Talkado LP Staking App — A Definitive Guide
One of the key milestones achieved by Talkado Protocol in the last couple of days was the successful launch of Talkado LP Staking platform. This event took place on Tuesday the 12th of April 2021. In this article, we shall be explaining in simple terms, how users can easily make use of the platform to stake LP Tokens gotten from Pancakeswap.
STEP 1
Go to the official Talkado Staking Platform: https://www.talkado.app and click on “ADD LIQUIDITY.” It is important to note that the essence of the LP Staking is to Provide Liquidity via Pancakeswap and get rewarded in TALK.
When you click “ADD LIQUIDITY,” a new window will pop up redirecting you to the Pancakeswap website: https://www.pancakeswap.com
On the Pancakeswap website, you will see the ADD LIQUIDITY Page where option of Adding Liquidity is displayed. Click on “Select a currency,” and from the drop-down window, click on BNB and input the amount of BNB you wish to ADD as Liquidity.
When you input any amount of BNB, an equivalent amount of TALK will be displayed on the ADD Liquidity page.
Next, you click connect Wallet and ensure you connect your wallet to Pancakeswap. This is because the LP Token will be sent to the wallet you have connected to PCS.
Click Enable TALK and a new window will pop up displaying “Give Permission to access your TALK”? Click the CONFIRM button. Click SUPPLY and click CONFIRM SUPPLY. Finally, click CONFIRM on your wallet window that pops up.
STEP 2
After successfully adding Liquidity in STEP 1 and connecting your wallet, the next thing is to go back to the official Talkado LP Platform: https://www.talkado.app and connect your wallet.
Remember to connect the same wallet you connected to on PCS. Let us assume you connected your MetaMask wallet on PCS while adding Liquidity, what it means is that you must connect the same MetaMask wallet on the Talkado LP Platform.
As soon as you successfully connect your wallet to the Talkado LP Platform, Your Total balance of LP tokens will be automatically displayed on the Talkado LP Platform. It will display the amount of staking coins.
STEP 3
Enter the staking amount and select “LOCK” Period.
There are three options for LOCK PERIOD- 365 days (1 year), 180 days (6 months), and 90 days (3 months). Each of these LOCK PERIOD has its own Annual percentage rate (APR).
Those who stake for a maximum LOCK PERIOD of 365 days, they get rewarded with 150% APR. Those who stake for 180 days (6months) get rewarded with 100% APR, while those who stake for 90 days (3 months) get rewarded with70% APR.
Once you select the LOCK Period and click Stake, a new window pops up, which will display your wallet requesting confirmation of the transaction. Click Confirm. You will see under “Currently Staked,” The staked amount and the remaining time to unstake.
NB: Early withdrawal penalty is a 7-day LOCK plus loss of 25% of the rewards earned.
To learn more about the Talkado Project, please visit www.talkado.finance
