- Stake Farmpet Token now and earn returns from decentralized farming revenues
As a way to encourage long-term holdings of my farmpet tokens and reward investors, the staking contract was developed to yield a monthly 7% return on investment and 84% APY.
What this means for investors is that for every amount of the myfarmpet token you stake on the contract, you will get a 7% return per month and if you stake for 12 months, it will be 84% cumulative. So let’s say you have 1000, MFP tokens and you stake it, you are entitled to a 7% return (70 MFP tokens) per month, and 84% (840 MFP tokens) in a year.
To also make it more attractive, there is no staking fee and withdrawal fees. That is, you do not have to pay any fees to withdraw your staking rewards at any time. However, there is some important information you should know about.
Because the contract was developed to encourage long-term investment and reduce the sales pressure, all stakers will pay a 12% tax when they decide to unstake their staked tokens on the contract. Let’s say you staked 5,000 MFP, your APY in one year will be 4,200 MFP. Now, if you want to claim the 5k staked tokens, I’ll pay a 12% tax on the staked tokens (not your rewards).
Having understood this, let us look at how to stake MyFarmPet Token.
How To Stake MyFarmPet
- Open your favourite wallet and visit https://myfarmpet.io/staking in the DAPPs
- Click on the first option (MYFARMPET) and click on APPROVE as seen in the image below.
- Approve the transaction and click on deposit on the next screen.
- Set the number of tokens you want to stake. Please use the nearest whole number, fractions are not approved. (189.6, 189.12, not Approved).
- Complete the deposition process and that is all as seen in the image below.
I assumed you have already purchased the MyFarmPet tokens by now, so I just went straight to the staking process.
Benefits Of Stake FarmPet
- Generate passive income.
- Earn a percentage of platform revenues (such as land sales, asset sales, and transaction fees).
- Governance: Participate in the governance process through a Decentralized Autonomous. Organization (DAO), and vote on improvement proposals and platform developments (e.g. platform operations and development). Voter incentives will be introduced to encourage voter participation.