Everything You Want To Know About Stakin Finance!
Over the last few weeks, we’ve received many questions via Telegram and Twitter about the Stakin Finance platform. Thus, in this article, we aim to answer the most frequently asked questions so you can have a clear idea of everything relating to our platform. Have a look!
What is Stakin Finance?
Stakin Finance is an Automated Market Making and Yield Farming and Staking protocol running on Binance Smart Chain (BSC). It empowers blockchain users worldwide to participate in yield-generating activities and fine-tune their digital asset investment strategies.
Using Stakin Finance, users can provide Liquidity to Pools, Swap digital assets between each other, Stake their tokens, and earn extra yields in $STKN.
$STKN is the Stakin Yield Token. It can currently provide liquidity (LP) in trading pairs and to stake and earn more STKN. In future iterations of Stakin Finance, STKN will be used for governance. As the project and community grow, different use cases of STKN will be explored and implemented.
How can I join the Stakin Finance community?
You can join and participate, plus ask any additional questions you might have via the following social media channels:
- Discord: discord.stakin.com
- Telegram: t.me/stakinofficial
- Stakin Finance Twitter: twitter.com/StakinFinance
- Stakin Twitter: twitter.com/StakinOfficial
- Facebook: facebook.com/StakinOfficial
How can I help support the Stakin Finance platform?
You can help the Stakin community in a variety of ways. Join our social media channels to get started if you want to use our platform or contribute to the online community. Furthermore, we’re always happy to hear great ideas, so if you have any to share with Stakin, please feel free to reach out!
What are the risks associated with using Stakin Finance?
It is important to note that Stakin Finance is an experimental and unaudited product. You are using Stakin Finance at your own risk. As with any blockchain product and Decentralized Application, you should perform your due diligence before using the smart contracts, user interface, or any other website elements. Cryptocurrencies and smart-contract interactions are risky, and there is always the risk of loss, including the loss of all digital assets In addition to smart-contract risks, one of the main risks is impermanent loss. When providing liquidity to a liquidity pool, the prices of the deposited assets may change depending on market conditions. Liquidity providers and yield farmers are exposed to impermanent loss risk. For more information on impermanent loss, you can check this link.
What is the native asset of Stakin Finance?
Stakin Finance’s token is the Stakin Yield Token (STKN). It can currently provide liquidity (LP) in trading pairs, and STKN will be used for governance in future iterations of Stakin Finance. As the project and community grow, more STKN use cases will be investigated and implemented.
These are the current use cases for $STKN:
- Staking: Users can stake STKN to earn more STKN, incentivizing long-term token ownership.
- Yield Farming: STKN is used to incentivize users to yield farm by staking Liquidity Provider (LP) tokens into the protocol, thereby increasing liquidity on the platform.
- *Upcoming* Stakedrop: STKN is used to incentivize token holders from various protocols to stake with Stakin, thereby expanding the Stakin Finance community.
Staking and yield farming are both paid with newly minted STKN generated by inflation. Inflation will gradually increase the total number of STKN in circulation, rewarding early Stakin and Stakin Finance users.
Please find the info about the token supply and more below.
Which wallets can I use for my $STKN?
To be able to store your $STKN or to swap, you will need to have a BSC-compatible wallet. The Stakin Finance team recommends using one of the following wallets:
If you are wondering how to make sure your wallet is configured to BSC, visit the guide listed below.
Can I use PancakeSwap for $STKN?
Yes, Stakin Finance’s Native Asset $STKN is available to swap on Pancakeswap v2. KStakin Finance has created pools and you can use Pancakeswap to swap $STKN, add Liquidity to v2 pools, and then farm $STKN on Stakin Finance. Give it a try!
- Here is the link: https://exchange.pancakeswap.finance/#/swap?inputCurrency=0x822768CF477Be7cC2c48003513af717efA31bc31
How can I trade $STKN?
STKN can be traded on Pancake Swap https://exchange.pancakeswap.finance/#/swap
You can use this link to add STKN automatically: https://exchange.pancakeswap.finance/#/swap?inputCurrency=0x822768CF477Be7cC2c48003513af717efA31bc31
If you want to add STKN manually, once on the Pancake Swp exchange interface, click on “Select a currency,” then type the token contract address in the search bar: 0x822768cf477be7cc2c48003513af717efa31bc31.
To swap/trade on Pancake Swap, you will need to have a BSC-compatible wallet (Metamask / Ledger / Binance Chain Wallet) configured for BSC.
What is Yield Farming?
The practice of staking or lending crypto assets to generate high returns or rewards in the form of additional cryptocurrency is known as yield farming. This innovative yet risky and volatile application of decentralized finance (DeFi) has recently grown in popularity due to additional innovations such as liquidity mining.
According to CoinMarketCap, yield farming is the most significant growth driver of the DeFi sector at the moment; the DeFi market cap surged from $500 million to $10 billion in 2020 alone!
Liquidity providers (LP) are incentivized to stake or lock up their crypto assets in a smart contract-based liquidity pool by yield farming protocols. These incentives can take the form of a percentage of transaction fees, lender interest, or a governance token. These returns are expressed as a percentage yield on an annual basis (APY). The value of the issued returns rises as more investors add funds to the related liquidity pool.
How does yield farming work on Stakin Finance?
Yield farming on Stakin Finance works by visiting the farm section of the website, depositing your FLIP assets into the farm, verifying the data and then watching your $STKN grow. For a complete guide, visit our medium article.
DISCLAIMER: This is not financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the failure of all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.