# Welcome to Merchant Moe **Merchant Moe is a trader's oasis in the bustling world of Decentralized Finance (DeFi) on Mantle Network, offering a comprehensive and user-friendly Decentralized Exchange (DEX) experience.** Merchant Moe is the cornerstone DEX for Mantle Network, offering seamless trading, discretized liquidity, and real yield all within his intuitive and easy-to-navigate platform. Built with the same robust technology as **LFJ Dex**, Merchant Moe is a distinct and purpose-built native DEX for the Mantle Network, with unique features and offerings tailored specifically to serve the Mantle Ecosystem. Backed by an investment from the Mantle EcoFund, Merchant Moe's efforts to serve as the central trading and liquidity hub in the Mantle Ecosystem is underpinned by a deep liquidity and growth partnership with the Mantle Foundation.

*** Step into Moe's bustling portside exchange and navigate through a sea of opportunities on Mantle Network: trade a diverse array of tokens, delve into the rewarding waters of yield farming, and explore the limitless potential of Liquidity Book. With a vision of becoming the liquidity hub at the center of Mantle's innovative ecosystem, Merchant Moe is where the complex world of DeFi becomes accessible to anyone and everyone. ## **AN EXCHANGE WITHOUT BORDERS** **Anchored in Blockchain Technology, Merchant Moe Operates on Smart Contracts** Merchant Moe operates on the principles of a decentralized network, akin to the free-flowing exchange found at a portside market. Our platform is built on robust smart contracts, ensuring that you have complete control over your assets and trades, accessible globally, around the clock.

## **SWAP TOKENS** **Swift Trades, Fair Prices, and a Smooth Experience — this is a guarantee when coming to Moe's exchange.** At Merchant Moe, swapping tokens is as simple as exchanging goods in the old bazaars, but with the speed and efficiency of modern magic — smart contracts. Our Automated Market Maker (AMM) is the genie that fulfills your trade wishes, ensuring that you get the best value for your tokens with every exchange.

## **PASSIVE INCOME** **Put your tokens to work and earn yield with Merchant Moe.** Why let your tokens gather dust when they can earn their keep instead? At Merchant Moe, your tokens can be staked in various liquidity pools, collecting a share of the trading fees as if they were Moe's own trusted traders. From the safety of stablecoins to the thrill of volatile assets, there's a place for everyone in Moe's market.

## **BONUS REWARDS** **Harvest more than just trading yield with Moe bonuses.** Merchant Moe is not just about the usual trade; it's about the extra bounty. Partnering with a caravan of ecosystem allies, find offers for additional tokens as a reward for your liquidity. These special deals are limited in time, so be swift to seize them!

## **MOE TOKEN** **MOE token is the utility for the Merchant Moe ecosystem** The MOE Token is the lifeblood of our exchange, granting you a share in Merchant Moe's prosperity. Staking Moe Tokens earns you a yield via sMOE. It's your passport to greater yields. Currently, sMOE distributions are shared as $MOE buybacks but this may change in the future.

## **INNOVATION AT THE HEART OF THE MARKET** **Merchant Moe stands at the forefront of DeFi innovation.** At Merchant Moe, we fully embrace the innovative spirit of the Mantle Network, consistently introducing groundbreaking features that enhance accessibility and adoption. Merchant Moe will always be forging a path forward in this space. Committed to pioneering in this market, we continue to craft experiences that push the envelope, aiming to introduce DeFi's wonders to the masses.

## **READY TO JOIN MOE'S JOURNEYMEN?** **Begin Your DeFi Journey with Merchant Moe** Ready to dive into the world of decentralized finance? Merchant Moe is your starting point. Convert your fiat currency into crypto through major exchanges, transfer it to your decentralized wallet on Mantle, and you're all set to explore the vibrant world of Merchant Moe. Don't forget to join our bustling community in the Merchant Moe [Discord Server](https://discord.gg/merchantmoe)!

# Trading A decentralized exchange (DEX) is an on-chain platform where you can trade one token for another instantly and efficiently. In a DEX environment, traders engage in direct peer-to-peer transactions without the need for an intermediary, enhancing privacy and control over their assets. There are countless cryptocurrencies available to trade using the Merchant Moe DEX. You can discover and trade them all with as little as one click. To get started, you need to first have a digital wallet that's compatible with the DEX platform, like MetaMask or Trust Wallet. After setting up your wallet, you'll deposit your cryptocurrency into it, gearing up for trading. This step includes connecting your wallet to the Merchant Moe DEX platform, choosing your desired trading pairs, and then executing the trades. These trades can be made either through immediate market swaps or through set limit orders. Our platform ensures that each transaction is seamless, secure, and user-friendly. Merchant Moe provides a reliable and intuitive environment for you to access DeFi on Mantle. # Guide to Swaps ### How to Trade Tokens Trading on Merchant Moe is simple and easy to do, follow the below guide to get started. 1. Head to the Trade page and click the drop down to open the Token List. 2. Search for the token you want to swap out of by simply typing in the Token name or entering the contract address. Select once you have found your token. 3. Select the token you want to swap into by either clicking one of the quick pick token logos or selecting the token list and searching / picking a token from there. 4. Enter the amount of tokens you want to swap and press 'Swap'. You should now be able to verify this transaction in your wallet. Your swap will engage and execute within seconds. You may need to refresh your browser UI to see the balances update. 5. Done! ### Understanding the Trade Panel The below image provides information for Trading, explaining the basics for each section of the Trade Panel

### Understanding the Specifics The below image highlights the various additional information points before you perform a swap.

### Smart Routing Ensures Optimal Pricing There are two types of Automated Market Maker protocols operating within the Merchant Moe platform. Your trade will always be routed in the most cost efficient manner, which will either be Moe Liquidity Book or Moe Classic. If you have queries about a trade you can [join our Discord](https://discord.gg/merchantmoe) to seek additional help. # Guide to Limit Orders {% hint style="info" %} *Limit Orders have not yet been implemented on Merchant Moe* {% endhint %} *** #### What is a Limit Order? A limit order is a type of trade that executes an automated buy or sell instruction for a token at a specific price. Traders use this when they have a target price in mind and are prepared to wait for the market to match this price. #### How are Merchant Moe's Limit Orders Unique? Merchant Moe will be one of the first Decentralized Exchanges (DEXes) to implement fully on-chain 'maker style' limit orders. **What does 'Maker Style' mean?** Maker-style limit orders are orders that add liquidity to a Liquidity Book Pool. These orders are referred to as "maker" orders because they "make" liquidity by being available for takers to execute against. These limit orders allow traders to set up trades that execute without incurring fees and with no price impact. **Advantages of On-chain 'Maker Style' Limit Orders** * No reliance on external oracles * Your trades have perfect execution * Complete decentralized ‘on-chain’ execution * Swaps with no additional fees to pay or price impact on your swap Liquidity Book doesn't charge any fees on limit orders. Plus, there is no price impact or slippage on swaps when using the limit order feature making it a highly efficient option for trading. #### Why won't my Limit Order execute? For your limit order to complete, it must be fully filled. An order will only fill if there is an equal or greater trading volume corresponding to your order size. For instance, if you place an order to purchase $1k worth of tokens, there needs to be a seller swapping that amount of tokens at your specified price point, to fill your order. #### Types of Limit Orders Merchant Moe offers two types of limit orders that open up new strategies while also offering more flexibility and control for your trading and liquidity providing. These are Place Orders and Pool Orders. Both types of limit orders enable you to automate the execution of your swaps. #### Place Orders Place Orders are set to trigger at a price you select. When that price is reached, your tokens are automatically moved into a liquidity pool and converted into the tokens you want to acquire. These tokens then await your action to claim them. #### Setting up a Place Order

### Pool Orders Using the Pool Order feature, you can deposit liquidity across a specified range, such as $10 to $100. This is different to a Place Order, where you only specify a fixed price point for your order, such as $10. Using a Pool Order, your order is filled gradually as the price of the asset moves inside your range. Pool Orders are an excellent way to automate your Dollar-Cost Averaging (DCA) strategy, to enter or exit a token with no fees or price impact. **How to setup a Pool Order**

#### Limit Orders: Strategy Showcase Use Limit Orders to automated advanced trading strategies:

# Price Impact / Slippage Price Impact is the change in a token price that is directly caused by your trade and reflects how much total liquidity is held within the Liquidity Pool that you are trading. Price Impact is directly correlated with Liquidity in a Liquidity Pool, the more Liquidity held, the lower your Price Impact may be and vice versa. **Below example highlights a 0.08% Price Impact**

### Price Slippage Price Slippage is the change in token price between the *expected* price and the *executed* price that you receive. Slippage is therefore the difference from what you expected to receive to what you actually received when executing a swap. #### Slippage can occur: * During market volatility * Due to a lack of liquidity The below example highlights the minimum you can expect to receive based on the Slippage that may occur while the trade executes. This would highlight a slippage of potentially 1.52 USDC tokens. * **Expected Output:** This will likely be the amount you receive on your trade * **Minimum Received:** This will be the minimum amount you receive if there is slippage when executing your Trade.

### Slippage Settings You can adjust your Slippage settings to reduce the % of slippage during trades. If a trade experiences slippage that is higher than your slippage settings, the trade will revert and cancel.

### Safe Mode If your trade causes a price impact that is over 5% you will not be able to execute the swap unless you turn off 'Safe Mode'. Turn off Safe Mode by clicking on the Settings button and then toggling off 'Safe Mode'.

