In this article, you will learn how to stake your ALU-BNB LP tokens. As of now, Altura only provides an ALU-BNB LP pool but further pools will be released in the future such as single asset staking.
Providing Liquidity on Pancake Swap
To stake ALU-BNB LP tokens, you must first acquire ALU-BNB LP tokens by providing liquidity to the ALU-BNB liquidity pool on Pancake Swap.
To provide liquidity, you must have BNB and ALU in your wallet. You have to provide an equal USD ratio of BNB and ALU. So if you want to provide $1,000 worth of BNB, you must also have $1,000 worth of ALU.
You may withdraw your liquidity (BNB and ALU) at any time using your LP tokens.
- Head over to Pancake Swap https://exchange.pancakeswap.finance
- Connect your wallet
- Click on the liquidity tab at the top
4. Click on add liquidity
5. For the first input currency select BNB, and for the second input currency paste the ALU contract address 0x8263cd1601fe73c066bf49cc09841f35348e3be0 and select ALU.
6. Select the amount of ALU and BNB you want to provide.
7. Click on approve for ALU and then click on supply. Follow the instructions on Metamask.
Now you have provided liquidity to the ALU-BNB liquidity pool. You have also received ALU-BNB LP tokens which you can use to withdraw your ALU and BNB back at any time. The contract address for ALU-BNB LP tokens is 0x3c7e7122f4ddcfc5b5c31b5c735ce2ae3b015856
Staking Your LP Tokens
Now you may stake your ALU-BNB LP tokens to earn more ALU-BNB LP tokens, which can be exchanged for ALU and BNB at any time from Pancake Swap.
- Head over to https://staking.alturanft.com
- Connect your wallet
- Click on the ALU-BNB pool to expand it.
- Click on approve
- Select the amount of ALU-BNB tokens you want to stake or click deposit all
You are now staking your LP tokens! You will receive ALU-BNB tokens as rewards. You can also withdraw your stake and rewards at any time.
What are LP tokens: LP tokens are a receipt you receive when you provide liquidity to a pool. These tokens are required to withdraw your liquidity.
Is providing liquidity safe: As long as you do not lose your LP tokens, you will be able to withdraw your liquidity. Additionally, you may be subject to impermanent loss which you can learn more about here: https://academy.binance.com/en/articles/impermanent-loss-explained. Simply put impermanent loss is when the ratio of your liquidity is shifted, however, the value of your stake will be the same.
Are my LP tokens locked when I stake: No, you may withdraw your LP tokens at any time.
When do I receive my rewards: Your rewards will be compounded multiple times per day.