Staking on the YOLO dApp
YOLO designed a decentralized application to award long-term investors and liquidity providers with more $YOLO tokens. This allows the community to form partnerships with other projects. Furthermore, it helps to grow its underlying value as it creates liquidity and trading opportunities.
That’s all well and good but how exactly do you stake?
Step 1: Add your desired liquidity on Pancakeswap
To add liquidity on PancakeSwap you must first own some YOLO as well as one of the supported tokens on our dApp, the ratio is 50–50, so the value of both tokens must be equal. You can click this link if you want to stake BNB-YOLO. If you want to add another pairing, just change BNB into whatever you want to pair it with.
Step 2: Stake your liquidity on the dApp for a locked duration of time
Pick your pool (Time + Token), put in the amount you would like to stake. Press the “Approve” button and accept the transaction. And finally, press the stake button and accept the transaction. (Note trust wallet is not supported)
Step 3: Claim rewards regularly and wait for the end of the countdown to cash out.
Claiming has no tax (other than the natural 10% on token transfer), however unstaking early has a heavy tax. That is how it incentivizes the community to remain staked for the long run.
That’s it you should now be staked, underneath each pool, there should be a timer to see the lockup period of your funds.