Note: This post assumes that the reader has at least a basic understanding of liquidity pools on the Hive platform. If you are new to pools it is recommended that you DYOR (do your own research) before adding liquidity to MEME:LOLZ or any other liquidity pool. Read what others have posted to Hive about pools such as @ecoinstant's "HOW-TO guide on using hive-engine DIESEL POOLS" and "Compounds & Time - Liquidity Pools & Hive" by @dstampede.
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Image Source: hiveme.me
You might have noticed a sudden upward spike in MEME token's price recently. This is because @memehive bought back over 200k of MEME from the leodex.io exchange. Token buy back is one of the steps @memehive is making as we progress onward to the next phase of MemeHive.
Starting today there is a diesel pool for the trading pair MEME:LOLZ tokens. There is a plan to add at least one other token pairing to MEME by the end of 2022. Why MEME:LOLZ and not something else like MEME:SWAP.HIVE or SWAP.ETH:MEME? Those pairings can be added later as MemeHive expands but for now @memehive is focusing on one of the main reasons MemeHive exists: To add value to the Hive platform. LOLZ Project tends to reward more for comment engagement while MemeHive tends to reward more for post content. Both projects help to incentivize active participation on the Hive platform.
Technically a meme doesn't need to be humorous but many content creators posting to hiveme.me share humor-based memes for upvotes and comments. That is yet another parallel MEME and LOLZ have in common despite being different tokens.
Since both LOLZ and MEME are relatively new tokens it is also hoped that pairing them in a pool will simultaneous benefit both tokens' value as we grow.
Image Source: tribaldex.com
Of course MemeHive doesn't expect anyone to add LOLZ and MEME liquidity to the pool with nothing in return. Every hour iquidity providers to the MEME:LOLZ pool are eligible for a lottery. Each hour 500 MEME gets minted by the smart contract and a winner in each hourly round receives the newly minted 500 MEME.
To add LOLZ and MEME tokens to the MEME:LOLZ pool go to https://tribaldex.com/dieselpools/ and select the "Add Liquidity" option.
In the "Pool" text box search for MEME:LOLZ.
Image Source: tribaldex.com
To add liquidity to MEME:LOLZ or any other pool on the Hive platform you need to have an equal amount of each token relative to their value in SWAP.HIVE. The prices of each token are above the "Add Liquidity" button. To determine the current amount of each token required you can click on the "Max" button if you want to add all of your account's amount of the token and the other box will be automatically filled out. Yoiu can also type in a number and the other box will also auto fill with the other token's amount.
Using my @holovision account I have 100 liquid LOLZ I can add to the pool. Based on the current rate of 123.33741169 MEME per LOLZ I need 12,333.7412 MEME to add my LOLZ and MEME to the pool. I have over 47,000 liquid MEME in my account so I have more than enough. If I didn't have enough of either LOLZ or MEME I would need to buy more of the token I lacked or earn more of the token on Hive before I could add liquidity to the pool.
Image Source: tribaldex.com
The probability of winning 500 MEME in each lottery round is based on how much liquidity was provided to the pool during each round by an account. The higher the percentage of shares an account has in the pool the greater the chance of winning a round.
Going back to https://tribaldex.com/dieselpools/ and selecting "Your Positions" shows that my @holovision LOLZ and MEME in the pool gives me 1110.574 shares. Since during this test of the pool my @holovision account is the only account providing liquidity to the pool I have 100% of the shares and will win the current lottery round. If someone during the next round adds LOLZ and MEME to the pool my percentage of shares goes down proportional to the amount of liquidity the new account adds. As more accounts provide more liquidity the chances are spread out during each lottery round.
Image Source: tribaldex.com
As they say for the real proper lotteries: Play Responsibly.
Meme modified from Matrix image