Staking has boomed in popularity across 2021 due to the continued rise of DeFi and the need for liquidity, the advantages Proof-of-Stake (PoS) has over Proof-of-Work (PoW), and the booming price of Bitcoin that have many holding crypto assets instead of selling.
Many holding cryptocurrency and looking to put their assets to work often wonder about some of the safest and most secure platforms to begin staking on and building a passive, recurring income.
PhoenixDAO’s staking dApp allows PHNX holders to stake and earn up to 200% APR with the launch of the dApp’s V2 version earlier this year. With this latest release, PHNX token holders can farm PHNX Uniswap LP tokens to collect additional rewards while adding liquidity to the PHNX:ETH Uniswap pool. Stakers can also still harness the V1 spot staking version to directly stake PHNX and receive up to 20% interest instantly.
Connect And Start Staking PHNX In Just A Few Steps
Prospective stakers just need to follow a few steps to connect to Phoenix’s staking dApp and begin earning a lucrative APR on their investment.
First, those interested in staking need to visit the dApp and connect their wallet. Adding liquidity is easy by clicking on the ‘add liquidity’ tab, ensuring the PHNX token is deposited into MetaMask, and inputting an amount to add into the pool before clicking approve.
After approving the transaction and paying the gas fee, a box pops up with the details of the pool share, deposited PHNX, and the LP tokens. After adding the PHNX-LP to MetaMask, users can then follow the steps after clicking to remove liquidity to eventually see how much PHNX, ETH, and LP tokens they will receive.
Now, users with LP tokens can stake by navigating to the farm tab to approve the token movement and see how much APR they can earn by staking the PHNX-LP tokens. Stakers on PhoenixDAO’s dApp can earn in excess of 200% APR depending on the number of contributors.
The dApp’s dashboard makes it clear to stakers how much PHNX they have collected as rewards, the APR, and offers options to both harvest rewards and unstake LP tokens. Earned PHNX rewards increase every 15 seconds after each block is mined.
Aside from earning a return on investment, PHNX stakers also have the unique opportunity to play a part in the governance of the entire Phoenix platform.
Although not linked directly to the farming feature, spot staking V.1 is integrated with the DAO platform. Users who stake at least 1,000 PHNX can earn voting rights in the protocol’s DAO. Those who stake 10,000 PHNX can create a proposal for DAO members to vote on. While each user can only stake once on each proposal, they maintain the ability to stake on multiple proposals at the same time. DAO members can vote on a variety of proposal areas related to governance structure, leadership, marketing, the protocol itself, and the reward process.
Crypto holders can take advantage of PhoenixDAO’s staking dApp to earn up to 200% APR and benefit the entire PhoenixDAO ecosystem. Those interested in earning passive income can visit the staking dApp to get started.
PhoenixDAO is a revolutionary decentralized environment that has curated a list of flagship dApps, all 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 tokenization protocols), which helps in creating a secure and safe decentralized space.
Learn more about PhoenixDAO and Events dApp at https://phoenixdao.io/.