Sphynx Nile Pools (Staking)
Last updated
Last updated
Staking is a process that involves buying several tokens of cryptocurrency—in this instance, let's say $SPHYNX—and putting them aside while other transactions are happening. So all you'd do is deposit your tokens and earn from the interest.
There is no lock up period and you can withdraw your staked tokens at any time. This is akin to you putting money in your savings account and earning off of the interest.
Let's start by heading over to SphynxSwap (https://thesphynx.co). Once you're on the main page, you’ll find various tabs such as Trade, Farms, Pools, etc. — you want to click “Pools”.
Staking in pools is the easiest option and is recommended for beginners. This is because there exists impermanent loss (will be touched on in the farming section) in farms, whereas there’s no risk in doing so in pools.
Now that you’re dipping your feet in the Nile Pool, choose the pool you’re most comfortable with.
In this particular instance, we are going with the “Manual SPHYNX” pool.
As its name states, this pool does not automatically compound the staked $SPHYNX and simply allows you to collect it after a while and manually re-stake or sell it. Compounding the $SPHYNX to earn interest on your interest has to be done manually. Because of this, you will see Annual Percentage Rate (APR) being displayed next to the pool.
If this were to be an "Auto SPHYNX" pool where you don't have to compound your $SPHYNX manually as it automatically does it for you, what you'd see instead of APR will be Annual Percentage Yield (APY).
Once you connect your wallet, you’ll see the option for “Enable”.
Clicking “Enable” will trigger a prompt from MetaMask, requesting you to confirm the transaction. Please make sure you have enough gas fees in your wallet to complete the transaction.
Once the transaction is complete, you shall be met with another prompt, confirming that the transaction has successfully gone through. You will then see a notification underneath your connected wallet address, stating that the contract has been enabled and that you can start staking in the Sphynx pool.
We will now click on “Stake”.
You will then be prompted with a pop-up that will display your current balance of $SPHYNX. You will also see a slider that you can manually drag along or you can select by percentage the amount of tokens you wish to stake.
Click "Confirm" to proceed with depositing your tokens.
Congratulations — you have now staked with SphynxSwap!
Yes, you never have to fear leaving $SPHYNX staked. Feel free to deposit/withdraw your earnings or tokens at your leisure.
