theEcosystem
Published in

theEcosystem

[Updated] SparkDeFi #AtAGlance: What is SparkPool Pool Staking?

And how to earn from these pools in SparkDeFi.

In SparkDeFi, users are encouraged to participate in the SRK and SFUEL staking pools and earn SRK or SFUEL rewards. By participating, users can stake SRK tokens or SFUEL in the regular pool-based staking and collect SRK or SFUEL rewards regularly. There are also other pools where you can stake other tokens and earn corresponding token rewards.

Staking pools are safe. Pool-based staking is the simplest way to earn free tokens on SparkDeFi. You stake and you earn token rewards, simple as that. All the user needs to do is to stake a token. It is considered profitable as mining and trading cryptocurrency. The profit will depend on how long the user has been engaging in the staking pool. The more the user stake, the more massive profits a user can look forward to.

On another note, pools are being managed by DeFi operators and token projects to distribute their tokens to the mass and community. It’s a method that also increases the adoption of the token and increases its circulation in the blockchain network.

The concept is similar to how Liquidity Staking works except that you stake Liquidity Provider (LP) tokens or Spark-LP tokens on SparkDeFi to earn token rewards, which is not the case in pool-based staking. The process is also more streamlined than Liquidity Staking since you won’t have to provide liquidity on a pair of tokens in SparkSwap. You just have to stake even only one token to start earning, usually SRKb. Another similarity between the two is that pools in Pool-Based Staking also have varying contract periods, reward rates, and Annual Percentage Rate or APR.

The Process [Updated]

As mentioned before, the process is simple. Here’s how:

  1. You choose a pool at https://stake.sparkswap.finance/#/pools (new UI) or https://app.srk.finance/#/pool (old UI). It depends on what token you have in your wallet. Most of the time, you’ll be staking SRKb or SFUEL. You just have to choose what token you want to earn as a reward.
  2. Connect your MetaMask Wallet and wait for the page to load. A short string preview of your wallet will appear on the top-right corner of the interface.
  3. You click on the “Deposit” (old UI) or “Stake” (new UI) button on the pool you have chosen.
  4. You click “Stake Tokens”, then enter the amount of token you want to stake, you approve it when MetaMask prompt you, pay a little fee (it’s cheap, trust me).
  5. Once the number of tokens is approved, you click “Deposit” or “Stake” and you’re done! You watch your rewards grow on the pool’s page.
How To Participate in Pool-Based Staking

Here’s a complete walkthrough on how to participate:

Tutorial: How To Participate in Pool-Based Staking

There are methods too to maximize your way of earning on SparkDeFi. Like, you can claim the rewards you have earned from the pool and stake it in the supported pool or maybe even on Liquidity Staking or swap it with another token, choose another pool where you can earn other tokens aside from the ones you have initially earned. Up to you!

Like what have mentioned earlier, these tokens have various reward rates, annual percentage rates (APR), and timelines. Some of these pools have just started while the others have only a few weeks left before their contract expires.

Conclusion

Pool-Based Staking is easy, the easiest among the ways of earning in SparkDeFi. Like in Liquidity Staking, the list of pools will continue to grow, helping our partners disseminate their tokens to the mass at the same time by rewarding the community.

On our next feature, we’ll be talking about SparkDeFi’s next dapp, SparkLaunch. SparkPoint’s Initial Decentralized Exchange Offering (IDO) platform is designed for transformative cryptocurrency projects to reach their full potential and mainstream adoption.

Apply for a staking pool for your project! Fill up the form and let’s talk about business!

SparkDeFi Business and Partnership — SparkPool Application Form

Learn more about SparkPoint and SparkDeFi from the following links:

SparkPoint Website: https://sparkpoint.io/
SparkDeFi Website: https://srk.finance/

Trade SRK: https://srk.sh/trade
Trade SFUEL: https://srk.sh/tradesfuel
SRK-ETH on Uniswap: https://srk.sh/uniswap

Telegram Announcements (SparkPoint): https://t.me/sparkpoint
Telegram Announcements (SparkDeFi): https://t.me/SparkDeFiOfficial
SparkPoint Community on Telegram: https://t.me/SparkPointOfficial
SparkDeFi Community on Telegram: https://t.me/SparkDefi
SparkPoint Twitter:
https://twitter.com/sparkpointio
SparkPoint Facebook:
https://facebook.com/sparkpointio
SparkPoint Instagram: https://instagram.com/sparkpointio
SparkDeFi Twitter: https://twitter.com/SparkDeFi
SparkDeFi Facebook: https://www.facebook.com/SparkDeFi
SparkDeFi Instagram: https://www.instagram.com/sparkdefi/

LinkedIn: https://www.linkedin.com/company/sparkpointio
GitHub: https://github.com/sparkpointio
SRK on CMC: https://coinmarketcap.com/currencies/sparkpoint/
SFUEL on CMC: https://coinmarketcap.com/currencies/sparkpoint-fuel/

Be updated with the latest developments about SparkPoint. The project that aims to fast track mainstream adoption of blockchain and cryptocurrency through an ecosystem of practical products and services.

Recommended from Medium

Delegating Your Rowan Tokens on Sifchain

Binance Weekly Report (18th, Dec ~ 24th, Dec)

Why the SEC has remained elusive about their promise on clarity of Crypto

The art of trading cryptocurrencies: how to be a successful trader

MEXC Global Exchange Launches P2P Merchant Invitation

BNBStaker.io — Earn up to 20% Daily on your Staked BNB Tokens

The Top Bitcoin Price Prediction For 2021

TinyCoin ($TINC) is listed on Huobi Global

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Drei Bongalos

Drei Bongalos

Fueled with caffeine everyday. Tech-news enthusiast and fond of reading gadget reviews. Currently one of SRK’s Senior Marketing Specialists.

More from Medium

SparkPoint Updates #26: November 2021

Lets Talk CardanoCraft Beta, Block by Block

Pet Pools, Pet Farms & Pet Vaults Have Arrived!

Play Gachapon! Win an NFT with every go