GamesPad Introduces Staking and Farming Features
We are happy to announce that GamesPad is launching staking and farming features to bring even more benefits to our community.
The staking and farming features allow you to earn rewards when you lock up your tokens on GamesPad. Each has a different approach to how participants pledge their crypto assets in a platform. Furthermore, the underlying technologies reveal other distinctions between the options.
GamesPad is excited to announce a release of these new amazing features on our platform that will be available for users very soon. Aimed to bring maximum benefits to our community, we developed these features and are happy to introduce the advantages of each of them in this article. So, let’s take a closer look at each.
What is yield farming?
Yield farming, also known as liquidity mining, helps make money with cryptocurrencies by temporarily lending crypto assets to DeFi platforms in a permissionless setting. Farmers contribute as many assets as they want for a certain period. The more they lend, the greater the rewards.
Instead of just having your cryptocurrency stored in a wallet, you can effectively earn more crypto by yield farming.
Those who deposit funds into liquidity pools are called liquidity providers (LPs) and use their funds to power the DeFi ecosystem and earn incentives from the liquidity pool — a smart contract that collects funds to facilitate crypto users to lend, borrow, buy, and sell cryptocurrency. You will learn how to start farming (GMPD-BUSD pair) on the GamePad platform really soon, so stay tuned!
What is staking?
Staking is committing your crypto assets to that network/project. Investors earn interest on their investments while they wait for block rewards to be released.
Staking is a very popular feature for many crypto investors to “make their money work for them” as they lock their tokens on the platform and receive quite generous rewards. Staking on GamesPad is storing your tokens in a suitable staking smart contract that allows anyone to perform various network functions in return for staking rewards. You will find a detailed walkthrough on how to deposit your GMPD tokens on the GamesPad staking pool to get rewarded with more GMPD tokens shortly.
It is a way of passive earnings where users store tokens on the Proof of Stake (PoS) algorithm and ensure the blockchain remains operational. It gives them the right to make a profit.
GamesPad is the world’s first holistic gaming, NFT, and metaverse ecosystem, backed by the industry experts at BullPerks, a decentralized VC and multichain launchpad that achieved 9500% of ATH ROI after only 6 months. It is a one-stop-shop for everything GameFi, metaverse, and NFT, bringing together a gaming incubator, game-specific multichain launchpad, decentralized venture capital, NFT aggregator and marketplace, in-house game studio, and much more. The team’s core mission is to support and incubate game entrepreneurs through its comprehensive ecosystem, offering them mentorship, advisory, and network connections in the gaming and crypto space.
GamesPad Official Links:
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✔️ Official Announcements: https://t.me/GamesPadAnnouncements
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✔️ Facebook: https://www.facebook.com/gamespad.vc
DISCLAIMER: This material should not be construed as a basis for making investment decisions or as a recommendation to participate in investment transactions. Trading digital assets may involve significant risks and can result in the loss of invested capital. Therefore, you must ensure that you fully understand the risk involved, consider your level of experience, investment objectives, and seek independent financial advice if necessary.