Transform Tokens: A Step Towards Mass Adoption
Wednesday, August 4th, 2021 — We’re excited to announce that we’re launching a new feature called Transform Tokens.
What Is Transform Tokens?
Designed for mainstream adoption, Transform Tokens is a new feature where you can transform your crypto like BNB, BTCB, BUSD or AQUA with one click into the LP token you need for the vault of your choice.
What Happens When I Transform My Tokens?
Let’s say you select BNB as your token to send and you want to receive AQUA-CAKE. Your BNB is split in half and 50% is used to buy AQUA and 50% is used to buy CAKE. Then your AQUA & CAKE are added as liquidity to the AQUA-CAKE LP, and you receive back your LP tokens that can be deposited into the vault to start earning a yield on.
If you choose a combination of tokens that aren’t traded on Planet Finance yet, the same process detailed above will happen on PancakeSwap until liquidity exists for that combination on Planet Finance.
How To Use Transform Tokens
Step 1: Click Get LP Tokens
Step 2: Select the token that you want to convert
Step 3: Enter the amount of the token you want to use
Step 4: Click Create LP
Once your transaction is confirmed, you will see your new balance of LP tokens in your liquid balance for that vault. Then you can deposit your LP tokens into the vault.