A Guide to PhoenixDAO Staking V.2
Today marks another monumental day for PhoenixDAO as we launch the long anticipated Staking V.2. This is part one, over the coming weeks the team will begin to better merge both the V.1 spot staking and V.2 farming platforms to create a more unified user experience.
Both Spot staking and Farming are currently available on Ethereum. Spot staking allowing users to directly stake the $PHNX token and in turn receive and instant interest payout of up to 20%.
Farming on the other hand utilises Uniswap API’s to allow users to farm $PHNX Uniswap LP tokens for additional $PHNX rewards. Users are able to add liquidity to the PHNX:ETH liquidity pool on Uniswap without having to leave the PhoenixDAO platform, they can then stake the LP tokens for active reward generation.
Below is a guide around how to use the platform
- Visit the app Staking V.2
- Choose your wallet from the connect wallet button, If you are using Wallet connect or Coinbase wallet scan the QR code with your mobile wallet.
- ADDING LIQUIDITY:
Navigate to the liquidity tab from the sidebar, here you can see add liquidity and my liquidity tab. Hit the add liquidity tab.
- Add the PHNX token to MetaMask if you have not already done so.
Token Contract Address: 0x38A2fDc11f526Ddd5a607C1F251C065f40fBF2f7
Token Symbol: PHNX
Decimals of precision: 18
2. Input the amount you want to add to the pool. You can specify the amount either in $PHNX or in $ETH, and the Staking Dapp will automatically calculate the other one at the pool’s current rate. you require both $ETH and $PHNX tokens at a 50/50 ratio.
3. Click the Approve PHNX button, You will be asked to approve the transaction and pay the gas fee.
4. After approval you can click on add liquidity button, then a modal appears with all the details of pool share, $PHNX deposited and LP Tokens etc.
5. After the transaction confirmed you will get the modal with the option of add PHNX-LP to MetaMask by clicking on that, you can add LP tokens to MetaMask (Note: if you forget to click than you can also import token from MetaMask by adding the custom address: 0x38A2fDc11f526Ddd5a607C1F251C065f40fBF2f7
And that’s it! Uniswap will now show you your pool share, signifying that you are a part of the liquidity pool –
- REMOVE LIQUIDITY:
User can remove its liquidity by navigating into my liquidity tab and clicking on remove button
- On clicking on remove button a modal appears with the options of percentage of remove PHNX/ETH liquidity (how much percentage of owned liquidity you want to remove), after selecting your required percentage click on remove button. On this modal user can also see his/her pool share, received PHNX/ETH.
2. After giving approval user can remove liquidity, by clicking on remove liquidity button a modal will appear which shows user’s receive PHNX, ETH and amount of burned LP tokens.
- Farming: Okay, As you’ve got your LP tokens, now it’s time to stake them to earn additional rewards. Navigate to the Farm tab from sidebar, the Farm modal will appear.
- As with ERC-20 tokens, you’ll need to approve the movement of LP tokens — this is what allows the contract to withdraw them on your behalf. When you click Approve Contract, a popup will ask you to confirm the transaction and display a fee.
- After approval select the stake PHNX-ETH LP option, a modal will appear and choose the values that match your LP tokens.
3. Simply select the amount you want to stake and confirm it.
when you stake more LP tokens again you will get the previous staked PHNX reward in your account.
You can navigate away from the page and come back at any time to check how much PHNX you’ve earned — if you want to harvest your rewards at any point, click on Harvest and confirm the transaction. Your earned $PHNX reward will increase every time after 15 sec. (after each block mined)
Unstake LP Tokens:
You can unstake your staked LP tokens at any time, after transaction confirmation you will get the $PHNX reward + unstaked LP tokens.