Releasing The Unstoppable GLP Autocompounder
Zero fees. Free. Forever.
We’re happy to announce that the Unstoppable GLP Autocompounder passed all our internal security reviews and audits with flying colours and is ready to put to action!
Last week we published the what and why of the Autocompounder in our Medium Article Zero Fees. Free. Forever.
Today we will give you a quick run-through of the dApp and the UI to show you how to use it to compound that sweet GLP for more #RealYield with zero effort and even saving you the gas fees.
TLDR: If you are an experienced crypto user, just head over to https://glp.unstoppable.ooo where you find the Autocompounder dApp. Everything should be fairly self-explanatory and follows the well-known Approve-Deposit flow.
If you prefer a more detailed explanation, read on.
Step 1: Connect to the Arbitrum Network
In your MetaMask wallet, select the Arbitrum network at the top.
If you don’t have the Arbitrum network in the dropdown selection yet, head over to arbiscan.io and click on “Add Arbitrum Network” at the bottom.
Step 2: Purchase GLP
If you don’t already have GLP in your wallet, head over to GMX.io and purchase some GLP tokens.
Make sure you are on the Arbitrum network, not Avalanche!
In order to avoid having certain aspects of the GMX system be exploited, newly purchased GLP is locked for 15 minutes before it can be sold, transferred or deposited into a vault!
This also applies to the Autocompounder, which means you have to wait 15 minutes after your last GLP purchase before you can deposit your GLP into the Autocompounder.
Step 3: Deposit GLP into the Autocompounder
Go to https://glp.unstoppable.ooo/ where you will find the UI allowing you to easily interact with the Autocompounder contracts.
3.1 Connect your wallet
Right on arrival you will be prompted to connect your wallet to the dApp. Alternatively you click the prominent “Connect wallet” button right in the middle.
MetaMask will pop up and allow you to select which account you want to connect. Here we select the “GLP Demo 01” account 0xc1f...484e and click “Next”.
After reviewing the permissions we grant, we click “Connect”.
If you are not yet connected to the Arbitrum network as described in Step 1, you will now be prompted to add the network and switch to it again.
Now the website will refresh and present you with the Unstoppable GLP Autocompounder UI.
3.2 Deposit
To deposit your GLP into the Autocompounder, you first need to approve the selected amount. This grants the Autocompounder contract permission to move the specified amount of your GLP tokens from your wallet into the vault.
After you have confirmed the Approve transaction, the Deposit button in the UI will become active.
Click “Deposit GLP” and confirm in your wallet to move your GLP into the vault and start compounding it.
If at this point you run into an error like this where it says “cannot estimate gas” and shows a transaction fee of a couple of million ETH, the 15 minutes since your last GLP purchase have probably not yet passed.
This is a peculiarity of GMXs GLP contracts and in place for safety reasons on their end. Unfortunately there is nothing we can do about it on our side, so if you run into this, go have a cup of coffee and come back in a few minutes to continue ☕.
If the 15 minutes have already passed, you will see a regular transaction calling the DEPOSIT method on our contract instead.
Once this transaction is confirmed and mined the UI will update and show you your new balances.
Congratulations! 🥳
You have now deposited your GLP tokens into the Autocompounder vault and received aGLP (autocompounding GLP) tokens in return!
These aGLP token represent your share of the total GLP in the vault. They will become more valuable (= represent more GLP) over time when the vault compounds the rewards into more GLP.
Note: this also means that 1 aGLP token is NOT meant to equal 1 GLP token and you will receive a different amount of aGLP tokens compared to the deposited GLP tokens. At first they will be fairly close but over time with the vault compounding more and more, 1 aGLP token will represent more than 1 GLP token.
The cool thing is, the aGLP tokens are completely liquid and can easily be transferred between accounts or put into cold storage on a hardware wallet for safekeeping, but they are also ERC4626 compliant which means they are composable and other DeFi protocols can build on them!
As a final step you can add the aGLP token to your MetaMask so you can easily see the balance or transfer them. Just click on the “Add aGLP to MetaMask” option at the bottom of the deposit UI.
3.3 Redeem
When you want to redeem all or part of your vault shares for the underlying GLP, you simply head to the “Redeem” section at the bottom of the UI.
Enter the amount of vault shares you want to redeem and confirm the transaction, you will immediately receive the underlying GLP in your wallet.
Contact
If you have any questions, run into any problems, want to let us know how you like the Autocompounder or want to see what else we’re up to, don’t hesitate to join us in our Discord!
Looking forward to see you there.
