# Arbitrum Odyssey Week #2 - Yield Protocol and GMX

**Published by:** [sile](https://paragraph.com/@silecrypto/)
**Published on:** 2022-06-29
**URL:** https://paragraph.com/@silecrypto/arbitrum-odyssey-week-2-yield-protocol-and-gmx

## Content

Gm degens, today marks the start of Arbitrum Odyssey Week #2. It starts June 28th at 13:00 EST, and ends July 4th, at 12:59 EST. Find tutorials down below. Here’s the TLDR. GMX - Do ALL of the following: Do a spot swap on GMX. Be a liquidity provider on GMX (mint GLP). Make a leveraged trade ($10 minimum). Yield Protocol - Do ANY of the following (withdraw at any time): Provide liquidity of ≥ $50 of assets to any maturity assets. Lend ≥ $50 of assets to any maturity series. Borrow ≥ $100 of assets using supported collateral for any maturity series. On July 5th, claim: "The Blueberry Nebula" NFT by GMX and "Arrival on the Penumbra" NFT by Yield. Please - always DYOR as with any protocol. GMX A decentralized perpetual exchange. Join the GMX Telegram. For some reason, gas fees are a little high with GMX transactions. It ranged from 0.004Ξ to 0.025Ξ at 52 gwei. Task #1 - Do a spot swap on GMX Step 1: Go to gmx.io/trade. gmx.io/trade Step 2: Connect a wallet and switch to the Arbitrum One network. Don’t see Arbitrum? You can visit chainlist.org/chain/42161 to add the Arbitrum One RPC to your MetaMask. Connect a wallet and switch to Arbitrum One Step 3: Click on the swap tab. Make sure you stay on Market order. Limit orders don’t count for this campaign. Click on the swap tab Step 4: Select a token and enter the amount you would like to swap. Click swap. You will need DAI or USDC for the tasks in Yield Protocol. You will also need either ETH, WETH, wBTC, LINK, UNI, USDC, USDT, DAI, FRAX, or MIM to use as collateral when minting GLP as part of the next task. At the time of writing, DAI and FRAX have reached capacity as collateral for GLP - so don’t swap for those. Select token and amount Step 5: Confirm the details and click on confirm swap. Confirm Swap Step 6: Confirm the transaction in your MetaMask. Approve transaction in MetaMask Step 7: Once the swap is complete, you will see a green notification at the bottom right of your screen. Confirmation Message Task #2 - Be a liquidity provider on GMX (mint GLP) Step 1: Go to gmx.io/buy_glp Buy (mint) GLP Step 2: Connect a wallet and switch to the Arbitrum One network. Don’t see Arbitrum? You can visit chainlist.org/chain/42161 to add the Arbitrum One RPC to MetaMask. Connect a wallet and switch to Arbitrum One Step 3: Select a token to use as collateral in order to mint GLP. $GLP is a liquidity provider (LP) token that is composed of a basket of assets (see below). $GLP can be minted using any of the assets listed. There is an additional fee to mint certain tokens depending if it leads to an inbalance the index. Tokens Accepted as GLP collateral Step 4: After selecting a token and entering an amount, click on approve. Approve Token Step 5: Approve the transaction in MetaMask. This transaction is to allow GMX to spend the token you selected. Token Approval Step 6: Click on Buy GLP. Click on Buy GLP Step 7: Approve the transaction in MetaMask. Approve Transaction Step 7: Once the trade is complete, you will see a green notification at the bottom right of your screen. Confirmation Task #3 Make a leveraged trade ($10 minimum) Step #1: Go to gmx.io/trade. gmx.io/trade Step 2: Connect a wallet and switch to the Arbitrum One network. Don’t see Arbitrum? You can visit chainlist.org/chain/42161 to add the Arbitrum One RPC to MetaMask. Connect a wallet and switch to Arbitrum One Step 3: You can go long or short on ETH, BTC, LINK, or UNI. Make sure the leverage slider is on (keep it at 1.1 if you are inexperienced). You need to bet a minimum of $10 worth of an asset. You long an asset if you believe the price will go up. You short an asset if you think the price will go down. Warning: Derivatives are a risky investment. If the price goes in the opposite