*** ### General Disclaimer This document is intended for informational purposes only and should not be construed as financial, legal, or investment advice. The contents of this document do not constitute an offer or solicitation to buy or sell any tokens or participate in any trading strategies. The decision to trade tokens involves substantial risk and should be made independently by the reader with consideration to their financial situation and investment objectives. *** If you have any further questions about Merchant Moe and how to swap please join the [Merchant Moe Discord](https://discord.gg/merchantmoe) for further assistance. # Classic AMM Liquidity Pools ### How does a Liquidity Pool Work? A liquidity pool (LP) is essentially a smart contract that holds two tokens, e.g. MOE and MNT tokens. Liquidity pools are there to facilitate trading between the two tokens that make up the liquidity pool, replacing the traditional role of market makers on centralized exchanges. In a decentralized exchange, trades are facilitated by an automated market maker (AMM) system, which uses algorithms within smart contracts to execute trades initiated by users. In essence, a liquidity pool enables the automatic and permissionless exchange of two tokens through the use of smart contracts. ### Why Deposit Liquidity into a Liquidity Pool? Users can earn a share of the trading fees by depositing a pair of tokens into the LP (also known as "adding liquidity"). Users will receive an LP token, representing their stake in the pool. ### Pool APR Pool APR is the yield you accrue by adding liquidity to a pool. You earn 0.25% of all trades using this pair, proportional to your share of the pool. These fees are added to the pool, accrue in real-time, and can be claimed when you withdraw your liquidity. Providing liquidity is not without risk, as you may be exposed to *impermanent loss (IL).* If the prices of the two tokens revert back to the same prices when you added liquidity, you won't suffer any IL. ### Impermanent Loss (IL) Participating in a liquidity pool does come with the risk of impermanent loss. Impermanent loss is a potential temporary reduction in value that occurs when you provide liquidity. It represents the difference between simply holding your assets versus actively participating in liquidity provision. #### How does Impermanent Loss Happen? Impermanent Loss occurs when the price ratio of the supplied token pair changes. As a simple rule, the greater the volatility of the assets in the pool, the higher the risk of incurring impermanent loss. AMMs maintain a constant ratio of liquidity within a pool, automatically adjusting holdings to preserve balance. These adjustments can lead to impermanent loss over time. The term 'impermanent' suggests that the loss could be reversed if the token's price returns to its original state within the pool. If the price does realign, the impermanent loss vanishes. However, if you choose to withdraw your liquidity, any loss becomes permanent. # Adding / Removing Liquidity ### How to add Liquidity to a Pool? 1. Go to the Pools page 2. Find your prefered liquidity pool, this will depend on the tokens you hold 3. Click into the Pool to enter the Pool page (image below) 4. Add your Tokens by selecting quantities, this will need to be a perfect 50/50 ratio 5. Click Approve/Confirm to initiate the Transaction in your Wallet 6. Done! You are now earning your share of Trading Fees generated by the Pool! When you deposit tokens into a pool, you receive a LP Token. This token may be eligible for use in our farming programs to earn additional yields, such as $MOE tokens, on top of the trading fees.

### How to Remove Liquidity from a Pool? To withdraw, navigate to the desired pool and select 'Remove Liquidity'. Input the tokens you wish to withdraw or choose a preset percentage. The system will automatically calculate the necessary token ratio. After selecting the withdrawal amount, you will need to approve the transaction in order to remove the tokens. Your wallet will prompt you for confirmation, and upon completion, your tokens will be returned to your wallet.

*** ## Impermanent Loss (IL) Providing Liquidity comes with a risk of Impermanent loss. This occurs when you provide liquidity to a pool containing two different assets in equal value. #### What is Impermanent Loss? * When you deposit assets in a liquidity pool, their ratio is set at 50/50. * If the price of one asset changes compared to when you deposited, the ratio of assets in the pool changes to maintain a balance. * This can lead to 'impermanent loss' because the value of your deposited assets may become less than if you had just held onto them separately. * Impermanent Loss is not permanent and it can be reversed if more fees are earned on the position * Impermanent Loss is only permanent, when you withdraw from a Liquidity Book, you are essentially crystallizing those losses. *** #### Your Risk as a Liquidity Provider 1. Price Volatility: The greater the price change of one asset relative to the other, the larger the potential impermanent loss. This is a significant risk in volatile markets. 2. Opportunity Cost: You might lose out on potential gains you could have had if you simply held the assets outside the pool. 3. Temporary Nature: The loss is 'impermanent' because it only realizes if you withdraw your assets from the pool. If prices return to their original levels when you entered the pool, the loss can be reversed. 4. Dependent on Pool Dynamics: The extent of impermanent loss depends on the specific dynamics and rules of the liquidity pool you're participating in. # Farming Farming on Merchant Moe allows you to generate additional yield on your pooled liquidity. Certain Liquidity Pools will receive farm reward emissions from the Merchant Moe protocol. Because emissions are dynamic based on voting, the yield for farms is also dynamic. To unlock these rewards, user must provide liquidity to a pool. They will receive a receipt token for the liquidity. They can then deposit these tokens into a farm to begin accruing additional rewards.

View available farms on the Farm Page of Merchant Moe

### How to Yield Farm * Deposit Tokens into a Liquidity Pool and receive LP tokens in return. * Go to the Farm page * Locate the Farm you wish to deposit your Tokens into * On the right-hand side enter the amount of LP tokens you wish to deposit * Press Approve or Deposit (or both) and Confirm the transaction in your wallet * Congratulations, you are now earning Farm rewards!

### How to Unstake * Click the 'Unstake' Tab and select the amount of LP Tokens to Unstake, or press 'Max' * Press Confirm and Confirm in your wallet when prompted * Then click on the pool page. Here you can withdraw your Tokens from the Liquidity Pool.

### How to Harvest Rewards * You can claim Farm rewards at anytime * Smart Contracts hold your Rewards until you press 'Claim' * Simply press the Claim button and any pending rewards, will be added directly into your wallet. You can claim from each farm individually, or claim all farm rewards from the main farm page.

# Staking The MOE Token governs the Merchant Moe protocol. Staking MOE tokens offers users the chance to participate in protocol revenue sharing. Users will accrue real yield (sMOE) simultaneously while staked. MOE staking is highly accessible. Users may stake MOE tokens at any time. * No deposit or withdrawal fee * May stake or unstake any time * Grants access to sMOE revenue sharing ## How to Stake MOE 1. Go to the Stake Page 2. Select the MOE Staking Pool 3. Deposit your MOE Tokens 4. Confirm any Wallet Transactions 5. Congratulations, you are now Staking!

*💡 Staked MOE has no receipt token.* ## sMOE: Revenue Sharing sMOE is a staking product that provides users with a non-dilutive real yield. Unlike other staking products that may dilute value by issuing more tokens, sMOE's yield is derived exclusively from the trading fees generated by the platform. These trading fees are collected every 1-3 days, swapped to $MOE token, and distributed to MOE stakers, proportionally to their staked MOE balance. To claim your rewards, simply click “Claim Rewards” and confirm any wallet transactions. #### Earn your share of Platform Trading Fees Each transaction on Merchant Moe incurs a fee, which is then allocated to liquidity providers and to the protocol. For all trades routed through Moe Classic AMM pools, a fee of 0.3% is taken. That fee is split, with 0.25% going to LPs and 0.05% to the protocol. Fees vary for Liquidity Book pools, starting at 0.02% for stablecoin pairs like USDT-USDC and can escalate up to 0.8% for certain pools. In volatile trading conditions, fees can peak at 2.48% due to 'Surge Pricing.' For a detailed explanation of Surge Pricing, please refer to the Merchant Moe documentation. #### Protocol Fees (Liquidity Book Pools) sMOE holders benefit from a portion of the fees collected by the protocol. The share of protocol fees varies by market type: * Stablecoin pairs 0-5% * Alt stables / Staked 10-25% * Majors / Network Tokens 10% * Altcoins 15-20% * Long-Tail 25% You can check the exact protocol fee for any liquidity pool in the Analytics section. For instance, a 25% protocol fee indicates that a quarter of all fees generated by the pool are distributed to sMOE holders.

*💡 The final fee share rate of each market is subject to change and the Core Team reserves the right and has the discretion to adjust fee share rates to ensure efficiency and optimization for all users.* #### Example of fees accrued: * A $100 USDC swap into MOE will charge a $0.2 fee because it is a 0.2% bps pool * MOE is a “Major / Network Token” - 10% of the fees will be deducted for sMOE * $0.2 x 0.1 = $0.02 * Therefore $0.02 will be converted into USDC and added to the sMOE Staking into sMOE rewards you with a share of all platform revenue generated depending on your share of the staking pool. Your share of the pool is determined by how many MOE tokens you have staked into the sMOE pool. #### How much can I earn? * sMOE Stakers receive rewards proportional to their share of the sMOE vault. * Rewards are variable and based on trading fees accrued on the platform, more trading volume will result in more fees captured *💡 Calculation: userRewardRate = userMoe / totalMoe \* sMoeRewardRate.* #### Topping Up * You can top up your existing staked amount of MOE to increase your share of rewards * When you top up your MOE Tokens with more MOE Tokens, you will automatically claim any pending rewards you may have * Claimed rewards automatically enter your Wallet ## Unstaking MOE MOE can be unstaked at any time with no fee. If you wish to unstake your MOE, you may first need to remove votes before unstaking. Voting via veMOE has been replaced by direct emission control from the protocol, meaning removing votes is the only action possible. Removing these votes will allow you to unstake your MOE tokens.

