Floki has collaborated with DODO platform to deliver $FLOKI staking on BNB Chain and Ethereum, with nearly $2.5 million locked and counting.
Floki Introduces $FLOKI Staking
Floki has made it possible for its community to stake $FLOKI and earn rewards on the DODO exchange.
“The community response to the staking has been overwhelming. Around $2 million worth of tokens were staked in a little over 24 hours,” B, a core Floki team member, told BSC News. “There has also been serious excitement over this in our community, indicating a demand for good staking options.”
The memecoin platform made the staking announcement on Sept. 30 and provided details on its partnership with DODO, which is is a cross-chain Decentralized Finance (DeFi) protocol and Decentralized Exchange (DEX) protocol with Total Value Locked of around $100 million, most of that on BNB Chain and Ethereum
According to the recent development, you can stake your FLOKI tokens on both BNB Chain and Ethereum. Additionally, the Medium article from Sept. 30 states that the current staking pool is open for 30 days, and the pool APY and rewards are based on the number of FLOKI tokens staked and how many people are involved at any given time.
It is possible to claim your rewards or unstake your tokens at any time. The current staking pool will be closing on Oct. 30.
$FLOKI Staking Methods
Let’s see how you can stake your $FLOKI through DODO:
Head to the Floki Website
You will find multiple options on the Floki website’s top menu bar when you visit the website. Go ahead with the “Staking” option.
As soon as you click on Staking, you will see a page similar to this:
As you can see above, you can stake FLOKI on both BNB and Ethereum.
Make sure you have connected your wallet with the app before proceeding with any of the networks and have $FLOKI in your wallet to stake.
Stake $FLOKI on BNB Chain
Let’s go with BNB Chain. Following your selection of “Stake on BSC,” you will land on the DODO app staking page for $FLOKI, highlighting the Annual Percentage Return (APR). With more users participating in the staking pool, the APR tends to decrease.
At the time of publication, the APR was more than 20% on BNB Chain, with returns in $FLOKI. On Ethereum, the APR was more than 16%.
By clicking the ‘Stake’ button, you will be asked to enter the amount of $FLOKI you wish to stake.
Clicking on approve will prompt you to confirm the release of $FLOKI from your wallet.
You will receive a confirmation as soon as you approve the transaction:
As you can see below, you can also check out your staked assets by clicking on “My Staked”:
Over 130 billion $FLOKI have been staked on BNB Chain via DODO, which is worth just over $1 million at the time of writing. On Ethereum, more than 180 billion $FLOKI have been staked, worth more than $1.4 million.
You can also check out the YouTube video guide for $FLOKI staking from the Floki team:
However, according to some investors, putting capital in memecoins during a bear market might not be a good idea.
“Even assets with really good tech, really strong fundamentals, and really good networks and connections are getting absolutely killed in the market. So if they provide real value to the marketplace and they’re getting destroyed, what is a memecoin going to do?” an ace investor and close aide to BSC News said.
However, in line with other major memecoins that are placing an emphasis on providing real utility to token holders, the Floki team is working to develop and roll out the Valhalla metaverse, Flokifi Locker, FlokiPlaces NFT and Merchandise Store, Floki University crypto education platform, and now $FLOKI staking.
The Floki team confirmed that more staking options are soon to be introduced, and they are currently in active discussions with partners.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.