Introduction

Getting started with Biquid

Here, we will get started with Biquid.

Biquid aims to provide easy access to liquid staking while excluding complex processes. Follow through the Getting Started with Biquid section to successfully understand the way Biquid works.

Before getting started, you must connect your wallet and change its network to Bifrost network. This is as the assets used in Biquid (BFC, stBFC, wstBFC) are all supported on the Bifrost network.

Change Network

When you first enter the website, click the Stake button to get started with the staking process.

Click the Button

After clicking Stake, there are 4 additional pages (Stake, Wrap, Dashboard, Withdraw) for access. Let’s learn about what each pages provide!

Navigation Bar

Stake

Stake

On the Stake page, users can stake BFC and choose whether to recieve wstBFC or stBFC. While earning staked profits, users can additionally utilize (w)stBFC like traditional crypto assets through DeFi protocols, as well as exchanging back to BFC whenever needed.

What is Staking?

Staking is a process where users deposit a certain amount of crypto assets they own in return for interest. The process is very similar to traditional banking, where interest is earned on deposits. By staking cryptocurrency, it contributes to the security of a blockchain network, therefore receiving rewards by providing added security. Improving a network’s security provides a trustable system for anyone.

What are wstBFC and stBFC?

wstBFC and stBFC are tokens that can be freely utilized once BFC is staked. Easily said, these assets are a form of ‘receipt' identifying that BFC has been staked but can be freely used. Likewise, providing liquidity to staked cryptocurrency assets are referred to as ‘Liquid Staking Derivatives(LSD)’.

For more information, refer to the Deep Dive into Biquid section.

How can (w)stBFC be utilized? The DeFi Integration tab provides various DeFi platforms which users can access to maximize the benefits of Biquid staking.

DeFi Integration

Wrap

Wrap

Through the Wrap page, stBFC can be exchanged to wstBFC and vice versa. At Biquid, the conversion from stBFC to wstBFC is called ‘Wrap’, and the opposite process of wstBFC to stBFC is called ‘Unwrap’.

Wrap and Unwrap may be required in the following situations:

  • When wstBFC is required but the user only holds stBFC → wstBFC can be obtained through ‘Wrap’

  • When stBFC is required but the user only holds wstBFC → stBFC can be obtained through ‘Unwrap’

Dashboard

Dashboard

Users can easily access their staking status through the Dashboard page. Staking amount, reward history, realized returns, current balance, expected rewards and more information are shown comprehensively on the page, allowing users to completely monitor their current staking progress.📈

Withdraw

withdraw

Through the Withdraw page, users can receieve BFC at the cost of (w)stBFC. There are two methods of withdrawing in which withdraw times and fees vary, but users can choose either method depending on their situtation.

  • Method 1. Immediate withdrawal through Everdex with a 0.3% service fee.

  • Method 2. Fee-free withdrawal by requesting unstaking and waiting for the required period

Now, let’s dive into the specifics of using Biquid. A step-by-step process is recommended, but you can easily access specific sections in inquiry by clicking the section below.

StakeWrapDashboardWithdraw
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