Earn Interest on the go: Phoenix DAO’s all-new staking dApp
Many crypto investors hear about the lucrative aspects of staking. Staking is a great way to earn passive income on cryptocurrency holdings by locking up assets for periods. Many platforms make it extremely simple to begin staking, which also helps maintain the security and efficiency of the underlying blockchain.
A staking dApp is one of the core features of the PhoenixDAO ecosystem. The all-new V2 staking dApp allows users to earn up to an impressive 200% APR. The earlier V1 version of the app (with a 20% APR and instant payout) is still available for use. However, V2 includes several new features, including liquidity pools.
Interested stakers need first to make sure they can connect their cryptocurrency wallet with the staking dApp. Once they can, there are just a few more steps to begin earning passive income on staked PHNX.
Understanding How To Navigate PhoenixDAO’s Staking dApp
Firstly farming, after wallet connection, users should click on the ‘add liquidity’ tab and add the PHNX token to Metamask (if not already done). Stakers can specify the amount they want to add to the liquidity pool in either PHNX or ETH, and the protocol will automatically calculate the other figure.
After transaction approval, the dApp displays details related to the rate, deposited crypto and the pool share. Users can then add the PHNX-LP tokens to their Metamask account. Removing liquidity is as simple as visiting the liquidity tab and selecting the desired percentage to take out. The dApp will ask for approval and clearly show the returned amount in PHNX, ETH, along with the number of remaining LP tokens.
Those with LP tokens can put their digital assets to work and earn passive income. A visit to the Farm tab asks for the approval of LP token movement and presents an option to stake the LP tokens. The dApp will display the APR and the staker’s earnings based on the number of LP tokens.
Checking on earned rewards is also an easy process. Stakers can visit the dApp’s dashboard to see the amount of PHNX earned and harvest rewards at any time. Rewards increase every 15 seconds after each block is mined. Stakers can also unstake at any time (for a small fee) and collect any PHNX rewards and the unstaked LP tokens.
PhoenixDAO also offer Spot staking, this option allows you to simply stake the PHNX token for an instant interest payout of up-to 20% APR. To access the spot staking platform is a click away.
PhoenixDAO’s staking dApp allows users an easy way to generate passive income and support the project. The simplicity and seamlessness of the platform stands in contrast to other staking platforms that feature low APRs, confusing UI/UX, and overly-specific staking rules that disincentivize participation.
Those interested in staking can visit the dApp to get started!
PhoenixDAO is a revolutionary decentralised environment that has curated a list of flagship dApps, designed to create a more rewarding and accommodating environment for the crypto community. PhoenixDAO is powered by The DAO (governance system), Staking dApp, Events dApp and the dApp store.
PhoenixDAO is an autonomous project with unique protocols (Identity management, authentication, payment, and tokenisation protocols), which helps create a secure and safe decentralised space.
Learn more about PhoenixDAO and Events dApp at https://phoenixdao.io/.