StaFi protocol isn’t only concerned with offering synthetic derivatives of staked assets, the Substrate-based platform lets you put that interest-bearing tokens to use by staking.
Of course, rTokens aren’t your regular digital assets. They derive their value from the base asset. Nonetheless, these synthetic derivatives can be money-spinners that everyone in the crypto space wants in their wallet, and it’s all thanks to the existing rToken pools.
Not sure how to stake your rTokens in these pools? Let’s get you up to speed on the rToken pools.
There are different routes to staking your rTokens. These routes include:
Through WrapFi
WrapFi might be a DEX for interest-bearing tokens, but the decentralized platform offers rToken holders the opportunity to earn a substantial reward by staking their synthetic derivatives.
1% of the WrapFi native token (WRA) supply – 9,000,000 WRA – will be available for liquidity mining. Here are steps to take to farm WRA using your rTokens:
Step 1
Stake your PoS chain assets – ETH, DOT, FIS, ATOM, or KSM using the StaFi rToken app.
Step 2
Add liquidity to the right rPool – rETH/ETH, rFIS/ETH, rDOT/ETH, rATOM/ETH or rKSM/ETH on Uniswap V2. Of course, your choice of liquidity pool will depend on your rToken holding.
Step 3
Claim vested WRA throughout the 3 months of the farm drop opportunity. You will also get a portion of trading fees accrued to that specific trading pair. Remember that the vested WRA tokens are locked for 6 months from the onset of the WRA Genesis launch.
Through Curve Finance
Recently, StaFi got a proposal for the listing of the rETH/ETH trading pair on the Curve Finance AMM protocol. After successfully getting the required number of votes, rETH/ETH pair got the green light.
Besides being a DEX, Curve Finance doubles as an earning opportunity for liquidity providers. On Curve Finance, you can add liquidity to available pools and earn CRV. Moreover, rToken holders aren’t exempted from participating in this reward sharing opportunity, but only rETH/ETH is supported on Curve.
Here are the steps to take if you’re looking to earn passive income from your rTokens using Curve Finance:
Step 1
Get some ETH
If you have enough ETH, you can skip this phase. If you don’t have enough ETH, you will need to either trade some of your rETH for ETH. The quantity required is dependent on how many of your rETH tokens do you intend to stake.
Step 2
Connect your wallet
Click the connect wallet tab. Locate your web3 wallet type and proceed to tap the Connect tab.
Step 3
Find the rETH/ETH pair
There are lots of Curve pools, so it might be a handful finding the rETH/ETH pair. Use the search option to find the right pool quicker and hassle-free.
Step 4
Add liquidity
Curve Finance is an automated market maker (AMM). Liquidity providers have to add liquidity to their preferred pool to earn CRV.
Select the rETH pool and add your desired amount of liquidity.
After providing rETH/ETH liquidity on Curve Finance, you get CRV and FIS tokens as a reward. The APY for CRV could be as high as 12.35%. That of FIS is a much lower 5.78%.
As always, you’d get a portion of the trading fees for the rETH pool.
Closing Remarks
As synthetic derivatives grow in popularity, more farming options will be made available for these interest-bearing tokens. And StaFi is leading the charge in this campaign. For rToken holders, it’s the perfect opportunity to earn even more, topping up their reward from staking on PoS chains.
Follow StaFi official website for more information
