WeSendit Staking: Tutorial
“Staking is king!” The WeSendit Staking Dashboard is finally LIVE! We have prepared this step-by-step tutorial so that you can stake your $WSI tokens right away. Check out what you have to do to earn money while you sleep.
As stated in the whitepaper and in this article, you have the option to stake your $WSI tokens and earn rewards. Here you can also find our tutorial video: https://youtu.be/ORCsppCqFWc
It works as follows:
STEP 1: Open the Staking Dashboard
Go on wesendit.io and click on “Staking”.
You’ll access the Staking Dashboard. If you scroll down a bit, you’ll see an overview of the Staking Pool.
On the left, you see the current level. It shows you how many rewards are currently available for distribution among all Stakers.
In the middle, the current amount of locked $WSI tokens is displayed.
On the right, you can see the current APY and APR.
The maximum possible APY is up to 200 %.
The maximum possible APR is up to 110 %. This depends on the TVL (Total Value Locked). For further details, please revisit this article on the technical background of the WeSendit Staking feature.
STEP 2: Connect with your wallet
Click on the button “Connect” to connect to the staking dashboard with your wallet (for example MetaMask, TrustWallet or any other compatible wallet).
Next, the display will change and show you information on your current staking entries.
On the left, you can see the amount of your currently locked $WSI tokens.
In the middle, you’ll find the currently claimable rewards.
On the right, your currently locked rewards are displayed. More on this in a moment.
STEP 3: Click on “Stake”.
If you want to lock a certain amount of your $WSI tokens and earn rewards with them, simply click on the button “Stake”.
STEP 4: Set up vesting period (duration)
A pop-up window will appear. Here, you can define how long you want to lock your tokens. If you choose the maximum locking period of 52 weeks, you will receive the maximum possible rewards, i.e. the highest possible APY or APR.
STEP 5: Type in the amount of $WSI tokens you’d like to stake
Now you type in the amount of $WSI tokens you want to lock, i.e. stake.
Via the button “MAX” you can choose the maximum number of $WSI tokens.
STEP 6: Activate or deactivate Auto-Compounding
Now you should decide if you want to activate or deactivate the Auto-Compounding function.
If you deactivate it, your rewards will be claimable in real time. Why? Because in this case, your rewards do not automatically return into the Staking Pool.
With a locking period of 52 weeks, you would receive the maximum APR of up to 110 % on your rewards.
If you do activate Auto-Compounding, your rewards will be automatically added to your staking every 12 hours.
The magic term in this case: Compound interest.
You’ll receive a maximum APY of up to 200 % on your rewards. However, you won’t be able to claim your rewards before the end of the locking period.
IMPORTANT: Please note that your locked $WSI tokens will NOT be claimable before the end of the locking period — no matter if you activate or deactivate Auto-Compounding!
Once you have chosen your settings, your estimated APY and APR will be displayed.
Remember: We keep a fee of 3% on the Reward amount you earn (see whitepaper). These fees contribute to refilling and maintaining the Staking Pool, among other things.
STEP 7: Click on “Approve”
By clicking on “Approve”, you authorize the transfer of your tokens.
STEP 8: Click on “Stake”
As soon as the transfer has been approved, click on “Stake” and your $WSI tokens are locked.
STEP 9: Get the WeStakeit Token
If you check your transaction on BSCScan, you’ll notice that in exchange for your staking, you received a WeStakeit token on your wallet.
This token is an NFT and your key to your respective staking contract.
Depending on the chosen locking period and amount of locked tokens, you will receive one of four different artworks for the ERC721 proof token.
The Staking Tiers will be defined by a combination of “AMOUNT” and “DURATION”.
AMOUNT = initial staking amount of $WSI tokens
DURATION = locking period in weeks
Tier 1 — Blue Whale (highest): amount >= 500_000 WSI && duration >= 48 weeks
Tier 2 — Shark: amount >= 250_000 WSI && duration >= 33 weeks
Tier 3 — Squid / Octopus: amount >= 100_000 WSI && duration >= 18 weeks
Tier 4- Shrimp (lowest): amount > 0 && duration >= 1 week
You can use the WeStakeit token to…
…transfer your your staking entry to another wallet
…sell it on OpenSea
… or give it to someone as a gift.
All you have to do is to send the respective WeStakeit token.
Please note: In such a case you could lose your access to your staking entry. Feel free to check the details once more here.
STEP 10 (optional): Check your entries & claim your rewards
Scroll down further until you get to the section “entries”.
You’ll see your active staking entries and can manage them here.
In addition, you’ll find a detailed break down of your claimable rewards on the respective staking entries.
If you possess entries with deactivated Auto-Compounding, here is the place to claim your current rewards.
If you have entries with activated Auto-Compounding, you can claim them completely at the end of the locking period, including your previously locked $WSI tokens.
That was it!
We hope this tutorial has been helpful for you. If you still have questions or need support, simply contact us via email at email@example.com or in our Telegram group.
Our team and our entire community will be glad to help you out!
Let’s turn Big Data into a truly big deal — together!
WeSendit is a successful data transfer company based in Zug, also known as the Swiss “crypto valley”. Its founder and CEO Jens Herbst has built a talented international team of crypto experts, developers, economists, and marketing specialists. Together, they are working to transform the way the world transfers its data.
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SOURCE: WeSendit Development & Legal
DISCLAIMER: This article does not contain any financial advice. Its only purpose is to present information about WeSendit. The local terms and regulations of your home country regarding investments in crypto currency apply. Please make sure to visit https://wesendit.io/legal-notice/ for further information.