Withdrawal Bots
Last updated
Last updated
The following uses Curve Convex stETH-ng as an example to guide you through the profess of creating a Withdrawal Bot.
Before getting started, please make sure that you have already provided stETH/ETH liquidity on Curve and staked your LP tokens on Convex.
Step 1: Click on "Bots" on the left-side menu and locate the "Curve Convex–stETH-ng Withdrawal Bot"
Step 2: Set up the Withdrawal Bot
On the details page, select the corresponding Safe{Wallet} and Cobo Safe Module. Then, click on "Set Up Bot".
Enter a name for your Withdrawal Bot. Note that you can enter a maximum of 20 characters.
Note: You must create a Cobo Safe Module first before setting up the Withdrawal Bot. If you have not created a Cobo Safe Module yet, please refer to this user guide.
Step 3: Set up triggers for the Withdrawal Bot
Currently, you can configure the following triggers for the stETH-ng Withdrawal Bot.
Pool Weight: Pool weight refers to the proportion of a specific token in a liquidity pool. When the pool weight of a specific token in a liquidity pool fluctuates significantly, it indicates that the token may have deviated from its pegged value. In Curve’s stETH-ng pool, for instance, stETH may have become de-pegged if its pool weight is significantly higher than that of ETH. You can customize the pool weight of a specific token in a liquidity pool for the bot to monitor continuously.
Deposit Ratio: Deposit ratio refers to the proportion of funds that a user has deposited into a DeFi protocol compared to the total amount available for withdrawal in this protocol. In general, the amount available for withdrawal should be much higher than the amount a user has deposited. If a large number of users request withdrawals simultaneously, however, it may cause a sudden decrease in the total amount available for withdrawal from the protocol. You can customize your deposit ratio in the stETH-ng pool of the selected DeFi protocol (i.e., Curve, Convex) for the bot to monitor continuously. The Withdrawal Bot will automatically withdraw your principal amount from the protocol if the actual deposit ratio meets or falls below the threshold you set.
You can set one trigger or multiple triggers.
One trigger: The Withdrawal Bot will be triggered if the selected trigger condition is met.
Multiple triggers: The Withdrawal Bot will be triggered only if all of the selected trigger conditions are met.
Step 4: Set up tasks for your Withdrawal Bot
You can set up the following tasks for the stETH-ng Withdrawal Bot.
Notification: Cobo Argus will send an email to the Admins and Operators of the organization each time the Withdrawal Bot is triggered.
Withdrawal: The Withdrawal Bot can withdraw your principal amount into a single type of token or multiple types of tokens that are supported by the pool.
Multiple types: Your LP tokens will be withdrawn into multiple types based on the current token ratio in the liquidity pool. For instance, the stETH-ng Withdrawal Bot can withdraw your LP tokens into stETH and ETH according to the token ratio in the stETH-ng LP pool.
Single type: Your LP tokens will be withdrawn into a single type. Assume that you've deposited stETH and ETH into Curve's stETH-ng pool and you want to withdraw your LP tokens into ETH only. In this case, the stETH-ng Withdrawal Bot can withdraw your LP tokens into stETH and ETH, and the automatically swap them into ETH.
Note: You will need to set a slippage threshold. An extremely low threshold may result in withdrawal failures, while an extremely high threshold might lead to losses.
Step 5: Review token approval
Review the list of tokens in your Safe{Wallet} that require your approval for use by the Withdrawal Bot. Then, click on "Continue".
Step 6: Safe Owner(s) will need to complete a multi-sig transaction on Safe{Wallet}
Click on "Check the transaction" to view its progress.
Head to Safe{Wallet} and then click on "Execute".
Click on "Submit" to complete the multi-sig transaction.
Click on "Confirm". The multi-sig transaction will be broadcasted on-chain.
Return to Cobo Argus and click on "OK" to complete the setup.
Step 7: Top up your Gas Account
Gas fees will be incurred each time the Withdrawal Bot executes a task. To make sure that your Withdrawal Bot will function properly, please top up your Gas Account in advance.
Click on "Deposit" under Gas Account or click on "Gas Account" at the top of the page.
Note: Before making a deposit, make sure that the blockchain network is correct.
Step 8: View and manage your Withdrawal Bot
Click on "Bots" on the left menu and locate your Withdrawal Bot.
Click on "View All" to view its running status.
Click on "Edit" to modify the settings of your Farming Bot.
Click on "Terminate" if you want to permanently remove a Withdrawal Bot. Because terminating a Withdrawal Bot will remove its on-chain authorization, a multi-sig transaction from Safe Owner(s) is required.