direction of your position, you risk liquidation. Using high leverage increases the chance of liquidation. Select a token to long or short Step 4: Click on enable leverage. Enable Leverage Step 5: Approve the transaction to enable leverage. Approve Transaction Step 6: If you are paying with a token other than Ether, you will be asked to approve the token. Proceed to approve the token. There is no token approval needed if you pay in ETH. Approve Token Step 7: Click on Long or Short. Click Long or Short Step 8: Click on Long or Short after reviewing the details. Review Details Step 9: Approve the transaction in MetaMask. Approve in MetaMask Step 9: Once the trade is complete, you will see a green notification at the bottom right of the screen. Transaction Complete Yield Protocol A permissionless market for collateralized fixed-rate borrowing and lending. Join the Yield Discord. Yield only supports USDC and DAI on Arbitrim. You could swap ETH for USDC using GMX from the steps above. Task #1 - Provide at least $50 worth of liquidity. Step 1: Go to app.yieldprotocol.com/pool app.yieldprotocol.com/pool Step 2: Connect your wallet. Connect a wallet Step 3: Switch to the Arbitrum One network. Don’t see Arbitrum? You can visit chainlist.org/chain/42161 to add the Arbitrum One RPC to MetaMask. Switch to Arbitrum Step 4: On the Pool page input a value of $51 or greater. You can select USDC or DAI. Then click on next step. Deposit at least $51. As you will see in step 7, only 49.34 LP tokens were recieved even though 50 USDC was deposited. The Odyssey program requires at least $50. Pool Amount Step 5: Review the details and check the disclaimer box after reading. Then click on Pool. Pool Confirmation Step 6: Approve the following two transactions in your MetaMask. Signature and Transaction Approval Step 7: Your deposit will show after the transaction is complete. Transaction Complete Task #2 - Lend ≥ $50 of assets to any maturity series Step 1: Go to app.yieldprotocol.com/lend app.yieldprotocol.com/lend Step 2: Connect a wallet. Connect Wallet Step 3: Switch to the Arbitrum One network. Don’t see Arbitrum? You can visit chainlist.org/chain/42161 to add the Arbitrum One RPC to MetaMask. Switch to Arbitrum Step 4: On the Lend page input a value of $51 or greater. You can select USDC or DAI. Then click on next step. Deposit at least $51 to ensure you make the $50 mark due to slippage. If you encounter an “amount exceeds the maximum you can lend” message, simply keep refreshing the page and await for the lending pool to open up as people withdraw. Lend Amount Step 5: Review the details and click on Lend. Lend Confirmation Step 6: Approve the following two transactions in MetaMask. Signature and Transaction Approval Step 7: Your deposit will show after the transaction is complete. Transaction Complete Task #3 - Borrow ≥ $100 of assets using supported collateral for any maturity series. Step 1: Go to app.yieldprotocol.com/borrow app.yieldprotocol.com/pool Step 2: Connect a wallet. Connect Wallet Step 3: Switch to the Arbitrum One network. Don’t see Arbitrum? You can visit chainlist.org/chain/42161 to add the Arbitrum One RPC to MetaMask. Switch to Arbitrum Step 4: On the Borrow page input a value of $101 or greater. You can select USDC or DAI. Then click on next step. Borrow Amount Step 5: Set the amount of collateral. The higher the collateral amount, the less chance of liquidation. You will get this ETH back when you pay back the loan, as long as the position has not been liquidated. Liquidation Details Step 6: Review the details, read the disclaimer, and check the box. Then click on Borrow. Confirm Borrow Step 7: Approve the following transaction in MetaMask. Approve Transaction Step 8: Your loan will appear after the transaction is complete. Transaction Complete Congrats - You’ve completed this week’s assignment. Follow me on Twitter @silecrypto if you found this helpful. I’ll see you next week.

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