Stake
Stake
The Stake page offers a staking feature that allows you to deposit BFC on the Bifrost network and receive rewards periodically. At the same time as staking, you will receive liquid staking derivatives such as wstBFC or stBFC, which can be utilized in various ways, making it possible to stake BFC without lock-up. These tokens, which can be utilized like another cryptocurrency, provide more liquidity for staking.
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.
Let's take a step-by-step guide to staking BFC.
Step 1. Select a Liquid Staking Derivative
The first thing you need to do is to choose a liquidity staking derivative. You'll need to decide whether you'd like to receive stBFC or wstBFC after staking. Since stBFC and wstBFC have different uses, we recommend that you check the use case of each token in DeFi Integration and choose the appropriate token correspondingly. Regardless of which token you choose, there will be no loss to your assets, and you will receive the same staking reward.🤗
Step 2. Input the Amount of Staking BFC
Next, you will need to input the staking amount. You can enter the staking amount by manually typing the amount in the fields where indicated, or by utilizing the gauge bar and the Max button. After entering the staking quantity, the amount of (w)stBFC will be displayed based on the current exchange rate.
To keep the network running efficiently, we currently have two limitations when entering staking amounts. We will be making infrastructure improvements in the near future to remove these limitations, so we ask for your patience and understanding if this is a temporary inconvenience. 🙏
Limitations on the amount of staking
You can stake BFC in increments of 10,000
You can stake BFC with a maximum of 500,000 at a time (There is no limit to the number of BFC that can be staked per account.)
Step 3. Stake
After entering the quantity, click the Stake button and confirm the transaction, and your staking is complete!
Step 4. Utilize the tokens you received in DeFi platforms.
Click the DeFi Integration button on the staking completion window or go to the DeFi Integration page to see the various DeFi platforms that you can use with (w)stBFC at a glance.
Now that you've completed your staking, you can utilize (w)stBFC in DeFi!
We'll continue to expand DeFi platforms that support (w)stBFC in the future, so stay tuned!🔥
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