. beltHT = HT + base APR from multi-strategy yield). You also get BELT rewards for staking the beltTokens on Belt Finance!
So all in all,
Deposit your assets into Belt.fi to get a conveyor belt that delivers optimized yield, and sit back and watch your portfolio grow safely!