Following the strategic partnership that we announced just a few days ago, we’ve introduced the xcDOT — wstDOT pair to the Beamswap Yield Farm.
In this guide, you will learn how to bring wstDOT to Beamswap and stake it to earn triple rewards.
Step 1: Get xcDOT
💡 Tip
If you already have xcDOT in your wallet, you can proceed to Step 2.
xcDOT is an ERC20-compatible version of Polkadot’s DOT, and is thus usable on the Moonbeam Network and apps build on it.
First, you should have some DOT in your wallet.
Go to Moonbeam App Dashboard, and make sure your wallet is connected to the Moonbeam Network. Find xcDOT on the list of Cross Chain Assets, and click “deposit”. If you don’t have xcDOT in your wallet yet, click “add to wallet” first, and then “deposit”. Follow the instructions, and soon, you’ll have xcDOT in your wallet.
Step 2: Stake xcDOT for Lido’s stDOT
💡 Tip
To save on gas, you can proceed to wrapping xcDOT into wstDOT in Step 3.
stDOT stands for Lido’s liquid staked DOT, and is paid out as a reward for staking xcDOT. The stDOT can be used in a range of DeFi applications in the Polkadot and Moonbeam ecosystems.
As a liquid token, stDOT represents the share of staked xcDOT in the Lido pool and is minted in the 1:1 ratio during the staking event. Users who deposit xcDOT to the pool get the rewards in stDOT daily, unlike traditional staking, which could require a longer-term lock-up. Staked DOTs are still locked, but stDOTs could be sold immediately after acquisition.
In this step, you will stake your xcDOT to acquire Lido’s stDOT.
Go to https://polkadot.lido.fi/ and make sure the toggle on top is set to “Stake”. Connect your wallet, set the amount you want to stake, or choose Max, and click “Stake”.
Once you stake xcDOT, you receive stDOT in the current staking exchange rate, calculated based on the ownership share. Due to rounding numbers in the process of dividing, you could get slightly less stDOT than xcDOT (learn more in the FAQ at the bottom of the page).
Now that you have your stDOT, you can wrap it into wstDOT to be used on Beamswap Yield Farm.
Step 3: Wrap stDOT into wstDOT
wstDOT is a wrapped version of stDOT. The amount of your stDOT is subject to change as it depends on staking rewards coming in daily. To ensure your balance of stDOT is fixed and usable in DeFi apps that sustain constant balanced assets, including Beamswap, you should first wrap stDOT to wstDOT.
Go to https://polkadot.lido.fi/wrap.
Make sure your wallet is connected, and unlock your stDOT tokens. Click “Wrap” and receive wstDOT.
💡 Tip
To save on gas, you can also convert xcDOT to wstDOT directly. On the token drop down, simply choose xcDOT instead of stDOT, and click “Wrap”.
To unwrap wstDOT back to stDOT, make sure the toggle above is set to “Unwrap”. Enter the amount of wstDOT tokens you want to unwrap and click “Unwrap”.
Step 4: Earn rewards on Beamswap Yield Farm
Now that you have wstDOT, you can use it in various DeFi applications that base their services around constant balance assets.
In the Beamswap Yield Farm, you can stake the xcDOT — wstDOT pair to earn triple rewards, in:
- GLINT
- WGLMR
- LDO
To stake and start earning, go to https://app.beamswap.io/farm.
On the list of featured pairs, find the xcDOT — wstDOT pair.
Click “Details” and then “Stake”.
In the pop-up window, set the amount you want to stake or choose Max. Click “Sign and Stake” to confirm.
That’s it, now your assets are staked and ready to generate rewards.
When you’re done with staking, simply go back to https://app.beamswap.io/farm. Find the xcDOT — wstDOT asset pair, and under “Details”, click “Unstake”. Finally, claim your rewards by clicking “Harvest”.
As simple as that.
Take advantage of Lido’s liquid staking protocol and earn triple rewards for staking your wstDOTs on Beamswap.
Happy farming! 🚜
About Beamswap
Beamswap is a DeFi Hub built on the Moonbeam Network featuring a decentralized exchange (DEX) and an automated market maker (AMM). It gives users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens, and earning passive income from staking and yield farming. Beamswap will support the growth of Moonbeam’s ecosystem and act as a launchpad for new projects developing on the network. Our team’s mission is to aid in the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.
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