Bancor is now the cheapest place to buy $wNXM in DeFi thanks to having the deepest liquidity ($12.3m as of 09/2021). Here, we will show you how to buy $wNXM and stake it on Bancor to earn low-risk, passive yield on your $xWNXM.
1. Ensure you have Metamask installed and loaded with funds for trading
This is the first step to making transactions on any Ethereum-based protocol. If you haven’t already installed Metamask, please follow the instructions here.
2. Connect Metamask to Bancor
Visit https://beta.bancor.network/ and click on Connect Wallet (highlighted in the yellow box below), then select Metamask from the list of wallets that appears thereafter:
You may be prompted to enter your password into your Chrome or Firefox Metamask plug-in. Once connected, you will see your wallet address appear on the UI as below (in the yellow box):
3. Buy $wNXM
Select the token you are using to buy $wNXM by clicking on the ETH logo underneath “You Pay” (in the yellow box below) and selecting or searching for the token you wish to sell from the drop-down menu that opens up:
Ensuring that Market (and not Limit) is selected, enter the number of the chosen tokens you wish to sell:
Now select $wNXM from the drop-down list that appears when you click Select a token (shown in the yellow box below), and you will see how much $wNXM you can buy with the tokens you are selling:
Click Trade, and you will be prompted in Metamask to pay a small network fee (giving you permission to create a transaction) if this is your first time trading on Bancor in a while. Once confirmed, you will then be asked to pay the gas fee (highlighted in yellow below) to enact the transaction.
Click confirm, and wait for the transaction to be completed.
4. Display your $wNXM in Metamask
Once complete, you need to display your new wNXM tokens in Metamask. To do this, open your Metamask plugin and click on “Add token” at the bottom of the menu:
Then, click on Custom Token and insert the following token contract address: 0x0d438f3b5175bebc262bf23753c1e53d03432bde
Select Next, followed by Add Tokens, and your $wNXM tokens will now appear in Metamask every time you open it.
Done! Now to stake your $wNXM on Bancor for passive yield and full impermanent loss protection.
Wanted to place a limit order instead? Find out how to do so here.
Passive yield from trading fees with impermanent loss protection has been Bancor’s killer feature since the launch of v2.1, and the wNXM pool has become one of the highest earners and most lucrative for liquidity providers. Here we’ll show you how to earn passive yield on your $wNXM.
- Ensuring Bancor is connected to Metamask, visit https://app.bancor.network/eth/data/ and search for the wNXM pool in the search box (in the yellow box below).