Earn (Yield Farming)
Earn APEX rewards
Introduction to Staking
The BIFKNChef contract is a smart contract designed to manage the staking process and distribute rewards to users who provide liquidity to the platform. It ensures that rewards are allocated based on the time and amount of liquidity provided by users. Users can stake both Liquidity Provider (LP) tokens and single-sided tokens directly.
Key Features
Automated Rewards Distribution: The contract automates the distribution of rewards based on predefined rules.
Decentralized Mechanism: It operates in a decentralized manner, without the need for intermediaries.
Flexible Configuration: Supports multiple pools for both LP and single-sided staking.
Max Apex Functionality: Claims rewards and auto-stakes the 'Apex' reward token into the single-sided Apex farm.
Potential Bonus Rewards: Some farms may have bonus rewards added by the project. This will be indicated by a 'bonus' on the farm along with the extra reward that is available.
Staking Process Using BIFKNChef Contract
Step-by-Step Guide
Connect Wallet
Ensure you have a compatible wallet (e.g., MetaMask) connected to the platform.
Make sure you have sufficient tokens to stake.
Additional tokens and LP can be acquired on the 'Trade' page.
Approve Tokens
Before staking, you need to approve the BIFKNChef contract to spend your LP tokens or single-sided tokens.
Go to the Earn page, enter the amount of tokens you wish to stake and click on "Approve" for the pool you want to stake in.
Confirm the approval transaction in your wallet.
Stake Tokens
Once the approval transaction is confirmed, you can stake your tokens.
Confirm the staking transaction in your wallet.
If you already have some tokens staked any pending rewards will be automatically claimed to your wallet.
Earning Rewards
After staking, you will start earning rewards based on the amount of tokens staked and the duration of staking.
Rewards are calculated continuously and can be claimed at any time.
Claim Rewards and Max Apex
To claim your rewards, go to the Earn page and click "Claim".
This will transfer the accumulated rewards to your wallet.
Alternatively, you can use the "Max Apex" functionality.
Click "Max Apex" to claim your bonus rewards (if applicable) and automatically stake the 'Apex' reward token into the single-sided Apex farm.
This feature maximizes your rewards by reinvesting them automatically.
Unstake Tokens
When you want to withdraw your staked tokens, you can unstake them by clicking "Unstake" and entering the amount you wish to withdraw.
The unstaked tokens and any remaining rewards will be transferred to your wallet.
Frequently Asked Questions (FAQs)
How do I check my staking rewards?
You can check your staking rewards on the Earn page. The interface will display your current rewards for each pool.
What happens if I unstake my tokens early?
Unstaking your tokens will stop the accumulation of rewards. Any rewards earned up to the point of unstaking will be claimed automatically.
Are there any fees for staking or claiming rewards?
Staking and claiming rewards may incur standard network transaction fees (gas fees). There is a 10% fee on all claimed rewards. E.g. If you earn 10 APEX, 1 APEX is taken as a fee and 9 APEX is transferred to your wallet.
Can I stake in multiple pools simultaneously?
Yes, you can stake in multiple pools simultaneously. Each pool will have its own rewards based on the tokens staked.
Conclusion
Staking using the BIFKNChef contract is a great way to earn rewards for providing liquidity to the platform. By following the steps outlined in this guide, you can maximize your earnings. The 'Max Apex' functionality further enhances your rewards by automatically reinvesting them into the single-sided Apex farm.
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