DeFi — YFII Staking Tutorial
With the bull market calling the horn of advancing, the argument that the copy coins are much better than mainstreams no longer stands valid:
Projects that were not related to DeFi before have begun to relate to DeFi. This is just like in 2017, all projects were trying to be blockchain projects.
DeFi star projects can generate up to hundreds and thousands of times increase in return. Like Aave the hundred, YFI the thousand, these will attract the attention from high-risk capital and countless crypto investors.
It took 160 days for DeFi locking assets to reach 100 million U.S. dollars; 495 days from 100 million to 500 million U.S. dollars; 263 days from 500 million to 1 billion U.S. dollars; 146 days from 1 billion to 2 billion U.S. dollars; 2 billion to 3 billion took only 20 days.
Can you still look indifferently in front of such tremendous increase and speed? YFI has increased by 135 times in 12 days, and as the next DeFi liquidity staking, YFII pool is already coming.
No more wait! HyperPay has prepared a YFII staking tutorial for you, detailed and clear.
How to obtain YFII?
YFII belongs to the community. There is no pre-mining, no crowdfunding, and no founder rewards. It can only be obtained by providing stablecoin liquidity for YFII to stake. Integrating various DeFi platform staking incomes, YFII is used as a follow-up project income distribution, participating in community governance, to vote in YFII DAO.
All YFI has been staked out, and its price has exceeded $4000. At the moment, the price of YFII has broken through $1000 and it is one of DeFi’s hottest projects.
The following is a detailed demonstration for users to stake YFII through HyperPay on-chain wallet. There are three DAPPs included in the tutorial. You can operate YFII staking just in HyperPay App, which is very simple and convenient.
1.1inch (exchange DAI)
2.Banlancer Pools (add DAI liquidity to swap BPT)
3. YFII (stakeBPT to get YFII)
- Create or import an on-chain wallet in HyperPay. When creating the on-chain wallet, please be sure to save your mnemonic phrase and private key, do not leak them. Enter the ETH on-chain wallet page, and you can receive the ETH assets you need through the Receive function.
- Click “DApp”in the lower right corner and click “1inch.exchange” where you can exchange DAI, then click “CONNECT WALLET” to finish the connection of your wallet (exchange is an aggregation platform. It is highly recommended that compared with Uniswap, the price slippage and the handling fee are lower. This operation is to get DAI at first)
- After connect your wallet, click “Web3”, then fill in the amount of ETH for exchanging DAI. Pull down and click “SWAP NOW”button to finish the DAI exchange.
The next operation is the most important part, add DAI liquidity to swap BPT!
- (After successfullypurchasing DAI, you can check the balance of DAI in the on-chain wallet.) Back to the home page, click “DApp” and select “Banlancer Pools”.
Note: Click “Banlancer Pools” not “Balancer”
- Enter Balancer Pools, wait it automatically connecting to your on-chainwallet address
①. Click “98%DAI*2.00%” pointed by the arrow in the figure below
②. Then click “Add Liquidity”
- After the “Setup Proxy”window pops up, click “Setup”, and click “Confirm”
- Completing the above operations and entering the pool page, fill in the amount of DAI you need to use for swap, click MAX to choose the maximum value, check the box below, and click “Add Liquidity”. When the payment is completed. The DAI liquidity collateral is succeeded.
- Waiting for a period of time, you can enter your on-chain wallet to check the received BPT (Token address: 0x16cAC1403377978644e78769Daa49d8f6B6CF565).
- When the BPT is received, return to the home page, select DApp — YFII, connect to your wallet, click “MetaMask”, and click “Stake”to start.
- Enter the secondary page, choose “balancer”to click the “Open”,click “Stake Token”, fill in the BPT amount you want to stake and click “Stake”. Then you can refresh the page to see the stake status.
After completing all the above operations, close the DApp and back to the on-chain home page, add YFUU to the assets list through searching address (Token address: 0xa1d0E215a23d7030842FC67cE582a6aFa3CCaB83)
For the safety of assets, some users choose to store them in hardware wallets, and HyperPay has HyperMate hardware wallet and HyperKey offline wallet that can directly participate in YFII staking through offline signatures.
Please note: YFII project is in beta and the current YFII price is high, please evaluate your own risk before participating.