Tutorial EP III: How to stake and earn $WOM
With Wombat’s Full Launch, LP staking is soon available on this version of our platform. This article is the third part of the tutorial series, and it will show you how to stake and earn $WOM on Wombat Exchange. Ready? Let’s go!
P.S. Please note that the staking and boosting function is not live until our full launch on the 5th of Sep at 2AM UTC.
Preparatory steps: connect your wallet
If you haven’t already seen our previous tutorials, here’s a reiteration of how to connect your wallet:
To get started on Wombat Exchange, you will need a wallet that supports BNB Chain. Currently, you can connect MetaMask and WalletConnect. The navigation bar is on the top right corner of the page, where the “Connect Wallet” button is located. Once you click it, simply choose which wallet you want to use.
In case you haven’t connected to the BNB Chain before, go ahead and add the network through this link https://chainlist.defillama.com/. Find “Binance Smart Chain Mainnet” within the page and click “Connect Wallet.” Click “Add to MetaMask” and approve on MetaMask.
After connecting with your wallet, you’ll find a list of supported staking pools. Your dashboard shows all important details, such as your staked deposits, unclaimed $WOM rewards, and the current APR.
How to earn $WOM from the base pool?
To earn $WOM as a liquidity provider on Wombat, there are two staking methods in the base pool, and we’ll show you both! Note that both methods achieve the same result; there are just two ways of doing it on our platform.
Method 1: Ideal if you have not already provided liquidity to the pool
The steps in method 1 are as shown in our previous Tutorial II: How to be a Liquidity Provider on Wombat Exchange.
Follow all steps 1–3. When you reach step 4, choose “Deposit and Stake” instead.
Method 2: Ideal if you have previously deposited assets (but not staked)
- Click “Staking” from the pool you wish to stake in. To define what you see on the screen, median APR is the sum of Base APR and Median Boosted APR. Base APR is for the base pool earnings, while boosted APR is for the boosting pool earnings. Boosting is a topic for our next article, and for now, we’ll stick to the base pool first.
- Enter the amount you wish to stake. You’ll be able to preview your staked tokens, stakable tokens, and APR.
- Click “Approve” to give Wombat access to your LP tokens. Validate the transaction on MetaMask.
- Click the “Stake” button to confirm the transaction, then authenticate the action on the MetaMask extension.
- Once the transaction has gone through, you should be able to view your staked LP and reward amount on the pool page.
Not a fan of reading? Check out our video tutorial on how to swap stablecoins on Wombat:
How to collect $WOM rewards
- All your earned $WOM will be displayed under the “total claimable” portion on the pool page.
- Simply click the “Claim All” button to claim your $WOM.
Please note that a gas fee will be involved when you authorize the claim.
How to Unstake for LPs
- Click “Staking” from the pool you wish to unstake from.
- Enter the amount you wish to unstake. You’ll be able to preview your remaining staked tokens, and a reminder message will appear to say, “Unstaking all tokens will end the ability to generate any further yields.”
- Click “Unstake” to unstake your stablecoins and approve the transaction on the Metamask extension.
- If you wish to withdraw your liquidity, you may refer to the withdrawal steps in our previous Tutorial II: How to be a Liquidity Provider on Wombat Exchange.
Tips and Recommendations
🚨Beware of scammers! As with the nature of decentralized exchanges, Wombat team does not have any customer support account or page. You can submit your inquiries in our telegram group or discord channel. Our mods & admin will answer your questions publicly.
🚨We will never ask for your private data nor request transfers or funds. Never share your private key/seed phrases with anyone, and do not click on any links or download any files sent in direct messages to you.
🚨If anyone has DM’d you impersonating one of the Wombat Exchange team, please report to us immediately and expose the fraudsters.
About Wombat Exchange
Wombat Exchange is a multichain stableswap native on the BNB Chain, focused on re-engineering the stableswap experience with its innovative algorithm design as the next-generation stableswap 2.0.
Wombat’s vision is to fuel DeFi growth and push boundaries with greater capital efficiency, increased accessibility, and scalability, with the adoption in a multichain world. To learn more, visit wombat.exchange, or follow us on the social channels below:
