[How-to (LP) stake] A step by step guide to staking your $AVG Token
Update (4th June 2022): Our three new staking pools are open. We have added the functionality to stake your liquidity provider (LP) tokens, so now you can earn transaction fees while providing liquidity through PancakeSwap, as well as earn your staking rewards at the same time.
With multiple options available, we’ve put together this how-to guide to help you stake your AVG and LP tokens with ease. You can follow the steps below to begin staking and earning token rewards.
Step 1 — Enter the staking portal
Update (4th June 2022): Note that as of the 4th June 2022:, you can now also stake LP tokens to earn AVG rewards.
Step 2 — Connect your wallet
Connect your Metamask wallet. Remember that your recovery seed phrase is yours alone and that you should never disclose it to anyone under any circumstances.
For both single-sided and LP staking, you will need to be on the BNB Chain (formally Binance Smart Chain), and you will need to have sufficient BNB tokens to fund gas fees in addition to your AVG or AVG:BNB LP Tokens.
Step 3 — Select your staking pool
Here you will find the list of available staking pools. We now have three new staking programs to choose from. Each vault has different characteristics and terms of duration so that you can select the most suitable option.
Update (4th June 2022): We have added two new pools for single-sided staking, and one all-new pool for staking LP tokens! The new pool for LP tokens acknowledges the additional benefit that providing liquidity brings and therefore yields a higher APR. Both your AVG and BNB tokens will be taken into account when you stake LP tokens. Do you want to stake LP tokens but don’t have any? Check out this Medium article on how to provide AVG/BNB liquidity on PancakeSwap.
Pools that are now closed for staking, but continue to farm (i.e. earn rewards), will also be visible although you will not be able to access them. The “Filter” drop-down allows you to select the view most useful for you so that you can view only the available pools.
Each pool will display the total amount already locked relative to the maximum deposit. A countdown will be displayed until the pool is closed and no longer available for staking. We expect to launch new pools regularly so there will be further opportunities to stake if you haven’t had a chance to start earning rewards on your $AVG yet.
Choose the pool that is right for you and select “Stake”.
Step 4 — Choose your settings
Here you can adjust your minimum staking period, and you will see the APR change correspondingly — the longer the period, the higher the APR. There may be staking pools that only have a fixed period. In this case, we have provided a fixed, but higher APR.
For single-sided staking, once you have selected the period of time, you can enter the amount you wish to stake and select ‘Approve’. Then in Metamask, select ‘Confirm’ to permit access to your tokens.
Then click ‘Stake’. Your Metamask will again show you the gas fees and ask you to ‘Confirm’ the transaction.
Once you have successfully staked, you will see a pop-up notification confirming that the transaction has been successful.
Your staked tokens will immediately begin to attract rewards. Tokens can only be withdrawn after the minimum lock-up period has been reached.
LP Token Staking:
Update (4th June 2022): At the time of vault creation, we will provide a fixed LP:AVG ratio across the entire staking period (say, for example, 1:100) for LP staking pools, and this is calculated based on recent PancakeSwap liquidity provision transactions. Each LP token you obtain or currently own is therefore equivalent to that number of AVG tokens for the purpose of staking. Before you can stake LP tokens, you must first provide liquidity via PancakeSwap. To find out more on how you can provide liquidity, check out this Medium article.
Here are the steps for LP token staking:
- Provide liquidity on PancakeSwap
- Receive LP tokens.
- Stake LP tokens, at this stage, you will be presented with our computed AVG equivalent.
- APR will be applied to the AVG equivalent at the time of staking.
- Receive rewards.
For the first LP pool, you can also select your staking duration. The main difference between the single-sided staking pool and the LP staking pool is the token you are staking. You will receive higher APR if you are staking LP tokens compared to the single-sided staking pool. Similar to the single-sided staking pool, this will be for a modest maximum total value locked (TVL). We understand the desire for all our token holders to participate in staking, and this is why we are releasing a larger maximum TVL LP pool, the maturity period and APR are both fixed, and are higher than the earlier pool.
