[How-to stake] A step by step guide to staking your $AVG Token
Staking is Live! We’ve put together this how-to guide to help you stake your $AVG with ease. Please follow the steps below to get staking and start earning rewards:
Step 1 — Enter the staking portal
You can access staking from the Avocado DAO home page or go directly to our staking portal. Always be sure to follow only links provided by Avocado DAO.
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.
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 Tokens.
Step 3 — Select your staking pool
Here you will find a list of available staking pools. On the launch of the AVG staking program, you will find only one staking pool. However, we have built our staking solution with an eye to the future where we expect to offer a number of vaults, each with different characteristics.
Each pool will display the total amount already locked relative to the maximum deposit. A countdown will be displayed until it will no longer be available for staking — but don’t worry, we expect to launch new pools regularly.
Select 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.
Once you have selected your period, you can enter the amount you wish to stake and select ‘Approve’. Then in Metamask, select ‘Confirm’ to give permission to access your tokens.
Then select ‘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 Tokens can only be withdrawn after the minimum lock-up period has been reached.
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 you have entered into. Each contract will indicate whether rewards can be claimed (or not) and whether the staked deposit can be withdrawn (or not).
Select “Claim” on a contract to trigger the vesting contract. After approving in 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 6 — 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 had staked their AVG for 12 months, and then each day had 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 would have completed 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 7 — 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 8 — 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, while 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.
Conclusion
We are delighted to be delivering our staking solution and believe that our design choices are in the best interests of the community as they provide a mechanism for token holders to share in the financial successes of the DAO. Beyond this initial launch, we expect to continue to evolve our staking solutions so that in future it becomes non-inflationary and allows stakers to participate more directly in particular games or genres within the Avocado ecosystem.
FAQ
Q1- Where can I purchase the 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).
Q2- Which Chain is the staking contract on?
The staking contract is on the BNB Chain.
Q3- What network are the reward tokens on?
Reward $AVG Tokens will be on the BNB Chain.
Q4- My token is on Ethereum, how do I transfer it to BNB?
This transaction will be bridged via Celer Network.
Q5- Is the staking contract audited?
Yes the staking contract has been audited, and we have actioned any material points identified
Q6- 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.
Q7- 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.
Q8- Do you expect to provide a staking solution for AVG:BNB LP tokens in the future?
Yes, we are actively working on the design for such a solution. It takes a little longer to get right to achieve the level of contract functionality and integrity that we require.
If you have any further queries about how you can stake your AVG, you can reach out to us on Discord or telegram.
About Avocado DAO
Avocado DAO is a Web3 gaming guild that provides rewarding experiences for its 10k+ scholars and facilitates entry to GameFi to empower more users.
Find out more about Avocado DAO and join the community here:
Website | Twitter | Discord | Telegram | Facebook | YouTube |
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