# Introduction to Liquidity Book Liquidity Book is a new type of Automated Market Maker (AMM) that powers swaps on Merchant Moe. Liquidity Book drastically improves the token trading experience, simultaneously reducing costs for traders and amplifying fee earning potential for liquidity providers while also requiring less capital. Originally designed by Moe's cousin, LFJ, Liquidity Book has industry-leading innovations that can't be found anywhere else in DeFi. Its features include: * **Zero Slippage:** Traders can swap tokens with zero slippage within bins. * **Surge Pricing:** Liquidity Providers earn additional dynamic fees during high market volatility. * **High Capital Efficiency:** Liquidity Book can support high volume trading with low liquidity requirements. * **Flexible Liquidity:** Liquidity Providers can build flexible liquidity distributions according to their strategy. #### How does Liquidity Book differ from Uniswap V3[](https://docs.traderjoexyz.com/#liquidity-book-vs-uniswap-v3) Both Liquidity Book and Uniswap V3 are concentrated liquidity AMMs with some subtle differences: * Price ranges are discretized into bins instead of ticks * Bins use constant sum invariant instead of constant product * Bin steps (or tick sizes) can be more than 1 basis point * Liquidity is aggregated vertically instead of horizontally * Liquidity positions are fungible * Liquidity positions are not restricted to uniform distribution across its price range; they can be distributed in any shape desired * Swap fees have fixed + variable pricing, which allows the AMM to charge more fees when the market experiences high volatility. # Liquidity Book Primer ### What is the Liquidity Book AMM? Dive into the innovative world of decentralized finance with Merchant Moe, where cutting-edge technology and efficiency converge to revolutionize trading experiences. At the forefront of this evolution on the Merchant Moe platform is the Liquidity Book protocol, an integral component of the Merchant Moe ecosystem. Think of Liquidity Book as the powerhouse under the hood of a car. It operates beneath the surface of the Merchant Moe platform, linking liquidity and trades to enable the many transactions occurring on the platform. Unlike traditional centralized exchanges, Liquidity Book doesn't depend on order books. It leverages a Pool of funds, contributed by users, to conduct trades directly on the blockchain. This translates to faster, more streamlined transactions and a decentralized trading experience that puts you in the driver's seat. At Merchant Moe, Liquidity Book emerges as a revolutionary tool. It's engineered not only to accelerate and streamline token trading but also to amplify profitability for liquidity providers (the fuel powering every trade). With its unique approach to managing and optimizing liquidity, it paves the way for everyone to benefit from the booming DeFi market. Whether you're an experienced trader or just getting started, Liquidity Book provides an accessible and rewarding entry point into the realm of decentralized finance. Let’s embark on a journey to discover how it's redefining standards in the DeFi space. To delve into the comprehensive details of Liquidity Book, check out the linked [whitepaper.](https://github.com/traderjoe-xyz/LB-Whitepaper/blob/main/Joe%20v2%20Liquidity%20Book%20Whitepaper.pdf) ### Liquidity Book Key Features Liquidity Book is more than a mere trading platform; it's a hub of innovative features designed to benefit both traders and liquidity providers. Let's explore some of these key features: **Concentrated Liquidity:** Unlike conventional AMMs that disperse liquidity over an extensive price range, Liquidity Book enables liquidity providers to focus their funds within specified price brackets. This enhances the capital's efficiency, facilitating larger trades with minimal price slippage. For traders, it results in more stable and predictable pricing, while liquidity providers can capitalize on increased fee income opportunities.

**Surge Pricing:** Liquidity Book introduces a dynamic surge pricing mechanism in reaction to market volatility. This system adjusts trading fees in real-time, reflecting current market dynamics. While traders might experience a minor increase in trading costs during turbulent periods, liquidity providers benefit from augmented fee earnings during peak market activity, offsetting risks like impermanent loss.

**Bins Architecture:** Liquidity Book incorporates a novel 'bins' system, essentially segmented pools of liquidity at specific price points. Each bin reserves liquidity for a designated price point, and collectively, they form a unified Liquidity Pool. This innovative structure minimizes price impacts during trades, offering traders optimal price execution. For liquidity providers, the bins arrangement enables a more tactical allocation of funds, optimizing their earning potential based on market trends.

*** ### What is the active bin and how can I earn fees? The active bin represents the current market price of assets within a Liquidity Pool. Only the active bin consists of both tokens and only the active bin earns trading fees. For liquidity providers, maintaining liquidity within this active bin is crucial to continuously accrue trading fees. As the market price shifts and a new bin becomes active, the previously active bin ceases to collect fees, emphasizing the importance of strategic liquidity placement. **You only earn trading fees from Liquidity that is in the active bin.**

