Staking has been the go-to feature for many crypto investors to “make their money work for them”, as they lock their tokens in a certain platform and receive rewards — which are usually quite generous.
What is Staking And How Does It Work?
Generally, locking your cryptocurrencies in a platform to receive a certain reward in the same token is known as “staking”.
Locking your tokens directly from your crypto wallets — such as Metamask or Trust Wallet — is the most common way of staking.
Basically, staking is simply keeping your tokens in a suitable staking smart contract, which allows anyone to perform different network functions in return for rewards from staking.
How To Get Started With Staking On BullPerks
Here is a detailed walkthrough on how to deposit your BLP tokens on the BullPerks staking pool to get rewarded with more BLP tokens, in turn!
First, you will need to go to your Account/wallet and then head over to Staking Pools.
As soon as you head over to the Staking Pools feature, you will be able to see the option to Deposit, while also seeing the APY rate of the staking pool (the total amount of the rewards that will be distributed during the time of this staking pool).
As soon as you click Deposit, you will see a window where you will have to write down the number of tokens you want to stake — or simply press Max to stake the full amount of tokens that you own — and then press Approve.
Next, click on Confirm.
As soon as the transaction is confirmed, a window (like above) will pop up.
Next, you will need to confirm your transaction once again by clicking on Deposit.
You will Confirm the transaction for the second time in your MetaMask wallet.
Right after the transaction is completed, you will see the same window as above as a result
of your action.
Circled on black — is where you will see the added amount of the deposited tokens in your staking pool.
The reward for the duration of the current staking pool on BullPerks is a total of 500K BLP tokens.
What Is Yield Farming?
Farming is another way of locking your crypto tokens in order to receive high rewards in other tokens than you have staked. Liquidity mining is another feature that has made this highly profitable, yet risky feature of Decentralized Finance (DeFi) skyrocket recently.
According to CoinMarketCap, farming has been one of the biggest growth factors for the DeFi sector, making it blossom from a total market cap of $500 million to a total of $10 billion in 2020.
How Does Farming Work?
Farming happens when the DeFi application rewards liquidity providers (LPs) as they lock their tokens in a liquidity pool based on a smart contract. These rewards are distributed in DeFi application token and have a formula that is also known as Annual Percentage Yield, or APY.
The rate of the APY decreases as more investors participate in the same liquidity pool.
How To Get Started With Farming On BullPerks
Before you can stake Cake-LP tokens in the BullPerks farming pool, you will want to make sure you actually have LP tokens (or you know how to get some).
And in case you’re not familiar with the process — make sure to follow the steps below and you’re well on your way!
Let’s start first on a walkthrough on how to actually Buy BLP tokens from an exchange (in this case we will use PancakeSwap):
Head over to PancakeSwap exchange (you can do so by simply clicking the link).
In case you haven’t made transactions towards BLPs before, you will want to add the token to your list. Here is how you do it:
Go for Select a currency.
Then simply paste the BLP token address to the space, and click Import.
Here is the BLP token address:
Type the number of BLP tokens that you want to buy, and choose the token you want to play with, then click Swap.
Click on Confirm Swap.
Confirm your transaction on your MetaMask wallet.
After the transaction is completed, make sure to Add BLP to MetaMask ( in case you haven’t done prior).
Before you start, you will want to ensure you have enough BLP and BNB tokens to add to the BLP-BNB Pancakeswap liquidity pool (press the link to head over directly to the liquidity pool), so you can get LP tokens:
Provide the amount of BNB and BLP tokens you want to the liquidity pool, and click Supply.
Next, Confirm Supply.
Confirm the transaction on MetaMask.
Make sure you press Add Cake-LP to MetaMask, so you can see your tokens in your wallet.
And here you can already see the Cake-LP tokens in your MetaMask wallet.
How To Add Cake-LP Tokens On BullPerks Farming Pool
Here is how you can lock your Cake-LP tokens in the farming pool on BullPerks:
First of all, make sure to head over to your account on BullPerks.
Next, head over to the Farming Pools on BullPerks.
Then click Deposit.
– And from here, you will have to Approve your deposit.
– Then Confirm for the second time (make sure to also confirm in your MetaMask wallet for both times).
And here you are — you have participated in the BullPerks Farming Pool and are ready to receive big rewards!
More Fantastic New Features On BullPerks
Through the new feature at BullPerks, you will be able to create a staking or farming pool on your own while the system will gather the commission accordingly.
All you have to do in order to create a pool is pay a commission in the form of BLP tokens for the Binance Smart Chain (BSC) network.
Here are some more new features we are set to launch on BullPerks!
Calculating the Tier levels
- The Tier level will be based on the number of tokens on the locker contract, as well as staking, and farming pools.
- The BLP and LP tokens for the Tier will be counted on a list of contract addresses set up by a Deal Factory smart contract property.
- LP tokens will be counted as per the number of BLP tokens that you have locked in the LP pool on PancakeSwap.
Change ticket size to act as max
- The new feature will allow you to edit the field of your size ticket, which makes it possible for you to choose whether you want to invest your full ticket size you’re able to or lower than that.
Multiple buys for the same wallet
- Through the new model, you will be allowed to make multiple purchases from the same wallet in the same deal. For example, in case BullPerks decides to change the ticket size, then you will be able to buy tokens once again, up to the maximum cap set by the platform.
Locking time in-between deals
- Bronze Tier will have a 3-day lock between deals
- Silver Tier will have a 3-day lock between deals
- Golden Tier will have a 1 days lock between deals
- Titanium Tier will have a 1-day lock between deals
With the time locking rule in place, BullPerks aim to give the opportunity to participate in deals to as many members as possible.
Another way BullPerks plan to achieve this is by giving the chance to projects with smaller allocations, as well as by launching two of the same projects in the same day; which means, if someone joins the first, he or she won’t be able to join the second — and more people will be able to share the pie.
Note: It’s worthy to note that staking and farming aren’t completely without risks. Bugs are one of the risks of locking tokens in a smart contract, thus, it’s crucial to DYOR before locking your tokens in any staking or farming pool.