In today’s blockchain world, staking has become a popular way to make money, especially on decentralized finance (DeFi) platforms. As an advanced DeFi protocol, WOOFi provides a simple and effective way for users to stake their WOO tokens and earn income from them. This article will detail how to stake WOO tokens on WOOFi, including every step and precaution in the process.
What is WOOFi?
WOOFi is a decentralized trading platform designed to provide users with liquidity and transaction convenience. WOOFi not only supports transactions, but also allows users to earn income by staking WOO tokens. According to WOOFi’s design, users who stake WOO can receive 80% of the protocol’s net revenue in return, making staking WOO an attractive option.
How to start staking WOO tokens? To start staking WOO tokens, you need to follow these steps:
1. Move WOO to a supported blockchain: First, you need to move WOO tokens to a WOOFi supported blockchain. WOOFi supports multiple blockchains and you can choose the one that suits you best. While there are multiple ways to transfer WOO across chains, we recommend using WOOFi’s cross-chain swap feature as it’s the fastest and easiest method.
2. Connect your wallet: After you complete the transfer of WOO, go to the WOOFi Stake website and connect your wallet. Make sure you have WOO tokens in your wallet so you can stake.
3. Select the stake amount: In the WOOFi Stake interface, select the blockchain where you hold WOO tokens from the drop-down menu. Then, enter the amount of WOO you want to stake in the input box, or simply click on the wallet icon to stake all WOO in your wallet.
4. Submit the pledge transaction: After you enter the pledge amount, the pledge button will light up. Click the button and approve the transaction. Once the transaction is completed, your total staked WOO amount will be updated. Congratulations, you have now started passively earning USDC rewards and XP.
Know your rewards
After staking, you can track the USDC rewards and MP (reward points) you receive in the right window of the WOOFi interface. You can claim these USDC rewards at any time by clicking the Apply button, or use the Compound Interest button to convert them into more staked WOO.
Automatic compound interest function: WOOFi allows users to turn on the automatic compound interest function. This means that whenever you are rewarded with USDC, the system automatically converts it into WOO and stakes it. This way, not only will you continue to receive rewards, but you will also be able to increase your staked amount. Please note that when the automatic compound interest function is turned on, you will not be able to claim staking rewards manually.
Increase your earnings: To increase your earnings on WOOFi, there are challenges you can complete to increase the annual percentage rate of return (APR) at which you earn XP, up to 76.05%. These challenges include:
Exchange on WOOFi or trade on WOOFi Pro (1.3x)
Maintain TVL (Total Value Locked) in WOOFi Super Charger Vault (1.3x)
Enable automatic compounding (1.5x)
These challenges will not only increase your earnings but also allow you to participate more deeply in the WOOFi ecosystem.
How to release the pledge? If you want to unstake WOO, you can do so at any time. Simply click the Unstake button, specify the amount you want to unstake, and confirm the transaction in your wallet. Please note that unstaking will cause you to lose a proportional amount of your MP.
in conclusion
Staking WOO tokens is a simple and effective way to earn passive income on the WOOFi platform. By following the steps above, you can easily start staking and enjoy various rewards. As the DeFi ecosystem continues to grow, WOOFi will become an indispensable tool to help users earn more in the cryptocurrency market. Whether you are a newbie or an experienced investor, staking WOO is an option worth considering.