*** ### What is slippage and how does Liquidity Book solve it? On traditional AMMs, asset prices depends entirely on a pool's composition, fluctuating with every trade. Buyers nudge prices up, sellers bring them down, leading to 'slippage' on every trade. This is when the final trade price deviates from the initial quote. Thanks to it's innovative bin architecture, Liquidity Book allows for swaps with zero slippage, meaning that advertised prices match the rates at which the trades were actually executed. This ensures that the price you see is the price you pay, allowing for precise and efficient trading. **Zero slippage ensures accurate prices are quoted when executing a swap.** *** ### How does re-balancing work on the Liquidity Book? For liquidity providers to maintain their fee earnings, it's essential to rebalance their liquidity if it moves out of range of the active bin. This rebalancing involves removing tokens from inactive bins and redeploying them to ones closer to current price ranges. Liquidity Book simplifies this process with its fungible token receipts, enabling providers to adjust their positions with low gas costs and in a single transaction. **Re-balance to ensure you keep your liquidity in range to earn trading fees.** *** ### What are some considerations when re-balancing? * Costs: Rebalancing involves paying for gas and buying and selling assets, which can incur trading fees. It can be helpful to consider these costs when deciding how frequently to rebalance. * Market conditions: Rebalancing on Liquidity Book should take into account market conditions, as different market conditions may require different rebalancing strategies. For example, in a volatile market, an LP may need to rebalance more frequently. **Re-balancing will cost gas and any swap fees you from trading you execute.** *** ### What are the risks involved? When liquidity is densely concentrated within a narrow price range, it heightens the risk of 'impermanent loss.' This occurs as assets are more closely bunched together, which could result in a permanent loss if not carefully monitored and managed. It's important to keep an eye on this and actively manage it to reduce risk. **Active Liquidity provisioning is complex and requires careful management.** *** ### Compare IL from traditional AMMs to concentrated AMMs Engaging as a liquidity provider in an automated market maker (AMM) inherently involves the risk of impermanent loss (IL). This term refers to the decrease in the value of your pooled assets compared to if they were just held in your wallet. IL arises when the relative market prices of these assets shift away from their initial deposit levels. Concentrated liquidity amplifies this risk, as funds are more densely allocated within a limited price span. However, this approach can yield higher trading fees, offering liquidity providers (LPs) a trade-off between increased risk and the opportunity for greater rewardsThis is because the liquidity is more tightly packed into a narrower range. **Impermanent Loss can be mitigated by ensuring you kept your position balanced.** # Differences to Uniswap V3 The invention of the Automated Market Makers has been one of the most significant innovations in the history of DeFi. The debut of Uniswap V1 revolutionized the way trading was conducted, offering a decentralized, permissionless platform on a scale that wasn’t possible before. Fast forward to today, where most decentralized exchanges in crypto are still using Uniswap’s code or variations of it. Now Liquidity Book is taking the next step and opening an entirely new page in the book of DeFi. Merchant Moe, powered by the Liquidity Book (LB) algorithm, seeks to improve the experience for liquidity providers and traders while staying true to the spirit of DeFi. But what sets it apart as a groundbreaking innovation, and how can LB benefit all DeFi users? ### Concentrated Liquidity The constant product formula, utilized by both Uniswap V2 and Moe Classic, sets the pricing mechanism for assets within their pools, denoted by the equation x\*y=k. It is clear that as the quantity of x rises, y must fall, and vice versa. This model guarantees unlimited liquidity - the pool buys and sells tokens at all prices, including when they approach 0 and infinity. This is very convenient for traders, as they always have a place to sell and buy. It's a boon for traders, ensuring constant buy and sell opportunities. Yet, since many cryptocurrencies frequently trade within specific ranges, distributing liquidity across all conceivable prices is not capital efficient. Concentrated liquidity massively improves liquidity depth at the most traded price points. Liquidity providers have the discretion to select price ranges they are willing to supply their tokens. Let’s say they anticipate that $$$ will trade between 15 and 20 dollars in the coming few months. They can opt-in to provide liquidity for $$$-USDC at this interval instead of at the whole range (i.e., between 0 and *∞).* Enhanced capital efficiency translates to increased fee earnings for liquidity providers who opt for narrower ranges. However, should the price move outside the bin, the bin becomes "inactive," halting fee accumulation. Providers then face a choice: rebalance their tokens to a new bin or wait for the price to return to its previous value. ### Ticks vs Bins Uniswap V3 implements Concentrated Liquidity by dividing all available price space with ticks. Users can choose any two of those ticks and provide liquidity in the range between them. The smart contract then aggregates all liquidity at the current price for trading. Liquidity Book, on the other hand, separates the price range into discrete bins. Liquidity providers deposit into their selected price bins, and Merchant Moe's smart contract taps into the bin matching the current price. While seemingly similar, there is one crucial distinction. Price can belong to multiple tick ranges but will always be in only one bin. Consider the following example: For simplicity, you can think of bins as a collection of bundled constant sum pools. Instead of using the *x\**y=k formula, each bin uses the *x+y=k* instead. With it, the price isn’t dependent on the pool's composition and is constant throughout the whole bin. This maintains a stable price within each bin and only shifts when a bin's liquidity is exhausted. ### Price Impact Price impact is an inherent issue with constant product exchanges. In these AMMs, because the amount of assets in the pool changes during the swap, the quoted price differs from the actual one. That difference is referred to as price impact and is unavoidable, especially with large transactions. Uniswap V3 and Liquidity Book tackle the problem of price impact a bit differently. They both mitigate this impact through the capital efficiency of concentrated liquidity. This essentially allows pools to perform as if they had more liquidity than they actually do. More liquidity means less price volatility on each swap. Although, unique to Liquidity Book’s design, the price impact when trading inside one bin is completely eliminated. Thanks to the Constant Sum formula in the Liquidity Book, price impact only occurs if the price moves from one bin to another during the trade. This means that if the swap utilizes liquidity in only one bin, it is performed with zero price impact. ### Flexibility Liquidity Book also surpasses Uniswap V3 in fungibility. Uniswap's tick-based design necessitates ERC-721 NFTs to represent liquidity positions, severely complicating integration with protocols designed for ERC-20 tokens. NFTs also make managing liquidity positions difficult, time-consuming and expensive. For example, changing ranges involves multiple complex transactions. Users must withdraw their tokens, define new ticks and re-deposit with gas paid at each step. In contrast, Liquidity Book wraps positions into the much more versatile custom contract similar to the ERC-1155 standard. Therefore, LB positions behave like regular fungible ERC-20 tokens, making a wide range of custom strategies readily available. Users can manage and deploy those strategies themselves or rely on third-party solutions that build on top of the Liquidity Book. The strategies can include: * limit orders - providing liquidity below or above the current price; * custom bonding curves - depositing in multiple bins to mimic a specific distribution; * active liquidity provision - moving liquidity to the current price bin to capture maximum fees; All these things are available with Uniswap V3 but require more resources due to the non-fungible nature of liquidity. ### Impermanent Loss Impermanent loss (IL) occurs when the price of the pooled assets changes compared to the one they were deposited at. It is referred to as “impermanent”, as if prices return to previous values, the loss will be negated. However, the loss often becomes permanent for many liquidity providers as cryptocurrency markets are extremely volatile, with prices swinging in both directions. While Uniswap V2 and others attempt to offset IL with fixed swap fees and liquidity mining incentives, Liquidity Book introduces a variable fee model. This model adjusts fees in tandem with asset volatility. Tracked by a volatility accumulator that responds to rapid price shifts, fees are increased during volatility, aiding providers in recouping potential losses. When the frequency of transactions drops, the accumulator will gradually reduce by a prespecified reduction factor until it reaches a new equilibrium. In cases when transactions occur especially rare, the accumulator will reset to a number of bin changes in the current swap. Each bin has its own separate volatility fee, which is capped at a certain amount to prevent it from growing out of proportion. ### Summary Liquidity Book allows Merchant Moe to offer better capital efficiency for liquidity providers than legacy exchanges like Uniswap V2. Simultaneously, it massively reduces the price impact for most traders. It can even offer swaps with zero price impact for assets like stablecoins that are expected to trade inside one bin most of the time. While it shares the concentrated liquidity concept with Uniswap V3, it offers several significant improvements over it. Namely, it makes managing positions easier thanks to the fungible design of liquidity tokens. It also makes those tokens more composable, positioning them to become a core piece of Mantle Network’s DeFi infrastructure. Liquidity Book grants users unprecedented control over their assets, optimizing liquidity provision to align with individual goals. The volatility accumulator and adaptable fees offer a sustainable solution to alleviate Impermanent Loss. DeFi has evolved significantly since the first AMMs, and with Merchant Moe's Liquidity Book, the future of liquidity provision on Mantle Network is more efficient, adaptable, and trader-friendly than ever. # Surge Pricing ### Surge Pricing: improving swaps and protecting liquidity providers The cryptocurrency sector is notorious for its intense volatility, with double-digit price fluctuations within a single day being commonplace. This environment can be lucrative for traders but poses significant risks for those providing liquidity on decentralized exchanges. Impermanent Loss (IL) — the disparity between the performance of an LP position and simply holding the assets in your wallet — is a primary concern for liquidity providers. They face limited control over pricing and even less over the fees they earn for their services. These fees are typically set by the exchange, with 0.3% considered an industry standard. Yet, this standard fee is often insufficient to offset the IL, particularly with volatile asset pairs. This is where Moe Trade new Liquidity Book comes in. Every time someone uses Liquidity Book to swap tokens, they are charged a flat Base Fee. In times of high volatility, an additional fee is levied through a Surge Pricing mechanism, calculated using two key factors: * Bin Step - variable set at the initialisation of the pair. It defines the price difference between each of the bins. * Volatility Accumulator - a novel counter introduced by the Liquidity Book to track on-the-spot pair volatility. ### Bin step The Bin Step defines price increase or decrease for each bin in basis points. One basis point (BPS) is equal to 0.01%. For example, having a bin step of 20 BPS means that the price of each bin in the pair differs by 0.2%. Consider a MOE-USDC pair with a bin step of 10 BPS created when MOE was worth $15. If the price moves up one bin, it will be worth 15.015 (15\*1.001*)*; if it moves down one bin, it will be 14.985 *(*15\*0.999). For volatile pairs, it makes sense to have a relatively high bin step to allow for bigger price movements. Conversely, smaller bin steps are more useful for pairs like USDC.e-USDC that are expected to trade within a might tighter range. Incorporating the bin step into Surge Pricing calculations allows Liquidity Book to tailor to different volatility expectations across pairs. ### Volatility Accumulator The Volatility Accumulator (VA) is one of the most significant innovations of the Liquidity Book. It enables real-time volatility assessment for each pair without delays.. For each swap, it counts how many bin changes occurred during it (denoted by *k*). Depending on how much time passed since the last transaction, it then either: * Decays - multiply the current count by the reduction factor R, which is set to a value between 0 and 1, then adds *k* to it; * Increases - adds *k* to the current count; * Resets - sets current to *k*. The exact behavior is governed by the contract's upper and lower time limits. If the interval between two consecutive transactions is smaller than the lower time limit, the Volatility Accumulator increases. If it is larger than the upper time limit, it resets. Otherwise, the accumulator decays. It is important to note that the Volatility Accumulator takes the direction of trades into account when they occur below the lower time limit. Quick successive buys and sells have offsetting effects on the Volatility Accumulator. Consider an example in which someone sells tokens resulting in the price going five bins down. Instantly, another person buys the same tokens leading to the price going four bins up. As a result, the net change in the Volatility Accumulator would be the same as the one for a sale that crosses one bin. ### Volatility Accumulator Example Let’s say that the MOE-USDC pair's lower time limit is 10 seconds and the upper limit is 10 minutes. Four traders are using this pair to buy and sell tokens: It’s important to note that because *k* records bin crossovers one by one, each bin's volatility accumulator is calculated separately. For instance, in step 3, VA is 4.5 at the third bin. It will, however, be 1.5 at the starting bin, 2.5 at the next one and 3.5 when the swap crosses the second bin. While this is a very simple example, it is easy to see how Volatility Accumulator adjusts to market participants' actions to reflect current volatility levels accurately. ### Conclusion If many swaps occur in short succession, indicating increasing levels of uncertainty in the market, the Volatility Accumulator will ramp up. In turn, this will result in a higher fee on each swap. These fees benefit Liquidity Providers, potentially enabling them to surpass market performance or mitigate IL losses. Because there is no reliance on external oracles or time-bound observations, the Volatility Accumulator can measure instantaneous volatility. This way, even a couple of swaps are enough for the Surge Pricing to kick in. So liquidity providers can benefit from extreme volatility and usual activities such as bots arbitraging pools. This unique feature is made possible by the Liquidity Book’s architecture and would be impossible elsewhere. Moreover, all elements of the Surge Pricing calculations are customizable, allowing the protocol to adapt and change over time. Upper and lower time bounds can change, and a maximum limit can be set for the accumulator to prevent it from growing out of proportion. Incorporating Surge Pricing into the Liquidity Book not only shields providers during volatile periods but also allows for reduced fees during normal market conditions. This results in competitive swap rates alongside the inherent low slippage of the Liquidity Book. # Composable Architecture Concentrated liquidity comes has marked a significant advancement over the traditional constant product (i.e., x\*y=k) design. It offers better capital efficiency for liquidity providers and diminishes price impact for traders. However, prior to the release of the Liquidity Book, concentrated liquidity had one big flaw — its lack of composability. For example, on Uniswap V3, each position is represented by the ERC-721 NFTs rather than the fungible tokens users are accustomed to. This not only makes Uniswap LP tokens cumbersome to manage but harms their adoption in wider DeFi. Liquidity Book takes a different approach with specifically designed liquidity position contracts that function like standard ERC-20 tokens. ### Managing Liquidity Maintaining concentrated liquidity positions demands constant attention from depositors. To continue accruing fees and prevent their LP from becoming "inactive," they must frequently rebalance their price ranges, particularly if they're targeting very narrow or unique ranges to maximize fee capture.

With NFTs, each case of rebalancing requires multiple transactions - withdrawing, redefining parameters and depositing again. This might seem like an insignificant difference at first - what are a couple of transactions in the grand scheme of things? However, because of NFT positions being represented as NFTs, users might hold multiple different ones, even for the same pair. So a couple transactions might quickly turn into four, six, eight or more, making managing liquidity a time-consuming and expensive task.

Liquidity Book simplifies this process to a single transaction for rebalancing. All liquidity within its bins, which are essentially bundled constant sum pools, is fungible, eliminating the need to navigate the complexities associated with multiple NFTs. ### Making choices Even without juggling multiple transactions, deploying liquidity on Uniswap V3 is a complex task. To do it effectively, Users must weigh various factors, such as current price and expected volatility. For some, managing liquidity on Uniswap V3 can feel like a full-time job requiring a degree in math or finance.

Studies indicate that many Uniswap V3 liquidity providers incur losses due to Impermanent Loss, even after fees are considered. This necessitates increasingly sophisticated strategies to maintain profitability, which can be daunting for average users seeking passive, stable returns. Liquidity Book makes building custom strategies and deciding what to do with tokens much easier for regular users, thanks to its innovative bin design and liquidity tokens following the ERC-1155 standard (with ERC-721 functionality removed). Besides that, it also compensates liquidity providers for the IL through variable fees. ### Plugging into DeFi Decentralized finance thrives on composability. Users can leverage their LP tokens to earn additional yield or as collateral in lending protocols. With positions represented as NFTs, this becomes hard because of how many variations are possible. One user might choose to provide liquidity for the ETH-USDC pair in the $1000-$3000 range, while another might pick the $1500-$2500 range for their position. So vaults must be built to standardize LP ranges, manage all the rebalancing, and wrap positions into fungible ERC-20 tokens. These tokens can then be used in a broader DeFi ecosystem, for example, as collateral to mint stablecoins.

With Liquidity Book's inherently fungible tokens, developing various vaults and protocols becomes easier. Some of them might cater to people looking for something risky, with tighter ranges and risk of IL, and some - towards those who like to play it safe, with wide margins and less exposure to price spikes. The possibilities are practically endless. ### Alice, the Liquidity Provider Imagine there exists Alice, who has 1000 USDC and 20 JOE in her wallet. She wants to earn a yield on these assets and decides that she wants to supply them to a decentralized exchange. On a traditional AMM, this would be pretty trivial. Assuming one JOE is worth 50 USDC, she would just need to deposit her tokens into an JOE-USDC pair smart contract and come back to check prices once in a while. However, Alice wants to use a DEX with a concentrated liquidity model, as it wants to benefit from its capital efficiency. But how does she go about that? First, she has to decide the prices she wants to LP, and then she has to create positions. After that, the hardest part is still ahead - she needs to constantly keep an eye on prices and rebalance liquidity as needed. The gas fees from rebalancing potentially undercutting her profits., making the whole thing not worth it. Alternatively, Alice could invest in a vault built atop the Liquidity Book, which would handle these complexities. It would deploy and rebalance liquidity while distributing fees among all participants. ### Conclusion While Uniswap V3 certainly brought a lot of innovation with its implementation of concentrated liquidity, it inadvertently restricted liquidity provision to larger players like whales and institutions. Its cumbersomeness, complexity, steep learning curve, and limited DeFi composability make it less accessible to the average user. Liquidity Book solves these and many other problems. It preserves the benefits of concentrated liquidity while keeping it as user-friendly as possible, so even less-sophisticated users can benefit from all of the innovations. # Liquidity Book Guides Concentrated liquidity through Liquidity Book revolutionizes the ways you can manage liquidity. By focusing funds in specific price ranges, Liquidity Book enhances capital efficiency and increases your fee earning potential. This guide will introduce you to the mechanics of adding and removing liquidity in this innovative system. Unlike classic liquidity pools that spread funds across all prices, Liquidity Book allows you to target your liquidity, potentially increasing your fee earnings and reducing the market impact of trades. LB makes it possible to strategically place your capital and easily adjust your position to align with market movements.

