Use Whale Loans to Stake Your Way to Greater Crypto Gains
Just one of the features you can use at Whale Loans to earn rewards — with an astounding recent APY of 21,000% — is staking. As a staker, you can lock in the protocol’s native Humpback tokens, or HUMP, in order to earn rebase rewards.
When you stake your HUMP, you receive an equal amount of sHUMP, which is a rebase token that specifically matches the value of HUMP 1:1. Keep in mind that the sHUMP token isn’t for trading but is only for holding and rebasing.
Your sHUMP balance is rebased automatically at the end of every epoch, or predetermined period of time between important protocol events. At the end of each epoch, staking rewards are distributed and you receive your share of them, proportional to the amount of HUMP you have currently staked.
A Short, Deep Dive into Rebasing
Here’s an example of how rebasing works. Assuming there’s 100k HUMP staked, then an outstanding sHUMP balance of 100k HUMP is available. If the protocol profits by 1k, the staked HUMP is sent to staking contracts and then there are 101k HUMP but only 100k sHUMP outstanding.
To match supply needs, the sHUMP will be increased by 1k, thus increasing, or rebasing, the supply of sHUMP by 1k and maintaining the amount of sHUMP needed for continued staking operations and resulting profit and rewards.
(Note: You can find a more comprehensive explanation of staking and bonding, which is another way you can earn big with Whale Loans, in the blog post published just before this one.)
Now let us take you through a short, step-by-step guide on how to stake at Whale Loans.
How to Stake in Four Simple Steps
Here are the only steps you need to follow in order to stake.
Visit the Whale Loans Staking Page
To access our staking page, go to https://whale.loans/stake.
Connect Your Wallet
By connecting your wallet, you’ll be able to stake HUMP and collect rewards from staking. You must use a wallet set up for the Binance Smart Chain network to engage in our platform’s features. Simply click on “Connect Wallet” as shown below.
Choose a Wallet Option
Whale.Loans works a little differently on mobile than desktop with the windows that come up when connecting to a wallet. Here are instructions for each.
Mobile
On the mobile version, you connect to Whale.Loans through WalletConnect. WalletConnect allows you to search and choose from an extremely wide variety of wallets, including MetaMask. As you can see below, you can connect through WalletConnect in two ways, either by doing it directly after choosing your preferred wallet, or by scanning the QR code with the WalletConnect — compatible wallets.
Desktop
From the desktop, you can choose to connect your MetaMask account directly through an in-browser app or go through a mobile device or desktop wallet with WalletConnect.
WalletConnect
If you choose to go with WalletConnect, you’ll be able to connect either by a QR code or by choosing a preferred wallet through your desktop. However, only a few apps are allowed while choosing a preferred wallet directly through your desktop, as can be seen below.
MetaMask
If you choose to connect with a MetaMask wallet, make sure to use or create a Binance Smart Chain (BSC) wallet since our protocol is based on it. Our website has strong safeguards against you accidentally trying to connect the wrong wallet because using the address of a different network in crypto transactions can easily result in lost funds. However, you should still be careful in making sure to choose a BSC Metamask wallet. If you accidentally hook up the wrong wallet, you can go through “Connected Settings” located in the network menu on the MetaMask app.
Stake
After connecting your wallet, as a first time staker, the platform needs final approval to use your HUMP for staking as you can see here.
Then you are allowed to put in a number for staking and then press ‘stake’.
A ‘pop-up’ UI shows you all details like total amount, max amount and gas fee regarding this particular staking action. Please review all details carefully and click ‘confirm’.
In the next step, you can see your earnings for the day along with the staked balance, next reward amount and next reward yield.
And that’s all there is to it besides sitting back and earning rewards!
How to Unstake
To unstake any amount of HUMP, you just need to select “Unstake” in the window on the staking section of the Whale Loans website, as shown below.
When you do so, your sHUMP is burned and sent back to the staking contracts, exchanging it for an equal amount of HUMP. Any remaining amount of staked HUMP will continue to earn rebase rewards.
Overall, through staking you not only earn rewards but also help the Whale Loans ecosystem strengthen its own liquidity, which facilitates market operations and soothes market instabilities.
In turn, we can make even bigger oceans of opportunity for you to sail like a whale right through, on your way to whale-sized gains.
