Go to the Trade page, open the 'Supply liquidity' tab, and choose the assets you'd like to supply. You can only use bnUSD, sICX, IUSDC, or USDS as the second asset.
If there's a BALN incentive to supply your chosen assets, you'll see the current APY, calculated as(BALN allocation x USD value x 365) / Total USD value of pool x 100. Non-Balanced pools may offer rewards on another website, like Omm or Craft.
If there's no liquidity pool for the assets you chose, you can create one. This allows you to add new assets to trade on Balanced, and set the initial price ratio.
When you're ready to supply liquidity:
Choose the amount to supply. Aside from ICX, all existing pools require an equal value of two assets. If you're creating a new pool, you can set your own price ratio.
Click Supply or 'Create pool'.
Click Send to move each asset to the contract, then click Supply or 'Create pool' and complete the transaction.
To earn rewards for BALN-incentivised pools, you'll then need to:
Click to expand the pool in the liquidity details section.
Click 'Adjust stake' and use the slider to stake your LP tokens.
Confirm the transaction.
You'll earn BALN as long as your LP tokens are staked, and you'll need to unstake them before you can withdraw your liquidity. The ICX pool doesn't require LP tokens: you'll earn BALN automatically.
If you supply liquidity but don't see it in the UI, or you leave the page before the transaction is complete, try to supply a small amount to the same pool. You'll see your assets in the contract and can remove them.
Make sure you leave at least 2-3 ICX in your wallet to cover the transaction fees.
To withdraw liquidity, click to expand the pool in the liquidity details section.
If your LP tokens are staked, unstake them, then choose the amount to withdraw and complete the transaction.
If you're in the sICX/ICX pool, you don't need to unstake any LP tokens: click ICX or sICX to withdraw the full amount.
If you don't see your liquidity details for a third-party liquidity pool, make sure you haven't staked your LP tokens on another platform.
About the liquidity pools
Some of the liquidity pools on Balanced behave differently to others, as outlined below.
ICX liquidity pool
The ICX liquidity pool is not a traditional liquidity pool. It operates like an order queue that follows the First In First Out (FIFO) method, and there's no risk of impermanent loss.
While your order is open, you'll earn Balance Tokens.
Your order is filled when your ICX has been converted to sICX. You're no longer supplying ICX so you stop earning Balance Tokens, and can withdraw your sICX at any time. sICX is staked ICX, so it earns ICON staking rewards.
To convert sICX back to ICX, swap it on the Trade page for a 1% fee, or unstake it from the wallet section (depending on the volume of unstaking requests, this could take 1 hour, or up to 7 days).
Liquidity pools that are important for trading on Balanced are incentivised by Balance Tokens. To earn BALN for your liquidity, you'll need to stake your LP tokens (which represent your position in the pool) from the liquidity details section.
In addition to the sICX/ICX pool, you can earn BALN from these liquidity pools:
sICX / bnUSD
BALN / bnUSD
BALN / sICX
IUSDC / bnUSD
IUSDT / bnUSD
USDS / bnUSD
Third-party liquidity pools
Pools that aren't incentivised by Balance Tokens, like OMM/sICX, CFT/sICX, and METX/bnUSD, only receive 50% of the fees generated by swaps within their pool.
Liquidity providers may be able to earn additional rewards by staking their LP tokens on another platform (like Omm or Craft). While your LP tokens are staked, you won't be able to view your liquidity details for that pool on Balanced, and will have to unstake your LP tokens before you can withdraw your assets from the pool.