Locker
Last updated
Last updated
If you are unfamiliar with liquidity pools and LP tokens, it is first important to understand what those terms entail before you start working with them. Learn more here.
Rockswap's token locker offers the ability to lock liquidity provider (LP) tokens, as well as regular cryptocurrency tokens.
Locking LP tokens is standard best practice when enabling trading for new tokens, and is meant to increase trading security and prevent LP token holders from maliciously withdrawing funds from the LP (liquidity pool), which if done, may risk other users' funds. Through using Rockswap's token locker, locked LP tokens are withheld for a specified period of time by the platform's underlying smart contract. The locking period can be set directly on the locker at the time of locking, and during that time, the tokens cannot be unlocked, sold, or used by any entity. Once the locking period elapses and the lock expires, LP tokens may then be easily unlocked for further use on Rockswap or any other swap that supports Rockswap's router.
Project token (non-LP) locks can also be executed on Rockswap's token locker, in cases where it is required to lock tokens reserved for project teams, exchange listings, partnerships, vesting, staking, etc. Locking project tokens for future use in these contexts can build trust between project teams and their community, as well as promote funds safety and solidify commitment to project continuity. Similar to LP locks, token locks are also set for a specified period of time, during which locked tokens cannot be claimed, used, sold, or withdrawn. The locking period can be set directly on the locker at the time of locking, and during that time, the tokens cannot be unlocked by any entity. Once the locking period elapses and the lock expires, project tokens may then be easily unlocked for further use.
Navigate to https://www.rock-swap.io/locker and connect your wallet, after deciding on the asset to be locked and how long it will be locked for.
Copy the desired token or LP pair contract address and paste it in the 'Token or LP Token address' field. If you are locking liquidity provider (LP) tokens, please be sure to check the 'Is LP (Liquidity Provider) Token?' checkbox.
Optionally provide a name for your lock (for example: Team Token Lock).
Enter the number of tokens / LP tokens to be locked.
Enter the desired unlock date & time, until which deposited tokens will be locked in the locker's smart contract.
The minimum locking period for any type of token is 1 day from the current date & time.
