How do I remove Liquidity Podcast

Removing Liquidity from Goblins: Step-by-Step Guide

You have the option to either withdraw your entire liquidity position along with the earned fees or simply collect the liquidity provider fees without removing the liquidity.

Steps to Remove

  1. Open the Goblins Web App:
    • Navigate to the Goblins web app.
    • Select “Pools” to open the Pools page.
  2. Select the Pool:
    • Choose the pool from which you want to remove liquidity.
  3. Remove:
    • Select “Remove liquidity.”
  4. Review and Enter Details:
    • Review Position: Check the details of your liquidity position.
    • Enter Percentage: Enter the percentage of liquidity you wish to remove.
    • BCH Option: If your liquidity position includes BCH, you will see the option to “Remove as WBCH.” Selecting this means you will receive WBCH instead of BCH when removing liquidity.
  5. Initiate Removal:
    • Select “Remove.”
    • Review the token amounts you are removing, then select “Remove” again to confirm.
  6. Confirm Transaction:
    • Wallet Confirmation: Confirm the transaction in your wallet. Note: This transaction will incur gas fees.
  7. View Transaction Status:
    • Pending Transactions: To view the pending transaction, select “View on SmartScout.”
    • Close: Otherwise, select “Close.”
  8. Confirmation:
    • A confirmation notification will appear once the transaction is complete.

Additional Tips and Considerations

  1. Earning Fees Without Removing Liquidity:
    • Collect Fees: You can opt to collect only the liquidity provider fees earned. This can be done from the same Pools page by selecting the appropriate option.
  2. Review Market Conditions:
    • Price Impact: Consider the current market conditions and the price impact, especially if dealing with large amounts.
    • Liquidity Needs: Assess whether it’s better to remove liquidity entirely or just collect fees, based on your financial strategy and market analysis.
  3. Understand Network Costs:
    • Transaction Fees: Be aware that both collecting fees and removing liquidity will incur gas fees. Plan accordingly to optimize your net returns.
  4. Monitor Your Positions:
    • Regular Checks: Regularly monitor your liquidity positions to decide the best times to collect fees or remove liquidity.
    • Use Tools: Utilize tools like SmartScout for detailed tracking and monitoring of your transactions and liquidity positions.
  5. Community and Support:
    • Engage with the Community: Join Goblins community forums and social media groups for tips, support, and shared experiences.
    • Seek Help: If you encounter any issues or have questions, reach out to the Goblins support team through official channels.

Conclusion

Removing liquidity from the Goblins Protocol is a straightforward process that allows you to withdraw your position and collect earned fees, or just collect fees while keeping your liquidity intact. By following these steps and considering market conditions, gas fees, and strategic timing, you can effectively manage your liquidity positions for optimal returns. Stay informed and proactive in your liquidity management to maximize your participation in the Goblins ecosystem.