Rootstock x Steer Finance: Guide to Building & Managing Smart Pools

Published on: 6 August, 2024

This article is part of Rootstock’s series “Building DeFi on Bitcoin” exploring different solutions and integrations on the Rootstock blockchain that enable scaling Bitcoin, bringing DeFi capabilities to the world’s first blockchain.

Steer Finance, the decentralized abstraction layer for consumer protocols, has recently announced its integration with Rootstock. This integration brings the community a Smart Pools tool that enables liquidity management by leveraging both off-chain and on-chain data, along with off-chain compute.

This article provides a guide to using Steer Finance to provide liquidity to smart pools with all of the modes available (quick, advanced, and expert modes).

Step-by-step guide to providing liquidity to Smart Pool

Step 1. Navigate to https://app.steer.finance/

Step 2. Click “Connect Wallet” in the upper right corner of the app to connect your wallet to the app. To change networks click the network dropdown menu next to “Connect Wallet” button and select a network.

Step 3. Select the AMM to which you want to provide liquidity. If you see the pool you want to LP into, simply click on its row in the app or use the search bar to find a specific pool.

Step 4. Select the Smart Pool into which you are interested in providing liquidity.

Step 5. Within the deposit module enter the amount of tokens you wish to deposit and select deposit, you will then be prompted to sign the transactions in your wallet.

Note: Only have one asset and not the other? Use the swap feature found below each entry field if you need to swap into an asset.

Congrats, you are now an LP, and a member of the Steer community!

Quick Mode

Step 1. Select a pool on an AMM & click “Deploy Smart Pool” – if there is already a Smart Pool deployed the “Deploy Smart Pool” button can be found by clicking on the row with the desired pool.

If there are no Smart Pools live, you can select “Deploy Smart Pool” directly in the row on the app homepage.

Step 2: Set the rebalance schedule, initial gas, width % from their respective dropdown menus, review the liquidity graph, and deposit your liquidity.

Advanced Mode

Steer’s Advanced Mode presents a curated list of featured investment strategies, each suited to match your specific requirements and market volatility.

Step 1. Select “Create Pool”

Step 2. Pick the AMM and underlying asset pair/pool you want to deploy a Smart Pool for.

Step 3. Select the strategy based on pool volatility and your needs from the Steer strategy library.

Step 4. Customize the strategy on the configuration page before hitting submit and deploying your strategy.

Expert mode

Are you a quant, programmer, protocol, market-maker, or other party interested in deploying fully customized strategies? With Steer’s dedicated development suite, known as the Steer SDK, users gain the power to construct yield-generating strategies across 27 chains and 30+ AMM’s with over 20+ programming languages. What’s more, Steer fosters more strategy creation by sharing a portion of revenue – a generous 1/3 share – with the creators of successful strategies.

Learn more about How to create a strategy and Steer’s Data Connectors Marketplace.

About Steer Protocol

Steer Protocol is a decentralized abstraction layer for consumer protocols, enabling the development of new use cases and powerful automation. Steer’s flagship product, Smart Pools, is built on Steer Protocol and features a comprehensive library of strategies that power the management of liquidity on modern AMMs (aka DEXs). Smart Pools seamlessly manage liquidity by leveraging off-chain and off-chain data and off-chain compute.

With the Steer Protocol SDK and Data Marketplace, any protocol on any chain can build sophisticated, data-driven, and responsive applications or can leverage Steer’s flagship product to build on top of them. This enables the creation of scalable consumer-facing apps on any chain with ease and efficiency.

Steer Protocol is led by a team with deep experience in Web3 and backed by Druid Ventures, Big Brain Holdings, Republic Capital, and others. Steer is proud to have supported 15k+ LPs globally, across 27 blockchains and 30+ AMMs live in the app today.

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