This guide contains detailed steps on how you can stake your $AFEN token and earn rewards.
Firstly, if the term “Staking” comes off as strange to you, let’s help you demystify it. Staking in crypto is one of the many ways you can earn a token or rewards. It entails committing your tokens that you hold in a non-custodial wallet to a staking pool to earn rewards calculated in Annual percentage yield (APY -%). This is an alternative to holding your token or coin in your wallet. In this article, we will break down the process of staking $AFEN tokens.
Annual percentage yield: This represents the compounding period of an interest rate in one year. For $AFEN staking, the compound interest is set at a fixed 30% rate with room for expansion upon review.
There are many things to note when trying to stake any token, not just $AFEN. Some of these things are the amount to be earned during the staking period (APY %) and the minimum and maximum duration that makes up the staking period.
For the $AFEN token, the APY (%) on $AFEN/AFEN staking pool is 30%. What this means is you earn 30% on whatever amount of $AFEN staked.
The staking duration consists of a minimum period of 7days and a maximum of 1year to accrue the total percentage of 30% yield on your stake.
Click open your browser and go to https://afenmarketplace.com/staking
This action will take you directly to the staking page
In order to proceed with staking $AFEN token, kindly connect your wallet.
To do this, you should have either MetaMask or Trust wallet.
Click on connect wallet (In desktop version), while for mobile view, Click the toggle to the top right of your screen.
Then click connect. This will automatically present the wallet options; MetaMask and Trustwallet. Kindly choose any of the two to proceed with staking.
Choose between “MetaMask” and “wallet connect” (wallet connect allows you to connect directly to trust wallet)
Once the hash code (I.e: Ox691….) displays on the page, it means the wallet has connected.
Proceed to input the amount of $AFEN you intend to stake (make sure you have some $AFEN tokens in your wallet before connecting)
N/B: You can buy $AFEN via https://www.mexc.com/exchange/AFEN_USDT
Choose “Stake” in order to select the amount of $AFEN you want to commit to the staking pool.
Insert the amount of $AFEN you wish to stake in the first box. This automatically calculates your interest rate and profit. After which you click on “Stake”
Once clicked upon, You’ll have to confirm the transaction.
Once confirmed, kindly go back to the browser. Your $AFEN is staked and will automatically start calculating the APY% from that moment.
STAKING $AFEN FOR MULTIPLE REWARDS:
Staking AFEN tokens opens a door to a number of rewards. Unlike other staking platforms that allow you to stake tokens to earn in tokens, the AFEN staking platform gives you a chance to earn NFTs through staking $AFEN. Stakers will be eligible to receive NFT drops from collections on afenmarketplace.com who offer these rewards. Thereby creating an additional layer of value.
Stakers are eligible to earn 30% APY on their stakes.
More so, staking for a minimum period of 30 Days with a Minimum token 50,000 $AFEN and Maximum of. 1Million $AFEN will automatically qualify stakers for NFT rewards. The higher the amount staked, the higher the chance of getting multiple NFT drops from collections on AFEN marketplace. Also, we will be rewarding the top 250 stakers with exclusive NFT drops from partnerships with other ecosystems. These NFTs will be tradable on the marketplace.
Early stakers are also in the front row to receive random airdrops from partnering projects as rewards for staking early.
Follow and join AFEN community:
AFEN NFT marketplace: afenmarketplace.com
Twitter: twitter.com/afenblockchain AFROXNFT: twitter.com/AfroXNFT?s=09