WAX Tokenomics & DeFi is NOW LIVE! Here’s how to participate
WAX Tokenomics & DeFi is NOW LIVE! This tokenomic model marries the explosive growth of NFTs with the superior monetization capabilities of DeFi. It enables anyone who participates to earn rewards in the form of Ethereum Tokens (ETH) and WAXG Governance Tokens. You can learn much more about what the new model involves and why we launched it here.
Below is an overview of the steps that you need to take to participate. If you wish to read an in-depth technical user guide, click here. And if you have any questions or wish to join the community, you can join our Discord here.
Here’s how to participate in the new Tokenomics & DeFi model on WAX:
Before we begin, please note that since the WAX DeFi model leverages the Ethereum blockchain, you will need to have ETH in your wallet to pay for gas fees. Also, transactions on Ethereum can take a few minutes to process. You can increase the amount you pay in gas fees to speed up your transactions if you wish.
1. Visit wallet.wax.io and create an account or login
2. Install MetaMask on your browser
3. Navigate to the ETH Bridge section, click “login to MetaMask” and follow the MetaMask prompts in the popup
4. Enter the number of WAXP Tokens that you want to swap for WAXE Tokens, then click “Next”
5. Confirm the swap and approve the transaction. This process may take several minutes. You may navigate away and then claim your WAXE under the Claim section…
6. Claim your WAXE by clicking the orange “Claim Your WAXE” button or visiting the “Claim” tab at the top of the page
7. Confirm in the MetaMask popup (note: you will need to have enough ETH in your MetaMask wallet to pay for the gas fees).
8. You now have WAXE! Now you need to provide liquidity into the WAXE-ETH Liquidity Pool and stake the WAXE-ETH tokens that you will receive for doing so. Visit the DeFi section of the WCW and click “Deposit WAXE in Liquidity Pool” and a Uniswap modal will appear
9. Enter the amount of liquidity you wish to provide to the WAXE-ETH Liquidity Pool (the same dollar value of WAXE and ETH tokens is deposited into the WAXE-ETH Liquidity Pool) and click “Connect Wallet.”
10. Select the wallet you wish to connect and click “Approve WAXE”
11. Confirm the transaction in the MetaMask popup
12. Click the pink “Supply” button and “Confirm Supply”, then confirm the transaction in the MetaMask popup
13. Now you will have WAXE-ETH, which will show as Unstaked tokens in the “WAXE-ETH” section of the DeFi page. Click “Stake,” enter the amount you wish to stake, and follow the approval prompts in WCW and MetaMask.
That’s it! You will now see that your WAXE-ETH tokens have moved from “Unstaked” to “Stake.” You will now receive rewards in the form of ETH and WAXG at the conclusion of every four-week period (epoch). You can choose to unstake your WAXE-ETH at any time.
Let us know what you think by joining the WAX community:
Originally published at https://wax.io.