Unlock Passive Income and Rewards: Stake Your Bloxies Today!
Discover the power of passive income with your Bloxies by staking them. Not only will you earn NFT rewards, but you’ll also have the opportunity to expand your Bloxies collection.
When you stake your Bloxies, you’ll receive fBXS tokens as rewards. These tokens offer flexibility, allowing you to exchange them for Ethereum (ETH) or swap them for Bloxies NFTs.
By participating in this staking process, you actively contribute to the growth of the Bloxies project and its vibrant community. Don’t wait any longer! Seize this incredible opportunity today and unlock a world of rewards by staking your Bloxies.
How do I stake my Bloxies (BXS) to start earning rewards?
To participate in a yield farm and start earning rewards, search for Bloxies and select the BXS-ETH LP farm on https://www.baton.finance/farms. Then select the Bloxie NFTs from your collection that you would like to deposit. That’s it!
How do I deposit Bloxies NFTs to a farm?
- Connect your MetaMask wallet to the Baton website (https://www.baton.finance/farms)
- Search for Bloxies and select the BXS-ETH LP farm
- Select the Bloxies you want to deposit
- Click the “Approve NFTs” button
- Approve the connection on MetaMask and pay the ETH gas fees (ensure you have sufficient ETH to complete the transaction)
- Click the “Deposit and Earn” button
How do I withdraw Bloxies NFTs from a farm?
- Connect your MetaMask wallet to the Baton website (https://www.baton.finance/farms)
- Search for Bloxies and select BXS-ETH LP under “Your Active Positions”
- Select the Bloxies you want to withdraw
- You can select any Bloxie NFT available in the pool to withdraw
- Click the “Withdraw NFTs” button
- Confirm your transaction on MetaMask
Please read before staking: When you withdraw Bloxies NFTs from a farm, you will be selecting from the Bloxies that are currently in the pool. For the optimal experience, we suggest staking Bloxies that hold no sentimental value to you, as any member of the pool may withdraw the Bloxies you initially deposited.
What are the benefits of staking Bloxies in a farm?
There are several benefits to staking Bloxies in a farm. First, you will earn additional fractionalized Bloxies as rewards. Second, you will help increase the liquidity of the Bloxies market. Third, you will support the development of the Bloxies ecosystem. Finally, you will earn trading fees from people buying and selling NFTs in the caviar.sh liquidity pool.
How long can I stake Bloxie NFTs?
You can stake your Bloxie NFTs for as long as you want, but the rewards program will end January 7, 2024.
What is a BXS-ETH LP?
A BXS-ETH LP is a decentralized liquidity pool pairing the Bloxies NFT collection with Ethereum (ETH) to facilitate exchanges. They operate similarly to ERC-20 liquidity pools with some differences. You can deposit equal amounts of BXS and ETH into the pool, earning transaction fees as a liquidity provider. LP tokens represent pool shares and can be redeemed for assets, staked, or used in other DeFi protocols.
What do the APRs mean and represent?
APR, or Annual Percentage Rate, shows the estimated annualized return you can expect when staking your Bloxies on Baton. By comparing APRs, you can make informed decisions about where to stake your assets for the best returns. Remember, APR can fluctuate based on the pool size, market conditions and each farm’s specific reward distribution.
What are Fractional NFTs?
Fractional NFTs, also known as F-NFTs, are NFTs that have been divided into smaller pieces, allowing multiple investors to own a piece of the same NFT. This makes it possible for people to invest in NFTs that they might not otherwise be able to afford, and it also helps to increase the liquidity of the NFT market.
What are fBXS and what can I do with them?
fBXS are fractional shares in the NFTs deposited to the pool. You will receive your rewards for deposting Bloxie NFTs into the liquidity pool in the form of fBXS. You can claim fBXS from your participation at any time but you will have to pay an on-chain fee to do so. fBXS can be used to withdraw NFTs (if you have enough fBXS) or you can sell them for ETH on caviar.sh
What are the risks involved in yield farming?
Yield farming involves several risks, including smart contract vulnerabilities, impermanent loss, and market volatility.
- Smart contract vulnerabilities: Smart contracts are computer programs that automate the execution of transactions on the blockchain. If a smart contract is vulnerable to attack, it could be exploited and lead to the loss of staked assets.
- Impermanent loss: Impermanent loss is a loss in value that can occur when providing liquidity to a pool. This is because the value of the assets in the pool can change relative to each other, resulting in a lower overall value of the staked assets.
- Market volatility: The value of earned rewards can be affected by market volatility. If the price of the tokens you are earning rewards in decreases, the overall value of your rewards will also decrease.
- APR Changes: If a pool becomes very popular for deposits, the APR you expect to receive may fall. The APR will change any time there is a deposit or withdrawal from the liquidity pool.
To minimize these risks, thoroughly research projects you participate in, understand the mechanics of yield farming strategies, and stay informed about market conditions.
How long will the BXS-ETH LP yield farm run for?
The BXS-ETH LP reward program will be available until January 7, 2024.