Step 5 — Claim your rewards
At any time, you can select ‘Portfolio’ from the staking landing page to investigate any deposits you have made in the staking contract. On this screen, you will be able to see each of the staking contracts into which you have entered. Each contract will indicate whether rewards can be claimed at that time and whether the staked deposit can be withdrawn.
Select “Claim” on a contract to trigger the vesting contract. After approving your Metamask, the transaction will complete, and you will receive a pop-up confirmation.
Step 6 — Monitor your staking portfolio at a glance
The staking page will always provide a snapshot of what you have staked, the blended APR achieved across your deposits, the rewards you have already earned, and the rewards you can expect to earn if the deposits are left in the contract until the end of the farming period is reached.
You can always select the ‘Portfolio’ screen to dive into more detail.
Step 7— Monitor your vesting
Once a reward has been claimed, you will need to select the ‘Vesting’ page from the top menu to see the schedule of all the rewards you have claimed. In a theoretical example, a token holder who has staked their AVG for 12 months, and then each day has claimed their accrued rewards would, after 7 days, find seven records in the vesting schedule — one for each claim.
In the example below, the token holder has staked into the AVG pool on two occasions and for each of those deposits, they have claimed rewards twice, meaning that there are four vesting records. The table and the graph provide a timeline of when your claimed rewards will complete their 6-month vesting period, at which point your rewards can be withdrawn. The line graph is a cumulative representation of the rewards you can expect to withdraw from the vesting contract.
Step 8— Withdraw your staked tokens
Your staked tokens can be withdrawn at any point after the minimum lock-up period that you selected. When that point in time is reached, the ‘Portfolio’ screen will enable you to withdraw your staked deposit even though your claimed rewards may still be in the vesting contract.
Once you have selected ‘Withdraw’ and confirmed the transaction in your Metamask, a pop-up notification will confirm the withdrawal.
Step 9— Withdraw your reward
Once a reward has been vested for 6 months, it can be ‘Withdrawn’. Continuing the theoretical example, a token holder who has claimed rewards daily could withdraw rewards daily after 6 months. The staked deposit continues to earn rewards until the end-farming period, or until it has been withdrawn by the staker.
The vesting screen now provides an indication of the rewards which can be withdrawn immediately, as well as the rewards still vested which can be withdrawn in the future.
Once you have selected ‘Withdraw’ and confirmed in your Metamask, a pop-up window will confirm the transaction.
Update (4th June 2022): We are delighted to offer our three new staking options and will continue to provide our community with the most beneficial staking programs. LP staking is a great option to leverage your AVG and allow you to increase the value of your tokens.
- Where can I purchase AVG token to stake?
You can purchase $AVG on several centralized exchanges such as MEXC Global or decentralized exchanges such as UniSwapv2 on Ethereum (AVG-ETH Uniswap Pair Info) or PancakeSwap on BNB Chain (AVG-BNB PancakeSwap Pair Info).
3. Which chain is the staking contract on?
The staking contract is on the BNB Chain.
4. What network are the reward tokens on?
Reward $AVG Tokens will be on the BNB Chain.
5. My token is on Ethereum, how do I transfer it to BNB?
This transaction will be bridged via Celer Network.
6. Is the staking contract audited?
Yes, the staking contract has been audited and we have actioned any material points identified.
7. Are my tokens safe when I stake them? Can I lose my tokens?
This has been considered in designing the contract. We have also had the contract audited by a reputable third party to ensure the integrity and security of the contract.
While your tokens are in the staking contract, you are exposed to market risk on the performance of $AVG.
8. Is there a penalty for retrieving my staked tokens before the maturity date?
Staked tokens can not be withdrawn before the maturity date that you specified on vesting.
About Avocado DAO
Avocado DAO is a Web3 gaming guild that provides rewarding experiences for its scholars and facilitates entry to GameFi to empower more users.
Unlock life-changing opportunities with Avocado DAO Tokens (AVG):
AVG can be found on Ethereum and BNB, the contract address is the same for both chains.
Smart Contact address: 0xa41f142b6eb2b164f8164cae0716892ce02f311f