Tutorial EP IV: How to boost APR by locking $WOM
Previously we have touched on how to be a liquidity provider and stake stablecoins to earn $WOM.
What if we told you that this APR can be boosted up even further? That’s precisely what the boosting pool is all about! Find out more about what the boosting pool does and how it works.
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.
What is the boosting pool?
The boosting pool is where you can increase your yield from a standard APR to a boosted one. By locking your $WOM, you will receive veWOM (vote-escrowed WOM) in return. veWOM is like a virtual receipt you get for locking $WOM, and this receipt has the power to increase your yield by a large percentage!
Locking can span from 7 days to 4 years, depending on your preference. After the expiration of a position, you can redeem your $WOM anytime. However, once redeemed, respective veWOM is burned. i.e. your veWOM balance will continue to boost your rewards after lock expiration unless you redeem the underlying $WOM.
You may use the booster calculator on our platform to determine how much a certain amount of veWOM affects your APR. Tip: The more $WOM or, the longer you lock, the better the APR.
Preparatory Steps
We believe that at this point, you have already connected your wallet and staked your stablecoins. If not, please refer to our previous tutorial.
Prepare some extra BNB in your wallet for gas fees or any transactions like swapping, depositing, staking, or locking.
Add $WOM as a custom token
1. Open MetaMask and switch to the BNB Chain network.
2. Select “Import Tokens” and then “Import Custom Token.” Copy the BNB Chain contract and token information of $WOM as shown below:
Token contract address: 0xad6742a35fb341a9cc6ad674738dd8da98b94fb1
Token Symbol: WOM
Token Decimal: 18
3. Double-check that $WOM is detected and select “Add Custom Token.”
How to lock $WOM
1. If you do not have any $WOM to lock, you can get them from PancakeSwap. You may now transfer the purchased tokens to your wallet.
2. On Wombat’s app, head to the Boost menu.
3. Type in your preferred lock amount & lock period. You’ll be able to preview the veWOM earnings and the exact unlock date.
4. Click “approve” to give Wombat access to your $WOM tokens. Approve the transaction on MetaMask.
5. Click the “lock” button to confirm the transaction. Authenticate the action on Metamask to proceed. Please note that locking $WOM is irreversible. You can only claim back the tokens after the locking period. Consider your choice carefully.
6. Once the transaction has gone through, you will get your veWOM earnings instantly and start earning $WOM in the boosting pool every second. You may see your boosted APR in the menu of the pools where you have staked stablecoins to.
7. You’ll find all your lock history, veWOM, and WOM balance underneath the locking menu. Once it reaches the unlock date, an unlock button will appear in the countdown column, which you can click to receive all your locked $WOM back.
NOTE: Unlocking $WOM will return all veWOM you received from locking. veWOM is not transferable nor tradable.
Reminder: all images are mock-ups and for demonstration purposes only. Always check live prices and APRs on Wombat live site.
Not a fan of reading? Check out our video tutorial on how to boost APR by locking $WOM on Wombat:
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:
