LP Token Staking
Basics
LP tokens are provided by Uni-Swap and given to those who provide liquidity to our liquidity pool. By owning these tokens, you will receive a portion of 0.3% of the pools generated fees, proportional to the amount of total LP tokens you hold. By owning these tokens, you are also able to stake them on our website to earn even more Honey tokens!
LP token staking is a main part of the Honey ecosystem. It provides an incentive for people to add liquidity to our liquidity pool which will raise and stabilize the price of Honey.
How LP Token Staking Works
To stake your LP tokens essentially means sending it from your wallet to the staking smart contract. While it sits in this contract, it will accumulate a certain amount of Honey tokens each day proportional to the amount of total LP tokens you have staked. You can claim these tokens at any time. When you are done staking and want your LP tokens back in your wallet, you can unstake it and they will be transfered back to your wallet.
You can stake, unstake, and see the amount of Honey tokens you have accumulated on the staking page of our website.
How to Stake
There are only a few steps required to get your Bears staked!
Connect your wallet using the buttons on the website.
Once connected, navigate to the "LP Token Staking section" you will see a new button asking you to approve the contract, click this button and confirm the transaction in the MetaMask (or Coinbase Wallet) window that appears. Once the transaction goes through, a new section of the page will appear.
You will now be able to see buttons labeled "claim", "stake", and "unstake". Click the "stake" button and an input window will appear.
Enter the amount of LP tokens you want to stake (as instructed on the page), and submit it. A MetaMask (or Coinbase Wallet) window will appear. Confirm the transaction.
Once that transaction goes through, you're done! Your LP tokens are staked. Refresh the website for your new data to appear.
How to Unstake
The process of unstaking your LP tokens is very similar to staking it.
Connect your wallet using the buttons on the website.
Once connected, navigate to the "LP Token Staking" section and click the "unstake" button, enter the amount of LP tokens you wish to unstake, and confirm the transaction in the MetaMask (or Coinbase Wallet) window that appears.
Once the transaction goes through, your Bear will be unstaked and it will appear back in your wallet!
How to Claim Honey
The process of claiming Honey has been made quite easy!
If you haven't imported Honey to your wallet yet, go to https://ballerbearsnft.com/honey to do so. This will allow you to see your Honey balance directly from your wallet.
Connect your wallet using the buttons on the website.
Once connected, click the "claim" button and confirm the transaction in the MetaMask (or Coinbase Wallet) window that appears.
Once the transaction goes through, your hard-earned Honey tokens will be appear in your wallet! If you are unable to see your Honey balance in your wallet, click here to learn how to import Honey.
Last updated