🏄‍♂️How to Earn

waveX is a liquidity pool-based perpetual DEX built on Soneium. Traders can open leveraged positions using assets provided by Liquidity Providers (LPs) via the ‘Earn’ page. LPs deposit assets into the LP pool and receive fsWLP/fsWELP tokens in return.

Note

• WLP vs. WELP

  • WLP represents the deposit token that LPs receive when they provide liquidity in assets such as wBTC, wETH, USDC.e, or ASTR.

  • WELP represents the deposit token that LPs receive when they deposit EL tokens.

  • In other words, waveX operates two separate vaults. When users deposit into the EL-only vault, they receive WELP tokens in return.

• WLP/WELP vs. fsWLP/fsWELP

  • By design, when users purchase WLP or WELP, the tokens are automatically staked. In return, they receive fsWLP or fsWELP, which serve as the staked versions of the original tokens. These staked tokens are used as the basis for earning points and other rewards.

  • When users sell fsWLP or fsWELP, those tokens are burned. At the same time, the corresponding WLP/WELP are unstaked and then burned as well, with the chosen underlying asset (e.g., EL, wBTC, etc.) being withdrawn to the user.

1. Navigate to the Earn Page

• Click the “Earn” tab on the navigation bar.

2. Select an Asset to Provide Liquidity

• Choose an asset from the list to provide liquidity.

• For the purpose of this guide, we will use EL tokens as the main example.

3. Purchase WLP/WELP (Provide Liquidity)

1) In the 'Buy/Sell WLP' or ‘Buy/Sell WELP’ section, LPs can purchase WLP/WELP.

• WLP/WELP represents the value of assets in the LP pool.

2) Select the 'Buy WLP/WELP' tab.

3) Enter the amount of assets to supply.

4) Click 'Buy WLP/WELP'.

• You must first approve the transaction if this is your first time providing liquidity.

5) Confirm the transaction in your wallet.

6) After a successful transaction, your fsWLP/fsWELP balance will increase.

4. Sell WLP/WELP

1) Go to the 'Buy/Sell WLP' section and click the 'Sell WLP/WELP' tab.

2) Enter the amount of WLP/WELP to sell.

3) Choose the asset to receive from selling WLP/WELP.

• Be mindful of the Withdrawal Limit and fees.

• For WELP, users can only receive EL.

4) Click 'Sell WLP/WELP'.

• You must first approve the transaction if this is your first time providing liquidity.

5) Confirm the transaction in your wallet.

6) Once successful, your WLP/WELP balance decreases, and the withdrawal asset balance increases.