Step-by-step Guide: How to Bond & Stake
Hello Miners!
We are proud to announce that Concave's Staking and Bonding function will soon be live on https://concave.lol.
The staking pools are designed to be better aligned with our long-term supporters, as we will soon release new products driven by $CNV in the form of NFTs.
How Does Liquid Staking Work?
When you stake your $CNV, you can choose to lock your tokens for 45, 90, 180, or 360 days (longer locks will yield greater rewards boosts).
Although your rewards will be locked for the selected time frame, it is important to note that an NFT representing your position will appear in your wallet. This NFT can be sold on our NFT marketplace, creating a liquid position out of what is currently in the market with illiquid, vested tokens and their rewards.
What Does Locking Your $CNV Provide?
When you lock your $CNV, you will receive an array of benefits such as dividends, anti-dilutive rewards, and a secondary NFT market where you can trade your NFTs with other users.
Users who lock their $CNV for a longer-term will receive a higher percentage of dividend rewards while experiencing less dilution. We want to reward users who have the most conviction in Concave.
How to use Smart Bonding/Liquid Staking
*Please ensure that you have sufficient $ETH to cover the gas fees for interacting with the smart contract.
Pre-Connect step: LOAD WALLET WITH DAI
- Swap some DAI for CNV
Access the Concave dApp via https://concave.lol, then click on the “Connect wallet” button that is located at the top-right corner of the website.
(Make sure that your wallet is connected to the Ethereum Mainnet. If Metamask is used, you will see a list of networks in the top right of your wallet.)
2. After successfully connecting, you should be able to see the dashboard with your wallet balance of CNV.
a) Smart Bonding for CNV
i) If you wish to use our smart bonding feature, select the token/LP which you would like to bond for the 5-day vesting period.
ii) To confirm, click on “Buy with 5 days vesting” to proceed.
(Gas fee will be involved for this interaction with smart contract)
b) Liquid Staking CNV
i) Select the vault (time frame) you wish to stake into.
Note that each staking period provides a different APY; however, the 360-day period has no dilution in your CNV share. Let us lock in 360 days,
ii) To confirm, click on “Stake CNV” to proceed.
(Gas fee will be involved for this interaction with smart contract)
iii) After successfully staking your CNV, you will receive an NFT representing your staked position.
(Below the dashboard is an illustration to show your position in the marketplace)
c) Adding Liquidity - Future Reference
1. Grab your tokens and head to the Pools page. (The Pools Page will show up when you hover over the Swap Page.)
2. Find the desired pool by using the page filters and/or typing in the Tokens you wish to deposit, eg 'CNV' or 'DAI'.
3. Once you have selected the correct Pool, you will see the Pool page.
4. Here, you can add Tokens and also Amend slippage if necessary.
5. Once you add in Tokens, you will have to Approve the transaction in your Metamask and Deposit the Tokens.
6. Done, you are now earning your share of Trading Fees generated by the Pool!
d) Removing Liquidity
1. Simply head to the Pool you wish to remove tokens from and hit ‘Remove.’ Now enter the required Tokens to remove, or use one of the preselected % buttons (The ratio of tokens needed will be automatically filled).
2. Once you have selected the amount to remove, you will need to Approve the transaction in order to remove the Tokens.
If you have reached this point, you have successfully been able to use both the Smart Bonding and Liquid Staking features! WAGMI!
For additional details on Concave's tokenomics, USPs, and future growth plans, please check out our socials here.
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