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Depth Older Version Mining Tutorial

Video Tutorial

I. Tutorial Overview

This is the tutorial provided by the Depth community. This tutorial involves the main process of using Depth products and issues that need attention. If you encounter any problems while using Depth, please join the Discord\Telegram community or leave a message on our Twitter @Depth.fi. There will be volunteers answering questions for you.
DEP Token (DEP) is the governance token of the Depth protocol, with a total amount of about 10 billion. DEP releasing has been started through Depth's liquidity mining at 14:00 (UTC+8) on March 1, 2021. DEP is 100% generated with liquidity mining, completely open and fair, and there is no pre-mining for the team.
DEP is the governance token with no investment value.
  • The max supply of DEP Token is about 10,000,000,000 (10 billion) (The actual release will be slightly less than 10 billion).
  • The release has been started through liquidity mining from 10:00 a.m. on March 1, 2021 (UTC+8), and the release will be completed in about 13 years.
  • HECO produces a block every 3 seconds on average. On the first day of mining, we will release 347.2 DEPs according to the output of each HECO block. A total of about 10,000,000 DEPs were released on the first day. After that, DEP will be released daily. The release amount per day is 0.999 of the number released on previous day.
  • All tokens are generated according to block time and liquidity mining, and are divided into 4 parts: Stablecoin Liquidity Mining (75%) ,Depth Core Volunteers (10%), Long-Term Supporters (10%), Depth DAO Fund (5%).
  • Depth volunteers', that is, Depth's core development team's token share is 10%, released in blocks in the same cycle as community mining.
  • The 10% of the tokens allocated to long-term supporters are also released in blocks in the same cycle as the community mining, but the timelock contract will be used to lock the position for 4 years, and the linear release will be carried out after 4 years. The release cycle is 4 years.
For more details about DEP token: https://docs.depth.fi/product/token

II. Stablecoin LP Mining Process

1. Mining Tools

HUSD/USDT
By depositing stablecoins to Depth, users can earn LP tokens for corresponding pool. Staking LP tokens to the pool can earn DEP rewards.
For users who haven't deposited any stablecoin, please refer to the link below to deposit.

2. How to Deposit (Add Liquidity)?

3. Select a Pool

Users can select a pool among Channels, FilDA, and LendHub on Depth for now.

4. Approve and Stake

For first-time users, please approve and confirm in your wallet.
If you haven't provided any liquidity yet, please refer to the stablecoin deposit tutorial (https://docs.depth.fi/tutorial/deposit) and deposit stablecoins to get LP tokens.
If you have already deposited stablecoins, the system will automatically detect the amount of your LP tokens. Click 【MAX】. Approve the wallet and wait for confirmation.
You can see the amount of DEP mined on the top.

5. Withdraw Rewards and Cancel Staking

Click【Harvest All Token】to receive DEP.
Click【Harvest & Withdrawal】to receive DEP at the same time cancel the staking of the LP token.
After clicking 【Harvest & Withdrawal】, click 【MAX】and【Confirm】to withdral all LP tokens.
Please refer to the withdrawal tutorial to turn the LP tokens into stablecoins and withdraw:

III. Risk Reminder

Depth is a non-custodial stablecoin swap DeFi protocol. Due to the characteristics of DeFi and crypto assets, using Depth may have the following risks:
  • Depth's own smart contract has a bug or is attacked.
  • Permanent loss caused by the decoupling of a certain stablecoin.
  • Risks of other related protocols.
As users of DeFi protocols, please do not underestimate the risks associated with providing liquidity to Depth or other DeFi protocols. Even though there has been a long period of operation and testing, as well as continuous technological advancement, the existance of risks cannot be denied.
Last modified 2mo ago