This is the moment you have all been waiting for. We are thrilled to announce that Space SIP’s LP Staking Program is going LIVE this January 15th on the Space SIP website.
Through this program, we aim to boost the liquidity of Space SIP while also benefiting our users from the reduced slippage.
In this article, we will walk you through everything you need to know, from “What is LP Staking?” to the “Step-by-Step Guide”.
What is LP Staking?
In LP staking, liquidity providers add equal portions of both tokens to a pool. In return, they receive fees for all trading transactions that happen. In simple words — you “deposit” your tokens and receive Rewards on top of them. For Space SIP, liquidity can be provided in the SIP-BUSD pair.
Benefits of LP Staking
For Users
- Receive transaction fee for providing liquidity.
- Higher APR/APY compare to normal Staking.
- Reduce slippage.
For Space SIP
- Boost community engagement.
- Boost token activity.
Step-by-Step Guide for Space SIP LP Staking
Step 1: Add Liquidity on PancakeSwap
1. Go to Space SIP’s Staking page: https://sip.space/staking/
2. At the LP pool, click the “Add Liquidity” button. You will be directed to this page
https://pancakeswap.finance/add/0xe9e7CEA3DedcA5984780Bafc599bD69ADd087D56/0x9e5965d28E8D44CAE8F9b809396E0931F9Df71CA
3. Connect your wallet.
4. Import SIP token (If you have already done this, please skip to step 5)
- Click the “Select a currency” button
- Paste the SIP token address: 0x9e5965d28e8d44cae8f9b809396e0931f9df71ca
- Click the “Import” button
5. Enter the amount on one of the tokens under “Input”. The other should be calculated and filled automatically.
Before input the amount, please make sure that the pair you add liquidity is BUSD-SIP.
If one of the tokens does not have enough balance, you will see an error and the button will be greyed out. Please enter a lower amount to proceed.
6. If you are adding liquidity BUSD and SIP for the first time, you might need to click “Enable/ Approve” twice for each token in your pair. Your wallet will ask you to confirm the action.
7. If you have enabled the SIP/ BUSD successfully, the “Supply” button will light up. Click it to proceed.
8. Soon after, you will see your Cake-LP token balance at the bottom of the page.
Step 2: Start Staking
1. After adding liquidity successfully, next, please import the Cake LP token to your wallet.
Cake-LP contract address: 0xe948E8BC62eE35D06a015199954C6C2A99E157Af
2. Go back to Space SIP’s Staking page: https://sip.space/staking/
3. At the LP pool, click the “Deposit” button to stake.
4. Enter the amount of SIP-BUSD LP and press “Deposit”
The tax will be reset if you deposit more SIP-BUSD LP after 7 days from the last deposit.
5. Confirm the transaction on your connected wallet.
6. After processing, this message will appear, which means you have successfully staked SIP-BUSD LP in the LP Pool.
Notice: You can click “Harvest” to withdraw the earned $SIP. This will not unstake your staked SIP-BUSD LP.
And that’s it! You now know how to participate in Space SIP’s LP Staking Program in just a few simple steps. Let’s head over to the Space SIP Website and start staking now!!!!!
Stake here: https://sip.space/staking/
ABOUT Space SIP
Space SIP utilizes NFT technology to create an unparalleled gaming experience for users in which they can build space-ready battleships to pit against extraterrestrial foes in a new universe of interactive, intergalactic warfare. The game is developed by a team with 10+ years of experience in software development combined with 5 years of working on blockchain. We are proud to bring the best gaming product to the community!