# Adding / Removing Liquidity ### How to Supply Liquidity Follow the five easy steps below to add Liquidity, or scroll down for a detailed guide.

### Adding Liquidity: Step by Step Guide 1. Select Liquidity Pool: On the Pools page, search for a Liquidity Pool you wish to supply liquidity for 2. Deposit your Tokens: The panel on the right hand side of the Liquidity Pool page will provide you with the option to add any quantity of tokens, the below example you can see the option to add AVAX and USDC. 3. Select your Liquidity Shape: If you are unsure about the type of shape, refer to the above guide to help you decide the type of shape that best fits your investment strategy. 4. Supply your Liquidity: Now press the Supply button. Once you have deposited Liquidity, your details will be highlighted on the left side of the page. Your liquidity shape will appear in the graph and your balance will be highlighted.

### Batch Liquidity Deployment Deploy liquidity over ANY range you desire, select 'Spot (Uniform)' and enter the price range that you want to supply Liquidity to. Next, select 'Add Liquidity' for each batch transaction to deploy your liquidity over the desired range. Using Batch Liquidity Deployment, you can deploy liquidity over a wide range, enabling a more passive approach to liquidity provisioning.

There are Four options to remove Liquidity * Remove both tokens from the pool * Remove the first token * Remove the second token * Remove tokens from specific bins To remove liquidity, simply select 'Remove Liquidity' on the Pool page that you have supplied into. You will then have three options you select, simply select one of these and then define how much liquidity you would like to remove (or select Remove all). To remove tokens from specific bins, simply enter the price points that you wish to remove tokens from. This feature gives you extra liquidity for managing your position, you may find this useful if you plan to rebalance your existing liquidity position.

*** #### Risks when managing liquidity Engaging in providing Liquidity using the Liquidity Book protocol involves risks, including but not limited to impermanent loss, smart contract vulnerabilities, systemic failures, liquidity crunches, regulatory changes, market volatility, and operational errors. Your capital is at risk; only invest funds you can afford to lose. No assurance or guarantee is provided, and LPs assume all responsibility for their investments. Seek independent financial advice as needed. *** If you have any questions about Liquidity Shapes and how to deploy them please join the [Merchant Moe Discord](https://discord.com/invite/merchantmoe) for further assistance. # How to Earn Fees and Rebalance Your Position ### Earning Fees: The Active Bin The primary goal for any Liquidity Provider is to accumulate fees generated from the trading activities within a Liquidity Pool. To successfully earn fees through the Liquidity Book, it's essential that your liquidity stays within the designated range. When your liquidity is correctly positioned, the 'active bin' will be visible, depicted on the User Interface (UI) as divided by two distinct colors. Refer to the image below for a clearer understanding of how the 'active bin' is presented on the UI.

Maximizing your fee earnings requires active management of your liquidity. This involves maintaining its balance and ensuring it remains within the set range. The shapes of liquidity and the strategies you implement for managing your liquidity are critical factors in your ability to generate fees.

*** ### Your Liquidity is 'Out of position' As the asset prices in the liquidity pool fluctuate, your liquidity position might become 'out of position'. This indicates that the liquidity you initially deposited within your selected range no longer aligns with the current market price of the assets. The example below demonstrates how the User Interface (UI) will signal this shift in your position. Depending on the direction of the price movement, your liquidity display will be either entirely green or purple. An 'out of position' alert will be visible. When this alert appears, it means you're no longer accruing fees from your position, and it's time for you to consider what actions to take next.

*** #### What should I do when my Liquidity is out of position? Here are scenarios that explore the possible actions an LP might consider when remedy an out of position range: Scenario: * Assume you, as an LP, have provided liquidity to a pool for the ETH/USDC pair, placing your liquidity in the price range of $3,000 to $3,500 per ETH. * The current price of ETH is $3,200, so your liquidity is active, and you're earning fees from trades occurring within your range. * The market shifts, and the price of ETH rises to $3,600 due to a bullish trend, moving your liquidity out of range. #### Your Decisions to make: 1. Do Nothing (Passive Management): You could choose to do nothing, leaving your liquidity out of range. * Pros: * Avoid transaction fees (gas costs) associated with rebalancing or repositioning. * If the price comes back into your range, you'll automatically begin to earn fees again without any action required. * Cons: * You won't earn fees while the price is out of your selected range. * If the price continues to rise, your position will increasingly consist of more USDC and less ETH, which may not be optimal if you believe ETH's price will keep rising. 2. Reposition Liquidity (Active Management): You might decide to move your liquidity to a higher range, say $3,500 to $4,000. To do this must withdraw your liquidity and re-deposit it. When doing that you may need to swap into the other token to deploy with both tokens, or you can redeposit at a new range, with a single-side of the market and wait for a retracement. * Pros: * Begin earning fees again if the price remains within the new range. * Maintain exposure to ETH if you believe the uptrend will continue. * Cons: * Incurs transaction costs, which can be significant on networks like Ethereum. * If the price quickly reverts back to the original range, you might miss out on fees and incur additional costs to move back. 3. Withdraw and Hold (Exiting the Pool): Another option is to withdraw your liquidity entirely and either hold the assets or reallocate them elsewhere. * Pros: * No longer subject to potential impermanent loss if you believe ETH will continue to rise. * Flexibility to invest your assets in a different opportunity. * Cons: * No longer earning trading fees from this liquidity pool. * May incur transaction fees and a taxable event upon withdrawal. 4. Add More Liquidity (Doubling Down): If you have additional capital, you could choose to add more liquidity at higher price ranges without touching your original position. * Pros: * Potentially earn fees across a broader price range if you expect volatility. * Diversify your positions within the pool. * Cons: * Increases your exposure to the pool, which might not be optimal if the price falls. * Additional capital is tied up in the liquidity pool. Each of these decisions carries trade-offs and risks, and the best course of action will depend on your own assessment of the market, your risk tolerance, and your goals as a liquidity provider. You must consider factors like market trends, the cost of gas fees, the potential for impermanent loss, and their desire for passive vs. active management when deciding how to manage your liquidity position. *** #### ⚠️ Your Risks Managing concentrated liquidity involves significant risk and is not suitable for all DeFi participants. The nature of concentrated liquidity positions can lead to increased exposure to market volatility, impermanent loss, and other financial risks. This activity should only be undertaken by those who have a comprehensive understanding of decentralized finance (DeFi) protocols and are prepared to accept the possibility of substantial losses, including the potential loss of all invested capital. The information provided here does not constitute investment advice, financial advice, trading advice, or any other sort of advice and should not be treated as such. # Permissionless Liquidity Book Pools ### Open a Pool Navigate to the Pool page and select 'Create New Pool'. You will be presented with two options 'V1' and 'V2'. Select V2 to start your market setup for a Liquidity Book Pool. #### What is the difference between V1 and V2? V1 will establish a Liquidity Pool using the x\*y=k Automated Market Maker (AMM) model. This AMM ensures an equal distribution of two token types within the Liquidity Pool (50/50 balance), distributing these assets across a price curve that ranges from $0 to infinity. For those introducing a new token on the DEX, this option is typically the most suitable for a new pool, as the AMM continuously maintains the balance of your tokens. V2, on the other hand, will set up a Liquidity Book Pool. This type of pool permits liquidity providers to focus their liquidity, thereby substantially enhancing the capital efficiency of their assets. However, it comes with greater risk and responsibility. It requires providers to actively manage their liquidity and ensure it stays within the designated range. ### V2: Setting up a Pool Selecting V2 when you create a new pool will present you with some key options that let you select your chosen Tokens and your Bin Step configuration. #### **What are Base Assets and Quote Assets?** * Token X = Base Asset * Token Y = Quote Asset The Base Asset can be any token that you decide, this is the token that you are pairing directly with a Quote Asset. The Quote Asset is the Token that is used to price the Base Asset and will only be defined to certain tokens, such as JOE, ETH or USDC. *Quote Assets are restricted to key tokens to ensure liquidity + routing is kept optimal.*

#### **What is Bps (Bin Step) and what is best for my pool?** Every Liquidity Pool consists of 'bins,' which serve as containers for liquidity. Each bin corresponds to a specific price point for the pool's assets. These bins, when combined, create a liquidity pool that possesses a comprehensive price curve for its assets. There is a distinct space between each bin, representing the price differential from one bin to the next. This difference in price is known as the 'Bin Step.' **Example of 20bps (0.2%) discretization:** * ARB - USDC Bin 1: $1.21464 * ARB - USDC Bin 2: $1.21707 **Comparison Example:** Liquidity deployed over 20 bins in a 100bps (0.8%) pool will cover a 22% price range whereas liquidity deployed over 20 bins in a 20bps (0.2%) pool which would cover 4% price range.

When setting up a new Liquidity Book Pool for your token, you might want to opt for a pool with greater discretization. This approach can simplify the management of liquidity positions in your pool. This may help Liquidity providers to maintain liquidity within the desired range. ### V2: Finalize and Launch your Pool Once you have defined your Tokens and Bin Step configuration, you are ready to create your pool. The final step before launching is to define the current active market price. This is an important step as entering in the wrong price of your assets will lead to initialization of the Liquidity Book pool with an inaccurate market price that may result in loss of funds. It's essential to verify the Active Price and confirm that it accurately reflects the market conditions. Inputting an incorrect active price can result in your funds being arbitraged, leading to an irrecoverable loss of funds.

