How to stake $YFV for more money: A step-by-step tutorial

beforeyoupack (60)in #yfv • 4 years ago (edited)

YFV is a hot token and is very profitable to yieldfarm. We've been yield farming $YFV since August 20, 2020, which has been extremely profitable! At the time of writing, APY yields are nearing 2,000%! It is still possible to yieldfarm and I wrote a step-by-step tutorial on that topic already. Please read Yielfarming $YFV: A step-by-step tutorial.

But now, things are even better. Starting from Today, you can now stake your earned YFV tokens and get rewarded with vUSD tokens! This is a step-by-step tutorial that will guide you on how to stake your YFV tokens. I am not going to go over the tokenomics of the project. I advise everyone to do their own research. The best place to start is by reading their Medium articles.

The devs are very transparent and the smart contracts passed their first audits. This is one of the reasons why I yieldfarm YFV and why I am bullish, but please be aware that this is still risky and you can lose all your funds.

Step 1. Gather enough YFV tokens

The new YFV staking pool will require you to stake a minimum of 90 YFV tokens. This is not a small amount at the current prices, but if you have been farming this from the start, most of us should be good! You will need to hold these tokens inside your wallet, I recommend using MetaMask.

If you don't have enough tokens, you can buy them on Uniswap:

Token Adress: 0x45f24BaEef268BB6d63AEe5129015d69702BCDfa
https://uniswap.info/token/0x45f24BaEef268BB6d63AEe5129015d69702BCDfa

Step 2. yfv.finance

In order to start staking your 'YFV', we'll have to go to their website yfv.finance. When you arrive on their website, you will have to connect your wallet. Again, I recommend using MetaMask

Step 3. Navigate to 'Staking Pool V2'

You will need to navigate the website, press on 'stake' (in the top menu), and go to 'Staking Pool V2', this is where you will be able to stake your YFV tokens. Be aware that this is risky. The first staking pool had a bug, was shut down, and reopened with the bugs fixed.

Screen Shot 2020-09-01 at 21.07.11.png

The new pool is fully audited and should be safe. But please proceed at your own risk. The audit report is added below.

Step 4. Stake your YFV tokens

Once you arrive on the staking pool page, you first need to click on the small "stake" button. Next, you need to click on "max" if you want to stake all your YFV or type in a custom amount. You need a minimum of 90 YFV to start staking.

Lastly, you need to click on the "stake" button at the bottom and confirm the next 2 transactions. The first one is to allow YFV.finance to spend your YFV tokens and the second one is to actually stake your tokens. The GAS fees are extremely high now, due to network congestion. But if you are staking with a minimum of 90 YFV, that shouldn't be a problem. You'll earn it back in no-time.

Screen Shot 2020-09-01 at 21.08.24.png

Remember, when you stake your YFV tokens, they will be locked for 39.3 hours (less than 2 days). You will not be able to unstake your tokens during this time period. There are positive tokenomics reasons for doing this, which I won't discuss in this article. Always do your own research