The Bistroo Liquidity Staking Program
If you have provided liquidity for the ETH/BIST pair and received your LP tokens, you can now stake these. In this blog you will learn how to stake these LP tokens and earn rewards. Haven’t provided liquidity yet? Learn how!
BIST Liquidity Staking Program
The LP tokens earned by providing liquidity on UniSwap during the first day of trading can then be deposited into the staking portal for your additional BIST rewards!
To see your LP Tokens, add the contract to your wallet: 0xcc290a463aa1c2afd36990f1eec40b734c3bf3f3
I’ve provided liquidity, earned my first batch of LP tokens, how do I stake them?
The full process is set out below, each step is subsequently explained.
- Provide Liquidity on UniSwap. You can read how to do this HERE.
- Earn ETH/BIST LP
- Stake your ETH/BIST LP Tokens
- Earn & Claim your BIST Rewards
To create a healthy market liquidity is crucial for any pair. In order to promote community provided liquidity on UniSwap, Liquidity Staking Providers (LPs) will be rewarded with additional BIST tokens when staking their ETH/BIST LP tokens. With our first ETH/BIST pair launching on UniSwap trading on May 16th 2021 at 10.00 AM UTC, we want to reward our early community members and token supporters for providing that crucial liquidity on our first pair.
With our liquidity staking program additional BIST token rewards are earned by users that stake their liquidity tokens on our portal. When you provide Liquidity on UniSwap you are given LP tokens proportionate to the percentage of the liquidity pool you deposited. These BIST/ETH LP tokens can then be staked on our staking portal to reward stakers with additional BIST tokens.
Please note that the URL https://staking.bistroo.io will NOT be operational before the start of our staking program on Monday 17th May.
Please note the following requirements:
Wallets: BIST Liquidity Staking is compatible with the wallets that are shown on the screenshot below, preferably you should use the MetaMask wallet as a web browser extension, which will automatically link to our staking contracts through https://staking.bistroo.io. This wallet uplink will also be used to deposit your LP tokens to the staking pool and it will be used to easily claim your staking rewards.
- Provide Liquidity on UniSwap
Please refer to the blog released on 14th May.
2. Earn ETH/BIST LP
When you provide Liquidity on UniSwap you are given LP tokens proportionate to percentage of the liquidity pool you deposited. These BIST/ETH LP tokens can then be staked on our staking portal to reward stakers with additional BIST tokens.
3. Stake your ETH/BIST LP Tokens
i. Visit our staking portal
ii. Connect your (Metamask) wallet
iii. Deposit your BIST/ETH LP Tokens you would like to stake.
Please be aware that figures shown in the screenshot are from a test and do not represent the live staking portal and statistics.
iv. Fill in the desired amount of BIST/ETH LP tokens you would like to deposit and approve the deposit of the tokens to the portal. You’ll first have to approve the deposit, by confirming the transaction in your Metamask wallet and then deposit the tokens to the staking contract.
4. Earn & Claim BIST
Each Ethereum mainnet block, 0,269 BIST rewards are allocated towards the wallets that staked their LP tokens. You can claim these reward tokens at any suitable time by clicking the ‘claim rewards’ button and signing the transaction.
Our staking program reward pool is set at 625,000 BIST for the duration of this program.
With 0,269 BIST releasing each Ethereum block, this program will run for 363 days. The program is set to start at block #12453333 for a total duration of 2.323.420 blocks.
Early LP token stakers will be eligible for BIST APY rewards of up to 73,58%. As the number of LP tokens staked increases, APY per LP token staked decreases. As the 0,269 BIST reward per block will be proportionally distributed to all LP token stakers during a block confirmation, being part of the program early on is incentivized through this model.
FAQ Liquidity Staking
What happens to my BIST rewards, when I withdraw my LP tokens from the staking portal?
If you withdraw your LP tokens from the staking portal, your BIST rewards are automatically claimed to your wallet as well. Claimed BIST will appear unlocked in your wallet immediately.
Do I need to unstake my LP tokens to withdraw liquidity from the UniSwap liquidity pool?
Yes, if you want to withdraw ETH/BIST from the UniSwap liquidity pool, you first have to unstake your LP tokens at our Bistroo staking portal and redeem those LP tokens back on UniSwap for BIST and ETH.
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