# Your Risks as an LP #### Ensure you are familiar with your risks Before deciding to become a liquidity provider (LP) in a Liquidity Book Automated Market Maker (AMM), you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. It is essential to be aware of all the risks associated with liquidity provision in decentralized finance (DeFi) and seek advice from an independent financial advisor if you have any doubts. #### The key risks you should consider 1. **Impermanent Loss:** When the price of your deposited assets changes compared to when you deposited them, there can be a temporary loss in value known as impermanent loss. The final outcome of your investment could be less than your initial deposit if you decide to withdraw your funds. 2. **Smart Contract Risks:** The protocols are based on smart contracts that are immutable once deployed. While they are often audited and tested, there is no absolute guarantee that they are free from vulnerabilities or bugs. This can pose a risk of funds being lost due to exploited vulnerabilities. 3. **Systemic Risks:** The DeFi ecosystem is interconnected, and failures or issues within one protocol can have cascading effects throughout the system. 4. **Liquidity Risks:** There may be times when it is difficult to exit your position due to insufficient liquidity in the market, which could lead to losses, especially if you are trying to exit during a market downturn. 5. **Regulatory Risks:** The regulatory environment for DeFi is still evolving. Changes in laws or regulations can unexpectedly affect the legality and mechanics of DeFi protocols and could potentially cause loss or closure of the platform. 6. **Market Risks:** The highly volatile nature of cryptocurrency markets can lead to wide fluctuations in the value of assets provided as liquidity. These market conditions can significantly affect the profitability of liquidity provision. 7. **Operational Risks:** Errors or failures in the execution of transactions can occur, leading to potential losses. By becoming a Liquidity Provider using Liquidity Book, you affirm that you understand and accept these risks, and you agree that the protocol, its developers, or other LPs are not liable for any losses you may incur. # Liquidity Book Shapes and Strategies The Liquidity Book Automated Market Maker (AMM) introduces exciting new possibilities for earning yields on your assets. The innovative design of Liquidity Book empowers you as a liquidity provider to tap into the highest levels of capital efficiency, offering an unmatched degree of flexibility and customization for your liquidity placements. Deploying and managing liquidity using Liquidity Book offers you endless possibilities. To get a glimpse of the myriad options at your disposal, check out the following strategies. # Introduction to Shapes What exactly is a Liquidity Shape? Before we dive into strategies, you might be wondering about the term "liquidity shape." In traditional liquidity pools, you would spread your assets evenly across a range of prices. Liquidity Book, however, revolutionizes this process by enabling you to create unique "shapes" of liquidity. This means you can strategically place varying amounts of your assets at different price levels, effectively creating a liquidity shape that best aligns with your market expectations and investment convictions. There is no right or wrong liquidity shape – each one will perform the best depending on your own management of your position and also market conditions. Below is a high level overview of Liquidity Shapes. Each specific bar you see in the liquidity shape is one bin and each bin represents a fixed price point. The below image outlines the three core shapes you can deploy, with an overview detailing the key use-case of each shape.

*Please note that providing concentrated liquidity can come with large risk of impermanent loss if a position is not monitored closely. No strategy deployed will prevent the possibility of Impermanent Loss. You must monitor your position.* ### Learn more about the unique shapes and strategies We've outlined multiple strategies, ranging from very basic to very advanced strategies that you could implement on Liquidity Book. It is highly recommended that you take time to read this guide to help enhance your understanding of how you can utilize various liquidity shapes, to suit your unique investment strategy with Liquidity Book. **Basic strategies:** The most suited for users who are just getting familiar with concentrated liquidity, the Liquidity Book and its bin architecture. They can be deployed in one click using LFJ’s interface and don’t require any advanced knowledge. **Advanced strategies:** Combine two or more basic shapes to achieve even more granular control over liquidity. They are more difficult to deploy and carry greater risks but can yield better rewards. **Single side strategies:** By deploying just one side of the market, you can execute entry/exit to a specific token on the other side of the market. Utilizing the different shapes available will further enhance your efficiency of how you enter/exit a token. # Basic Strategies We've outlined several example shapes that you can implement, each fully customizable through our user interface. This gives you complete control to fine-tune your liquidity strategy to your exact specifications.

*** ## Overview of Spot Shapes Spot is the most popular Liquidity Shape available as it is the easiest to deploy and manage. Using the Spot shape will deploy your liquidity in a uniform distribution ensuring that you have an equal proportion of your liquidity spread over your chosen range. This ensures that your liquidity formation remains versatile and risk-adjusted to suit any type of assets in a liquidity pool and market conditions. Below are example strategies using Spot, covering popular deployment ranges. Scroll down further as we dive into the details covering advantages, drawbacks and considerations when deploying these strategies.

*** ### Spot - Concentrated ***The Concentrated shape is designed for risk-takers who know what they are doing and want to maximise their rewards.*** This is the most concentrated shape, which makes it suitable only for stablecoin pairs. It offers the highest capital efficiency, as all liquidity is concentrated within one to three bins. The Concentrated shape can generate extensive fees in the right conditions but carries the highest risk of IL and requires rebalancing on every price move.

### Wide ***The Wide shape is perfect for liquidity providers who are new to the Liquidity Book and those who are looking to rebalance not more often than every few days.*** Deploy a Wide Shape, which can be defined as a range that is approximately covering 20 to 50 bins, this strategy carries a lower amount of risk as it gives you a wide coverage to capture any volatility in the price of the assets, helping you to earn fees during volatility. Spot will uniformly distribute liquidity across your chosen range and provide a steady stream of fees for the liquidity provider, even when the price changes significantly (providing it sticks within your deployed range).

### Spot - Ultra Wide ***The Ultra Wide shape is made for those who are looking to absolutely minimise the amount of rebalances they have to perform.*** The Wide shape taken to the extreme, Spot - Ultra Wide is the ultimate “set and forget” strategy for the Liquidity Book. It uniformly distributes liquidity across hundreds of bins, ensuring that the price stays within range no matter what. To accommodate for a wider range, which makes this shape the closest to the “traditional” x\*y=k distribution, liquidity for the Ultra Wide is deployed in multiple “batches”, with each batch represented by a separate transaction.

*** ### Curve ***The Curve is a great shape for those who aren’t afraid of frequent rebalances but still want to manage their exposure and aren’t prepared to bet everything on one bin.*** The Curve shape offers a middle ground between Concentrated and Spread shapes. It still concentrates the bulk of liquidity around the single price point but distributes a portion of it in the surrounding bins. This shape allows users to continue to earn fees from short-term price volatility while taking maximum advantage of the LB’s capital efficiency. It is the most suitable for stable pairs with soft pegs but can also be used at key price levels of volatile pairs.

*** ### Bid-Ask ***Liquidity Providers who are prepared to take their experience to the next step and are ready to take some risks will find Bid-Ask shape to be a powerful tool.*** The Bid-Ask shape is the most complex out of all the Basic ones. It is designed to capture volatility around the defined price, maximising the fees as long as the market fluctuates within your deployed range. Similar to the Curve strategy, this shape requires continuous rebalances to remain effective – if there is no volatility or the price leaves the range, the shape needs to be adjusted.

### Risks when managing liquidity Engaging in providing Liquidity using the Liquidity Book protocol involves risks, including but not limited to impermanent loss, smart contract vulnerabilities, systemic failures, liquidity crunches, regulatory changes, market volatility, and operational errors. Your capital is at risk; only invest funds you can afford to lose. No assurance or guarantee is provided, and LPs assume all responsibility for their investments. Seek independent financial advice as needed. # Complex Strategies Using Liquidity Book you can create and deploy any type of shape you desire to execute your perfect liquidity strategy. Below are some examples of more advanced strategies that can be executed using the most customizable and versatile AMM in DeFi.

### Ranged Limit Orders Multiple Spot Limit Orders can be deployed at specified intervals to scale in or out of the position at important price points. This Shape is the most suitable for active liquidity providers, who are more interested in trading tokens rather than earning passive fees from volume.

*** ### De-peg Bets Not all stablecoins are always stable, and two Spot Shapes can be combined to catch any potential depeg and earn some fees while doing so. As most people provide liquidity only at the peg, this shape can generate a disproportionate fee if the bet is correct. This shape can be deployed as regular liquidity to capture continuous volatility around the specific price point or as a combination of one-time limit orders if any potential depeg is expected to be short-lived.

*** ### DCA and Earn One of the significant advantages of Liquidity Book’s flexibility is its ability to allow users to easily DCA. Liquidity providers can combine Bid-Ask, Spot, and Curve shapes to create strategies that perfectly suit them. A limit order to start buying if the price hits a specific point can be combined with a wide-range spot liquidity for passive fee income.

*** ### Dollar Cost Average In/Out (DCA) DCA Shapes can be perfect for those who want to acquire large amounts of tokens with zero slippage or simply prefer to exit or enter their positions while being paid. A one-sided Curve or Bid-Ask shape can be deployed alone or in combination with other strategies to achieve the desired Average Cost. If preferable, liquidity can be deployed as a limit order so that tokens are withdrawn from liquidity once the conversion is complete.

*** ### Buy or Sell Walls Using a Spot shape on one side of the pair can allow liquidity providers to create a Buy or Sell Wall. This Shape can be used at support or resistance lines to maximize fee acquisition. This shape can also serve as a unidirectional bet on a depeg or a variation of the DCA strategy. Liquidity Walls can be used by individuals but also by protocols who are looking to ensure the minimum price wall for their native token and perform “automated” buybacks when the price dips.

