Hi Readers👩💻,
As many of you might know, Stakin recently launched Stakin Finance, an Automated Market Making (AMM) and Yield Farming protocol running on Binance Smart Chain (BSC).
Now, before we dive into how to yield farm, let’s have a look at the Stakin token $STKN. The Stakin Yield Token $STKN can be used (right now) to provide liquidity (LP) in trading pairs, and staked to earn an additional $STKN! In the future, $STKN will also be used for governance and as the community grows, other use cases will be explored and implemented.
So, there are three ways to use your $STKN at the moment. First, you can use it to stake and that way earn more $STKN, which incentivizes long-term holding of the asset. Second, you can use $STKN for yield farming which we will discuss further in this article. Third, $STKN is used to incentivize token holders across multiple protocols to stake with Stakin, which enlarges the size of the Stakin Finance community.
Both staking and yield farming are paid with newly minted STKN which are generated through inflation. Inflation will gradually increase the total number of STKN in circulation and reward early users of Stakin and Stakin Finance.
Now, how can you obtain this asset? Simple, all you need to do is visit PancakeSwap, connect your MetaMask wallet and swap assets. You can use the link below to add $STKN automatically:
Or if you prefer to add $STKN manually, once on the Pancake Swap exchange interface, click on “Select a currency” and add the token contract address in the search bar (see image below).
- $STKN token contract address: 0x822768cf477be7cc2c48003513af717efa31bc31
Once you have obtained some assets, it’s time to get to Yield Farming!
It’s important to remember that Stakin Finance uses FLIP v2 tokens and PancakeSwap for Liquidity. In order to add liquidity, please check the links below.
- ➡️https://exchange.pancakeswap.finance/#/pool
- ➡️https://docs.pancakeswap.finance/products/pancakeswap-exchange/pancakeswap-pools
Yield Farming Step-by-Step
1. Visit the farm section of the website
2. Pick which farm you want to use, for example, BNB-BUSD, then click “Add”.
3. Deposit your FLIP tokens into the Farm 🧑🌾
4. Verify the data and confirm the transaction in your wallet
5. Watch your STKN balance grow and harvest frequently 😎
DISCLAIMER: Stakin Finance is experimental and unaudited. You are using Stakin Finance at your own risk. You should conduct your own due diligence before using the smart contracts, user interface and any elements of the website. This site is not intended to provide any investment, financial, legal, regulatory, accounting, tax or similar advice, and nothing on this site should be construed to acquire or dispose of any investment, or to engage in any investment strategy or transaction. Cryptocurrencies and smart-contract interactions involve a high degree of risk and there is always the possibility of loss, including the loss of all digital assets. Nothing in this site may be considered as an offer or solicitation to purchase or sell securities or other services.
