Harvest Moon: Start Farming Your Tokens on LIDO
Hello everyone!
In this guide, I will show you how you can use your DOT tokens on the Moonbeam network and start earning using the LIDO platform.
Before we dive into farming, let’s get the correct “flavor” of the tokens you need. In case you didn’t know, on the Moonbeam network, DOT is xcDOT.
If your DOT tokens are in your Polkadot.js wallet then it is very easy to send them to the Moonbeam network. Here is a short guide:
1. Go to https://apps.moonbeam.network/moonbeam
2. Connect your Metamask wallet
3. Near xcDOT click on the “Deposit” button
4. Connect your Polkadot.js
5. Select the address from which you want to send the DOT tokens to the Moonbeam network and click on Send.
Note: Please note that you must have at least 1 DOT left on your Polkadot wallet for it to work.
Congratulations! Now that you have received your xcDOTs we can start farming.
First, let’s go to this site: https://lido.fi/
You need to find Polkadot and then click on the “Stake now” button.
As you can see, if you stake your DOT tokens, you will also be rewarded with DOT tokens.
More detailed information about the awards and their distribution can be found in the official source: https://blog.lido.fi/lido-on-polkadot/
After clicking on the “Stake now” button you will be taken to the page:
Before you start staking note that:
1. Your xcDOT tokens on Lido will be stDOT in a “ratio of 1:1”
2. For any action on the Moonbeam network, you will need to pay a commission in GLMR tokens.
3. “Lido takes a 10% commission on your rewards”
4. Staking rewards are credited automatically.
After you enter the number of tokens to stake, you will need to unlock them on the platform and pay a fee in GLMR tokens
Now you can send your DOT tokens for staking. For this click on the “Stake” button and confirm all transactions.
Congratulations! You have sent your tokens to staking and will start receiving rewards.
Now I will show you how to withdraw your tokens from staking.
To Unstake your tokens you need to:
1. Switch to “Unstake”
2. Enter the number of tokens
3. Press the “Withdraw” button
4. Pay for the transaction
5. Wait for the period of Unbonding
6. Claim tokens
Please note that in the Polkadot network unbonding period takes 28 days.
As you can see, everything is very simple and it is very pleasant to work with the platform. I hope you didn’t get bored and everything was clear to you.
