To mint uGas tokens you must deposit ETH as collateral on degenerative.finance/assets/ugas. A minimum of 5 uGas tokens must be minted to start a position. When minting the maximum number of uGas tokens is determined by the Global Collateral Ratio (GCR). ie. With 1 ETH of collateral, the GCR = 4, and uGas = 0.05 ETH, with 1 ETH you can mint a maximum of 5 uGas tokens:
Step by Step overview
1. Connect Wallet
2. Select the uGAS month
3. Enter the amount of uGAS you want to mint
4. You’ll need WETH to Mint. If needed, wrap your ETH with the table at the bottom
5. Click on “Approve Token” to give Degenerative Finance permission to mint uGAS, and then click the button again to mint your uGAS!
Congratulations! You’ve minted uGAS!
To recap: “Approve Token” only approves the contract and gives permission to Degenerative Finance to deposit WETH and Mint uGAS. After approving, you need to click the button a second time to confirm the order to Mint uGAS.
You’ve done the hard part, now it’s time to Provide Liquidity in order to earn UMA Rewards.
6. Click on the LP/Trade Button and select LP
7. You’ll be re-directed to the Uniswap page. In Uniswap, input an equal amount of uGAS and ETH and confirm.
8. That’s it! You’ll now receive uGAS/ETH Uniswap Pool Tokens. Holding onto these tokens will make you eligible for UMA Rewards each month.
UMA Rewards will be airdropped each month to Mint + LP users proportionally to their share of the pool. Please note that you need to both Mint and LP in order to be eligible for rewards.