DeFi Staking: Universal staking guide

Earn Network provides large selection of staking pools offering diverse opportunities across various chains like Ethereum, BNB Chain, and more. We designed DeFi staking to make it easy for everyone to stake and earn rewards. Here's a guide to help you get started with DeFi staking for any asset available on Earn Network.

Get to know DeFi Staking

If you are new to Earn Network, and you would like to know our product better, we created a short introduction to make sure that you are up-to-date with our features. The list below cover only basic topic, so if you want to dive deeper into our product, please refer to our whitepaper.

Flexible Staking - is a method of staking where the rewards are not constant and depends on the number of the staked tokens to the pool. The more staked tokens means lower return. By staking to a flexible pool, you are able to claim your rewards and unstake anytime you want.

Locked Staking - is a method of staking where you select one of the available lock-up periods and rewards are constant for every user all the time. By staking to a locked pool, you will be able to claim your rewards and unstake after the staking period will pass. If you would like to cancel your staking, you can unstake faster, but then you will have to pay a penalty and your reward will be lost.

Limited access pools - are the most lucrative pools that are only available to users that are most engaged in our ecosystem. Pools could be blocked with a special code or NFT that is granted for participation in various events. If you want to get yourself access to one of those pools, check out the event that is linked below.

How to start staking?

In this guide, we will walk you through the example process of staking in a 90-day locked pool on BNB Chain. The staking process remains the same for other locked or flexible pools available on other blockchains.

Most of the pools on Earn Network are public and available to anyone interested in staking. However, some pools have limited access and are only available to users who have received a special code or NFT in their wallet thanks to participating in various activities in the Earn ecosystem.

1. Visit the Staking Offer Page

Navigate to the Earn Network DeFi staking section and choose the asset you wish to stake. You can select from various offers available on different blockchains like Ethereum, BNB Chain, Avalanche, etc.

2. Connect Your Wallet

Click on the “Connect Wallet” button, and select the proper chain that the pool is using. Right after connecting, you’ll be able to check your account balance together with funds that interact with our staking pool.

NOTE: The first wallet supported by our platform DeFi Staking product is MetaMask. Make sure you have your staking coins and some ETH, BNB or other coin to cover fees on the appropriate network supported by our pools.

3. Choose Your Offer

Browse through the available offers and select the one that aligns with your staking strategy, then click on the “Stake” button next to your chosen offer.

DeFi staking offers various different types of pools, but today we will stake into a 90 days pool with limited access, and extra NFT reward. To unlock limited pool ensure that you hold required NFT on your wallet and click on "Verify Access".

4. Approve and Stake Your Tokens

A pop-up window will appear, prompting you to enter the amount of tokens you wish to stake. First, click on “Approve” and confirm the transaction in MetaMask. Once approved, click the “Stake” button and confirm this final transaction in your wallet.

Some pools required a certain amount to be staked in order to receive a special NFT as an extra reward.

5. Staking Confirmation

Upon successful transaction confirmation, your tokens will be staked in the selected pool.

6. Congratulations! You have successfully staked your funds.

NOTE: You can monitor your staked assets, along with pending rewards, claimable tokens and NFTs, in the component below the pool or at your dashboard.

Claiming rewards

Rewards claiming method depends on the staking pool type:

In flexible pools, you are able to unstake your rewards any time with automatic rewards claiming, or only claim the rewards. This approach equips Earn Network stakers with possibilities of more unique strategies, and methods to diversify.

In locked pools, to get your rewards, you have to wait until the end of lock-up period, then you will be able to claim your rewards and unstake in one transaction to ensure smooth experience, and lower costs.

Summary

Congratulations on completing your first steps into DeFi staking with Earn Network! Our platform is your gateway to exploring and maximizing yields across a multitude of assets. Keep engaging with our community and resources for even richer staking experiences.