DeFi+L Staking Guide
DeFi+L index staking is live!
You can now invest in seven of the largest DeFi projects and put your portfolio to work in our liquidity pool.
Even better, thanks to a program voted in by DOUGH holders we’re incentivizing liquidity providers, with 150k DOUGH available to earn across all pools this week.
But that’s not all. The DeFi+L / ETH 70/30 staking pool has been launched with a brand new staking contract based on Ampleforth’s token-geyser multiplier. You can earn up to 3x your share, with the multiplier growing over time and maxing out after eight weeks.
DOUGH is the DAO’s governance token, earning holders a share of any fees generated by the protocol and enabling voting on all future decisions.
We’re also working on implementing a radical mechanism that will enable DOUGH holders to use the pooled tokens to easily vote in each project’s governance decisions, with the goal of raising governance engagement across DeFi.
So you want to stake DeFi+L? Here’s how:
1) Head to https://pools.piedao.org/#/
Firs things first, we need to get hold of the DeFi+L we want to stake.
Head to our staking hub and connect your wallet with either MetaMask or WalletConnect.
2) Mint or Buy DeFi+L
Now we can choose to mint our own DeFi+L tokens or buy tokens already minted from the open market.
Mint will create a brand new token.
There are two ways to mint:
Single Asset entry will use your Ether to fetch the DeFi tokens from external markets, e.g. Uniswap. 5% extra Eth is sent to cover potential unexpected errors, and will be returned after the transaction.
Multi-Asset entry will use the DeFi tokens already held in your wallet, and you will need to unlock each token.
Minting will use more gas than buying, so be sure to check gas prices before trying: https://ethgasstation.info/
It’s a good idea to add an extra 25% to the gas limit just in case, to make sure you don’t end up with a potentially costly failed transaction.
Buy will purchase already minted DeFi+L tokens from PieDAO’s liquidity pool.
3) Get Balancer Pool Tokens (BPT)
PieDAO’s DeFi+L token is built using Balancer.
To free up our DeFi+L tokens for the liquidity pool we need to navigate to:
Balancer needs Ether to be wrapped, which we can do easily at https://app.uniswap.org/#/swap or any other service.
However, just like getting our DeFi+L we can choose to use single asset or multi asset deposit. Single asset will allow you deposit just DeFi+L and convert 30% into Wrapped Ether.
Select add liquidity in the upper right corner.
Unlock DeFi+L, sign the transaction and wait for confirmation.
Tick the checkbox to indicate that you understand the risks.
Select ‘Add Liquidity’, sign the transaction, and wait for confirmation.
4) Stake Your BPT
Now we just need to navigate to our staking hub:
Select the DeFi+L / ETH pool, enter the amount of BPT you’d like to stake.
Sign the transaction and wait for confirmation.
Congratulations, you just staked DeFi+L.
Now you’ll earn passive income on your balanced DeFi investment!
You’re DOUGH will start rolling in and your multiplier will begin racking up.
One final thing to remember, claiming your DOUGH will cause your multiplier reset!
Thanks for reading this guide and we hope it helped.
If you’d like to learn more about what’s happening at the largest DAO built on Aragon come and join our discord.
We have some exciting new developments coming very soon.
The PieDAO is a decentralized organization dedicated to bringing market accessibility and economic empowerment to anyone with an internet connection through Pie Protocol. Anybody in the public community may support these efforts by completing bounties, making feature requests, or proposing new Pies. DOUGH token holders are the DAO’s decision-makers, governing which proposals are accepted.