### Your Risks Engaging in providing Liquidity using the Liquidity Book protocol involves risks, including but not limited to impermanent loss, smart contract vulnerabilities, systemic failures, liquidity crunches, regulatory changes, market volatility, and operational errors. Your capital is at risk; only invest funds you can afford to lose. No assurance or guarantee is provided, and LPs assume all responsibility for their investments. Seek independent financial advice as needed. # Single Side Strategies ## What is a 'Single-Sided Strategy' ? In most decentralized exchanges, liquidity providers (LPs) must provide two assets to a liquidity pool. However, Liquidity Book allows for single-sided liquidity, enabling LPs to contribute just one type of asset to a pool, unlocking new types of liquidity strategies. In this article, we explore how to place a single-side of liquidity and the pros and cons of doing so. Placing a single side of liquidity using Liquidity Book, would typically give you a shape that looks like one of the below:

*** ### Advantages of deploying a Single Side Single-sided liquidity allows you to stay exposed to just one asset, which is beneficial if you have a strong preference or bullish outlook for that particular asset. It is therefore perfect use of a single side deployment if you are aiming to enter/exit a token in favor of the other token in the liquidity pool. EG if you have 100 USDC you want to trade that for eg AVAX, you can deposit your 100 USDC and if the market moves in your favor, in this case if the price of AVAX falls relative to USDC, your USDC will convert into AVAX tokens.

*** ### Disadvantages of deploying a Single Side While you avoid the risk of impermanent loss from asset pair volatility, you're still exposed to the volatility of the single asset you deposit. In addition, the yields from single-sided liquidity may be lower if you were to compare to a scenario where you are deploying two tokens into a Liquidity Pool. You essentially have to wait for the market price of the assets to change and bring your liquidity into a range, where fees can be accrued. If you are using a single side for a specific strategy, such as entering or exiting a token, you may have to monitor this process to ensure you can withdraw your liquidity if and when it converts. However, you can automate this using the Limit Orders feature in the 'Orders' tab on the specific liquidity pool page you want to use. *** ### How to setup and deploy a Single Sided Liquidity position Deploying a single side takes just a few steps and is very similar to deploying a normal or two sided position. Following the guide below. Enter the Amount of Tokens: * In the input field for the token you wish to deposit (either USDC or AVAX in this example), enter the number of tokens. * Leave the input field for the other token (the one you’re not depositing) empty. Select Your Liquidity Shape: * Choose the liquidity shape you want to deploy: Spot, Curve, or Bid-Ask. Each shape has different characteristics and risk profiles and you should read the Shapes guide to understand further. Set Your Desired Price Range: * Use the sliders to set your desired price range. Position both sliders to the left or the right of the 'Active Bin' to focus your liquidity on one side of the market. * For example, to deposit USDC, adjust the sliders to the left side of the AVAX-USDC market. Deploy Your Liquidity: * Once you are satisfied with your range and the amount, click on the option to deploy your liquidity. * Confirm the transaction in your wallet and wait for it to be processed. Review and Manage Your Position: * After depositing, monitor your position regularly. You can adjust or withdraw your liquidity based on market conditions and your investment strategy. Examples of how to deploy a single side:

*** ### Your Risks Engaging in providing Liquidity using the Liquidity Book protocol involves risks, including but not limited to impermanent loss, smart contract vulnerabilities, systemic failures, liquidity crunches, regulatory changes, market volatility, and operational errors. Your capital is at risk; only invest funds you can afford to lose. No assurance or guarantee is provided, and LPs assume all responsibility for their investments. Seek independent financial advice as needed. # MDMA - Liquidity Book Incentives ### Overview Moe's Discretized Maker Awards (MDMA) is a novel and highly efficient incentive mechanism built on top of the Liquidity Book protocol that enhances the efficiency of concentrated liquidity whilst also providing a classic yield farming experience. #### How does MDMA Work? MDMA provides targeted incentives to liquidity providers, streamed in real-time to liquidity actively provided within the 'MDMA Range'. This MDMA range is a fixed radius around the active bin and is pool-specific, meaning each Liquidity Book Pool may have a different MDMA range, anywhere from 1 bin to a maximum of 11 bins. Rewards are distributed proportionally based on liquidity. For example, if one bin has twice as much liquidity as all other bins in the MDMA range, it will receive twice as many rewards. MDMA features an adaptive incentive mechanism. As the active bin changes with market fluctuations, the MDMA range adapts in real-time with price changes. Essentially, the MDMA range is a fixed range around the active bin, moving up and down with the price. This incentivization mechanism enhances liquidity depth at current market prices, as all liquidity providers are directly incentivized to maintain depth in and around the active bin.

### MDMA Features: * **Enhanced Liquidity Depth:** MDMA encourages Liquidity Providers to provide liquidity at and around current market prices, helping to improve swap efficiency for Traders. * **Adaptive Incentives:** Rewards move in real-time with the price in the Liquidity Pool, this helps to encourage optimal liquidity distribution as and when the price moves. * **Pool-Specific Flexibility:** Every Liquidity Book Pool can have a tailored MDMA Reward range, ensuring the right conditions can be fostered for optimal liquidity distribution. * **Real-Time Rewards:** Liquidity Providers can instantly earn rewards, without any delay unlike other existing incentive mechanisms on concentrated liquidity protocols. ### How to Earn Rewards with MDMA Step by step guide to get up and running 1. **Navigate to an LB pool with MDMA rewards** On the Pools page, search for a LB Liquidity Pool you wish to supply liquidity for with a 'Rewards' tag. 2. **Check the reward information to see the MDMA bin range** View the current price range for rewards based on the active market price. The quantity of bins in the reward range is also viewable, along with information on current reward amounts, total liquidity in range, and estimated reward APR. 3. **Deploy liquidity within the MDMA range** Deposit tokens into the pool based on your overall LP strategy. Learn more about strategy [here](https://docs.merchantmoe.com/liquidity-book/liquidity-book-shapes-and-strategies). Deploy and manage your liquidity to maximize your earning potential from both trading fees + MDMA rewards. For more details on adding / removing liquidity from Liquidity Book, see our guide [here](https://docs.merchantmoe.com/liquidity-book/liquidity-book-guides/adding-removing-liquidity). 4. **Earn rewards!** Any liquidity you have deposited within the reward range will immediately begin accruing rewards. The rewarded bin range will also be viewable on the 'My Liquidity' section once you have deployed liquidity, so you can easily see what portion of your liquidity is earning rewards.

Rewards sent to an LB pool will continuously flow into the incentivization range, and is shared between the liquidity providers based on their share of the overall liquidity in the range. Liquidity provided in LB pools will not require users to stake their LP tokens to farm rewards. $MOE rewards will automatically accrue when liquidity is in range and the rewards be claimable at any time. # Vaults ## What are Vaults? Merchant Moe Vaults are an automated liquidity manager built by LFJ, called Auto-Pools. Vaults use an algorithm to rebalance liquidity in a Liquidity Book Pool, thereby removing the need to manually manage liquidity, through use of an automation solution. Liquidity Providers can therefore leverage the use of an Vault and remove the need to manually rebalance their own liquidity, helping them save time and risk of managing a manual liquidity position. *Put simply, if you do not want to manage liquidity yourself, you can deposit your assets into an Vault and let the automation rebalance Liquidity for you.* *** ## ⚠️ Risk Warning Vaults offer an automated way to access a Liquidity Book Pool. However, like all forms of providing liquidity, it's not without risks and should only be undertaken with a thorough understanding of the underlying Vault and market conditions. Assets may experience significant divergent price movements during volatile conditions. This means your deposit is exposed to the price movements of both tokens in the pair, and your exposure to each token can also change. Volatile conditions may lead to increased impermanent/divergence loss. Your assets may be worth less when you withdraw them compared to when you deposited them. ### **Your capital is at risk**. *** ## How do Vaults Work? Users deposit Liquidity into an Vault. The Vault will then automatically execute the process of rebalancing the liquidity within a Liquidity Book pool. You can think of the Vault as an algorithmic Liquidity Provider. The algorithm aims to maximise fee generation and it will do that by assessing conditions within the Liquidity Pool and balancing liquidity accordingly to ensure fees are being earned. You will see a variety of shapes and distributions which are decided and executed exclusively by the algorithm.

### How to Withdraw When the user withdraws from the Vault , they receive back their proportionate share of the current asset composition, with any fees accrued. Withdrawal from an Vault is not instant, as orders to withdraw are collected and then executed on the next rebalance in the Vault. This can be anywhere between instant to 60 minutes. {% hint style="info" %} Withdrawals may be impacted by network congestion, if in such an instance there is heavy congestion preventing transactions from executing, withdrawals can take longer. {% endhint %} ## Vault Infrastructure With current popular solutions in the field of automated liquidity management, strategies are typically executed via a smart contract. Vaults however have been built differently and are instead executed by an off-chain hosted command centre. This allows for Vault and the underlying algorithms to be dynamically updated and iterated on over time to optimise the balancing process and improve performance. {% hint style="info" %} Liquidity Book uses [RedStone](https://redstone.finance/) price feeds for pricing assets in Vaults. {% endhint %} *** ## ⚠️ Disclaimers Despite the inherent liquidity and contract risks associated with delegating liquidity from the Vault to the execution vehicle, automated rebalancing will be limited to eg hourly or daily. To further minimize risks, Vault may have further restrictions applied to them on the actions that can be taken for liquidity management. This would also allow for easy integration of 3rd party operators onto the platform. It is important to highlight that Vault are not a product that offers ‘staking’ and that Vaults do come with risk. Vaults are not ‘Impermanent Loss’ proof and they are not an ‘investment vehicle’. Vaults carry token price risk, just like any form of providing liquidity. # Tokenomics ## Tokenomics MOE is the governance token of Merchant Moe. The token distribution follows a fixed supply with a decaying emission model. **What are the current daily emissions of the MOE Token?** MOE Tokens enter circulation in different contracts. Tokens allocated to vesting contracts are held back and enter circulation when their mandate is manifested. ### Contract


Ticker	Chain	Contract Address
MOE	Mantle	0x4515A45337F461A11Ff0FE8aBF3c606AE5dC00c9

### Emissions All tokens are distributed according to the emission schedule. An allocation for future investors is also reserved. It means that if Merchant Moe were to raise investor funds in the future, these investors would enter after the token launch, and not before. **Token Distribution**

	% Supply	Token Quantity	Emission timing	Emission speed
Liquidity Mining	30.0%	150,000,000	48 months	Emission Based
Treasury	17.5%	87,500,000	48 months	Emission Based
Team	15.0%	75,000,000	8 months clif, 40 months vesting with 4 months lock-up	Linear Vesting
Seed Round	15.0%	75,000,000	8 months clif, 40 months vesting with 4 months lock-up	Linear Vesting
Future Funding	15.0%	75,000,000	8 months clif, 40 months vesting with 4 months lock-up	Linear Vesting
Staking	5.0%	25,000,000	12 months	Linear Vesting
Airdrop	2.5%	12,500,000	TGE	Airdrop
Total Supply		500,000,000	48 months

