In this guide, you will learn how to stake your $LENDS tokens in the Lends staking pool. The $LENDS staking pool is a feature that enables users to earn a maximum of 15% APY (Annual Percentage Yield) by locking their tokens for 90 days.
Step 1: Log on to the web application of the Lends Protocol (https://app.lends.so). On the left side of the screen, find the “Staking” section and click on it.
Step 2: You’ll need a crypto wallet to interact with the dApp (decentralized application). This will enable you to deposit your $LENDS for staking. Select “connect wallet” to grant access to the web extension of your wallet.
Step 3: Select your wallet from the options available. If you don’t have any of the available wallets, you are advised to set up one and deposit $LENDS (you can buy from MEXC, Uniswap, Kucoin, Gate and Bybit). To proceed with the wallet connection, you are required to check the “I read and accept” box after reading the Disclaimers and Disclosures text. Select “connect” to continue.
Step 4: Once connected, your $LENDS balance will appear. Enter the amount you want to stake in the designated field. There’s also a handy “Max” button to stake your entire balance with a single click.
Step 5: As you enter your staking amount in $LENDS, details about your potential rewards will be displayed. This includes the estimated governance tokens (xLENDS) you’ll earn and the fixed APY.
Step 6: Once staking details are provided, click “Approve” to initiate the staking process. A pop-up window from your connected wallet will appear.
Step 7: Once “approve” is selected, a popup of your wallet is shown. Within your wallet, review the transaction details and approve the dApp’s access to your $LENDS for staking.
Step 8: Once you approve the transaction in your wallet, the “Stake” button will become active. Click “Stake” to confirm and lock in your $LENDS to start earning rewards!
NB: Staking your $LENDS locks them for 90 days. Make sure you’re comfortable with this timeframe before proceeding. You can choose to “unstake” at any time before the 90-day maturity period in the unstake bar, however, you will lose all earned APY.
What happens if I stake again before your maturity date?
The system automatically extends your unlock period to 90 days after the additional stake date and compounds your yield.
You can also take advantage of other features in the Lends dApp including Borrowing, saving and cross-chain swaps. Start now at https://app.lends.so
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