IQ Protocol Staking Guide

Staking Your $PRQ Tokens

Published in

QHUB

5 min readJan 7, 2022

A core feature of IQ Protocol is providing projects with a staking model. Below you will find the guide to staking your $PRQ tokens. If you are interested in staking other tokens, see the guides for staking your $MYST tokens and staking your $NIOX tokens. In the time leading up to the launch of IQ Protocol’s token, $IQT, we are running an incentive in which those who stake their tokens ($PRQ, $MYST, or $NIOX) will be eligible to earn free $IQT tokens!

Now, on to the staking guide…

Staking $PRQ on IQ Protocol (Binance Smart Chain)

In June 2021, IQ Protocol introduced a brand new form of token staking, a revolutionary DeFi solution for the SaaS (Subscription as a service) Marketplace. Created by the PARSIQ Team and launched as its own independent, decentralized protocol, it offers the first ever risk-free DeFi lending protocol to tokenized SaaS subscriptions, with no need for collateral.

The first Proof of Concept for IQ Protocol was to fuel the tokenomics for PARSIQ’s own token $PRQ, this article will serve to guide you through the process of staking your $PRQ tokens onto IQ Protocol.

For the purposes of this guide we’re assuming you already have tokens available on Binance Smart Chain, if not then you’ll need to either Bridge your ERC20 tokens using our $PRQ Bridging Guide. Alternatively, you can choose to buy $PRQ tokens directly on BSC on PancakeSwap or MEXC.

Or, you can find the BSC contract address directly below:

PRQ BSC Contract Address: 0xd21d29b38374528675c34936bf7d5dd693d2a577

In the steps below, we’ll be using the MetaMask wallet extension for PC/Mac (Please note: the process will be slightly different with the MetaMask Mobile App.) This will also need to be configured for Binance Smart Chain, for guidance please refer to the PRQ Bridging Guide.

Staking directly via IQ Protocol App

Once you have tokens on BSC next you’ll need to go to the IQ Protocol app which will take you to this page:

Ensure you’re connected to the correct url: app.iq.space then click “Stake”, you should then see this page:

Now you’ll need to click “Connect” to connect your MetaMask wallet.

Select the address you wish to use and click “Next”.

Once connected you may be prompted to switch networks to Binance Smart Chain, assuming you haven’t already done so, so click “Switch Network” if necessary.

Then click “Connect”.

You will then be taken to the staking interface, where you’ll see your address indicated in the top right-hand corner. Next, simply enter the number of tokens you wish to stake and hit “Approve” ***should be put in issue with Max tokens here? Sometimes people have to put slightly less

If you haven’t already done so, you may be asked by MetaMask to add PRQ, so just click “Add Token”.

Next, you’ll be asked to allow to sign the transaction, please click “Confirm”.

A popup will confirm your transaction is successful, click “Close”, then wait for MetaMask to confirm that the transaction has completed.

You should see this popup once the transaction is complete.

Next, click “Deposit”

Then, wait for the transaction to complete.

Once complete, simply click “Withdraw” and you should be able to see the tokens you’ve staked in IQ and the rewards you’ve accumulated below.

As Proof of Stake you’ll receive a token called iPRQ, which is an NFT containing information about your staked position in IQ Protocol. To view this, simply go to bscscan and enter the wallet address used to stake in IQ Protocol. iPRQ will be visible under ERC721 tokens.

To add iPRQ to MetaMask simply add the contract address: 0xc179082409ce39855159e7344d9ee2df32af6d36

Congratulations, your $PRQ are now securely staked in IQ Protocol and your Proof of Stake is added to your wallet!

Your tokens will never leave the pool when borrowed, so you don’t even need to worry about losing them.

The best part is that all rewards paid out directly by IQ Protocol are market-bought and non-inflationary, so just sit back, relax, and enjoy the returns on your tokens.

You’ll earn extra $PRQ in rewards as users of PARSIQ’s services choose to borrow your tokens from the pool.
During Q1 PARSIQ has an extra incentive program running, offering 2x rewards.
Leading up to the launch of $IQT, the IQ Protocol Governance token, all stakers in the $PRQ pool are eligible to earn free $IQT tokens.

Stay up to date with all of the latest PARSIQ & IQ Protocol news by following along on social media!

About IQ Protocol

IQ Protocol is a decentralized money market for digital asset renting and on-chain subscriptions. The next money lego that allows users to rent wrapped expirable versions of digital assets without collateral for their utility, while allowing holders to earn by providing liquidity without risk.

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About PARSIQ

PARSIQ is a blockchain monitoring and workflow automation platform connecting on-chain and off-chain applications in real-time, providing transaction notifications for end-users. With PARSIQ you can connect blockchain activity to off-chain apps and devices, monitor and secure DeFi applications, and build custom event triggers and power real-time automations.