On the 3rd of march 2022, Entropyfi announced its staking program on www.vault.inc.
I just discovered that this juicy offer is still ongoing. As you all know I am a big fan of Yield farming. Gotta mine those coins eh.
They are offering two pools (single token and liquidity token) for both Ethereum mainnet and Polygon mainnet.
In this post we are going to dive into how to stake $ERP on Vault.Inc.
Before we do that lets go over the key mechanics that makes me like the staking program.
As you can see in the above table the max length of time you can lock your tokens to get the highest APR which is 575% at the time of writing this post, is 52weeks.
When you stake your $ERP or LP token, you can choose to lock your staking from 0 weeks (free float) to 52 weeks (for the maximal 2x reward boost). Your rewards will be locked for 52 weeks. It’s important to note that your reward vesting will start once you “claim” your rewards.
The longer you lock, the stronger you signal your conviction, and the higher reward you will earn. Staking without locking will give you a reward weight of 1. For each additional week locked, the reward weight will go up by 1/52.
reward weight =1 + weeks locked * 1/52
The current Total Value Locked across all chains is $501,361
How to stake? Visit Vault.inc Entropyfi staking page: https://entropyfi.vault.inc/ Connect your wallet Choose the network that you wish to stake (ethereum or polygon)
Select Entropyfi (ETH) if you want to stake $ERP or ERP-$USDC LP on Ethereum. Select Entropyfi (Polygon) if you want to stake $ERP or $ERP-$USDC LP on Polygon. Scroll down and Select the pool you wish to stake.
After you connect your wallet, you would be able to stake either $ERP token or $ERP:$USDC LP tokens. If you do not already hold $ERP or $ERP-$USDC LP, Vault.inc conveniently provides links to acquire these tokens (“Buy $ERP” and “Add $ERP:$USDC LP” buttons) on Uniswap for ethereum and Quickswap for polygon network. Select locking duration using the slider.
You can select between a “flexible” staking and “locked” staking. If you choose flexible, you can withdraw your staked tokens anytime. If you choose locked, you can only withdraw your staked tokens after the tokens get unlocked. As you adjust the locking slider you can see what APR you can earn for the lock period you select. Approve Vault.inc
You will have to authorize the token approval transaction for the first time, make sure use a high or medium gas fee , to avoid transaction error mesages. Stake your token After the approve transaction is processed, you can click on “stake” button to stake the tokens. How to claim reward? Visit Vault.inc Entropyfi staking page: https://entropyfi.vault.inc/ Click on the “Rewards” tab Select the pool you wish to claim reward from Claim
Click on claim and approve the Metamask transaction. Wait for your reward to be vested Congrats! Now you have claimed your reward, and the unlocking time starts now. below is a video walkthrough of how to stake $ERP on vault.Inc follow Entropyfi to stay in touch with latest updates. Twitter: https://twitter.com/entropyfi Discord: https://discord.gg/2KsarwqSC5