### Emission schedule Emission starts on the 8th of January 2024 | Month | Month Start | MOE emitted | % Emitted | | ----- | ----------- | ----------- | --------- | | TGE | | 12,500,000 | | | 1 | 8-Jan-2024 | 25,331,086 | 5.07% | | 2 | 8-Feb-2024 | 37,008,633 | 7.40% | | 3 | 8-Mar-2024 | 49,170,119 | 9.83% | | 4 | 8-Apr-2024 | 60,602,339 | 12.12% | | 5 | 8-May-2024 | 72,094,226 | 14.42% | | 6 | 8-Jun-2024 | 82,904,366 | 16.58% | | 7 | 8-Jul-2024 | 93,726,652 | 18.75% | | 8 | 8-Aug-2024 | 101,468,779 | 20.29% | | 9 | 8-Sep-2024 | 114,442,785 | 22.89% | | 10 | 8-Oct-2024 | 127,782,297 | 25.56% | | 11 | 8-Nov-2024 | 140,626,703 | 28.13% | | 12 | 8-Dec-2024 | 153,832,296 | 30.77% | | 13 | 8-Jan-2025 | 164,853,443 | 32.97% | | 14 | 8-Feb-2025 | 174,747,547 | 34.95% | | 15 | 8-Mar-2025 | 185,634,773 | 37.13% | | 16 | 8-Apr-2025 | 196,105,999 | 39.22% | | 17 | 8-May-2025 | 206,859,305 | 41.37% | | 18 | 8-Jun-2025 | 217,200,931 | 43.44% | | 19 | 8-Jul-2025 | 227,820,317 | 45.56% | | 20 | 8-Aug-2025 | 238,372,744 | 47.67% | | 21 | 8-Sep-2025 | 248,519,970 | 49.70% | | 22 | 8-Oct-2025 | 258,938,476 | 51.79% | | 23 | 8-Nov-2025 | 268,956,102 | 53.79% | | 24 | 8-Dec-2025 | 279,240,688 | 55.85% | | 25 | 8-Jan-2026 | 289,458,315 | 57.89% | | 26 | 8-Feb-2026 | 298,626,659 | 59.73% | | 27 | 8-Mar-2026 | 308,710,365 | 61.74% | | 28 | 8-Apr-2026 | 318,403,991 | 63.68% | | 29 | 8-May-2026 | 328,353,777 | 65.67% | | 30 | 8-Jun-2026 | 337,917,803 | 67.58% | | 31 | 8-Jul-2026 | 347,733,669 | 69.55% | | 32 | 8-Aug-2026 | 357,482,576 | 71.50% | | 33 | 8-Sep-2026 | 366,839,241 | 73.37% | | 34 | 8-Oct-2026 | 376,427,444 | 75.29% | | 35 | 8-Nov-2026 | 385,628,590 | 77.13% | | 36 | 8-Dec-2026 | 395,056,088 | 79.01% | | 37 | 8-Jan-2027 | 404,403,235 | 80.88% | | 38 | 8-Feb-2027 | 412,773,243 | 82.55% | | 39 | 8-Mar-2027 | 421,959,685 | 84.39% | | 40 | 8-Apr-2027 | 430,772,031 | 86.15% | | 41 | 8-May-2027 | 439,797,769 | 87.96% | | 42 | 8-Jun-2027 | 448,454,595 | 89.69% | | 43 | 8-Jul-2027 | 457,319,629 | 91.46% | | 44 | 8-Aug-2027 | 466,104,312 | 93.22% | | 45 | 8-Sep-2027 | 474,527,857 | 94.91% | | 46 | 8-Oct-2027 | 483,151,836 | 96.63% | | 47 | 8-Nov-2027 | 491,445,782 | 98.29% | | 48 | 8-Dec-2027 | 500,000,000 | 100.00% | ### What happens when emissions end? There will be no more MOE Tokens minted # Audits The Merchant Moe platform has been fully audited before release. You can find our audit reports linked below: #### Merchant Moe Paladin Audits 🔗 [Merchant Moe Audit Report](https://paladinsec.co/projects/merchant-moe/) # Contracts This page includes all Merchant Moe contract address. **Merchant Moe Contracts** | Contract Name | Address | | ------------------------------------------------------- | ------------------------------------------ | | Moe | 0x4515A45337F461A11Ff0FE8aBF3c606AE5dC00c9 | | MasterChef | 0xd4BD5e47548D8A6ba2a0Bf4cE073Cbf8fa523DcC | | MoeStaking | 0xE92249760e1443FbBeA45B03f607Ba84471Fa793 | | sMOE \[Implementation MoeStaking] | 0xb3938E6ee233E7847a5F17bb843E9bD0Aa07e116 | | Protocol Revenue Collector \[Implementation MoeStaking] | 0xB5Bd280567C5A62df1A5570c88e63a5670cBA22d | | Protocol Fee Collector | 0x0318394084c5da8c35a6a2d274518a4a1eb89eef | | StableMoe | 0x5Ab84d68892E565a8bF077A39481D5f69edAAC02 | | VeMoe | 0x240616e2448e078934863fB6eb5133834BF14Ef1 | | MasterChefRewarder | 0xcc076c7c657DCAfC738991297903610896d2E938 | | VeMoeRewarder | 0x151B82CA3a0c9dA9Dfde200F9C527cD89dd6aea8 | | MoeFactory | 0x5bef015ca9424a7c07b68490616a4c1f094bedec | | MoePair | 0x08477e01A19d44C31E4C11Dc2aC86E3BBE69c28B | | MoeRouter | 0xeaEE7EE68874218c3558b40063c42B82D3E7232a | | JoeStaking | 0x7fb0Fc8514D817c655276A2895307176F253D303 | | JoeStakingRewarder | 0x1D16326BA904546b4DA88d357Dd556Ebe1f08dD6 | | RewarderFactory | 0x18d3F4Df4959503C5F2C8B562da3118939890025 | | LFJ Aggregator Router | 0x45A62B090DF48243F12A21897e7ed91863E2c86b | | ODOS Router \[via AOA] | 0xD9F4e85489aDCD0bAF0Cd63b4231c6af58c26745 | **LB 2.2 Contracts** | Contract Name | Address | | ------------- | ------------------------------------------ | | LB Factory | 0xa6630671775c4EA2743840F9A5016dCf2A104054 | | LB Router | 0x013e138EF6008ae5FDFDE29700e3f2Bc61d21E3a | | LB Quoter | 0x501b8AFd35df20f531fF45F6f695793AC3316c85 | **Other** | Wallet | Address | | ----------------------------- | ------------------------------------------ | | Merchant Moe Marketing Wallet | 0xb9dB0DA19163f2B17A4Da3E6600a22F01e950515 | # Ecosystem Links Find links to all important Merchant Moe ecosystem sites here. #### DEX **Merchant Moe Site:** **Merchant Moe Gitbook Repo:** **$JOE Unstaking:** **$JOE Bridge:** #### Branding **Media Kit:** [**https://lfjgg.notion.site/Merchant-Moe-Media-Kit-7dd3a86dd4d44c65aa7618c8b272fff9**](https://lfjgg.notion.site/Merchant-Moe-Media-Kit-7dd3a86dd4d44c65aa7618c8b272fff9) #### Community **Merchant Moe Twitter:** **Merchant Moe Discord:** **Merchant Moe Guild Community:**

# User Guide for using Bybit Wallet Here's a step-by-step guide that will help you create your Bybit Wallet and easily use it within the Merchant Moe platform. #### Creating your Bybit Wallet 1. Please start by heading to the Bybit Web3 page ➡ [Link](https://www.bybit.com/en/web3/home) 2. Click on Connect Wallet in the upper right corner of the Bybit Web3 page. Then select Bybit Wallet. ![GSW3 - 02.png](https://www.bybithelp.com/en-US/servlet/rtaImage?eid=ka05g000001bN9g\&feoid=00N5g00000Gc1Jt\&refid=0EM5g000003ATIc) 3. Click on Create Now to create your Bybit Wallet. Once successful, it will display that your Bybit Wallet has been created.\ ![GS Web 05a.png](https://www.bybithelp.com/en-US/servlet/rtaImage?eid=ka05g000001bN9g\&feoid=00N5g00000Gc1Jt\&refid=0EM5g0000067D9B) 4. Check out the various tokens and blockchains supported on the Bybit Wallet by simply opening your [Bybit Wallet page](https://www.bybit.com/en/web3/balance/?assetTab=token) to check on the available options. #### Connecting your Bybit Wallet to a Merchant Moe 1. Visit the [Chrome Web Store](https://chrome.google.com/webstore/category/extensions) and search for **Bybit Wallet**, then click on the **Bybit Wallet** page. 2. Click on **Add to Chrome** to install the **Bybit Wallet** extension. Then, tap on **Add extension**. 3. Click on **Connect Wallet** in the upper right corner of the [Merchant Moe site](https://merchantmoe.com/). 4. Read and accept terms. 5. Select **Bybit Wallet** to Create or Link to your Bybit Wallet. 6. You're all set. Begin using Merchant Moe to access DeFi on Mantle.

# CLAMM Pools Merchant Moe supports CLAMM Pools for partners deployment.

Contract Name	Cotnract Addess
UniswapV3Factory	0xd26444B8a23eBF6668dE3E6235Bb5A4573d9F733
UniswapV3PoolDeployer	0xB341359e3d4DEE5dd9C12445BF78c2E8F8f238D2
NonfungiblePositionManager	0x0acDe6aaF2999a0f2d35c55acDe890BbbC51Abfd
NonfungibleTokenPositionDescriptor	0xfcbEe0FB31eb31170C4eBccB01620ff96e563BB3
QuoterV2	0xcF82B7b4cab9F22A33092c8385C4e133ea647827
Quoter	0x6C195fe8b697D0D21D2221439900F775CB9d2a19
SwapRouter02	0xf0D2093eB6095a8040E661403b845F283b0574d1
SwapRouterV3	0x54d2Ffea876EaCDf415B4f0d0c936918531d099C