Hello DefiCliq Community Members,
The much-anticipated launch of DefiCliq Staking Platform is finally here.
While we have extensively explained the entire DefiCliq Staking platform mechanisms, staking packages as well as APYs in our previous article, it’s now quite imperative to understand How to stake your CLIQ tokens on the DefiCliq Staking Platform and earn rewards?
However, before understanding the actual staking process, let’s first get familiar with some crucial requirements that will ensure an adequate interaction with the DefiCliq Dapp.
In order to use a decentralized application, its quite imperative to install Metamask, which is one of the most renowned browser extensions that enable effective communication between users and the blockchain.
Therefore, first, complete the procedure of installing and setting up your metamask account.
Metamask Installation and Set-Up
In order to install the metamask browser extension on your favourite browser, go to https://metamask.io/.
Once you visit the page, you will be redirected to the home page.
Simple click on the Download or Download Now button.
Creating a new wallet will require your agreement on the terms and conditions provided by Metamask.
Once you have stored your seed phrase safely and click Next, your Metamask wallet will be all set and ready to store ether, tokens as well as interact with Dapps.
Interacting with DefiCliq Dapp
Now that you have completed setting up your Metamask account, its time to familiarize yourself with the Dapp and understand the staking procedure.
In order to initiate the staking, you first need to move to the DeFiCliq staking dapp which can be found here — https://www.deficliq.com/staking/
Once you visit the homepage of the dapp, you first need to connect it to your Metamask in order to interact with the dapp.
On the top left-hand side, you will find a CHOOSE PROVIDER button that will allow you to connect to your wallet.
You will notice a pop-up on the top of the dapp where you choose to either connect with the dapp through Metamask or Wallet Connect.
Since we are using Metamask for the sake of this example, let’s select Metamask and proceed further.
Once you click on Connect Metamask, you will witness a Metamask Notification pop-up on the dapp that lets you select the account you wish to connect with.
All you need to do is select your preferred account and click on Next.
This will initiate a final confirmation pop-up to check whether or not the account connected is the right one. Once you confirm and click on Connect, you will be connected to the application with the selected address.
In order to stake, the contract needs write to spend your CLIQ tokens. Make sure to always check if the approval transaction is finished before initiating another one… otherwise you might pay useless network fees
Starting the Staking Procedure
Now you are all set to begin the staking process with DefiCliq.
Truth be told, it’s an incredibly simplified as well as quick mechanism.
In order to stake your CLIQ tokens in the protocol, all you need to do is to select 2 imperative details:
- Stake Amount
- The Staking Package
The Staking Amount field takes into consideration the total amount of CLIQ tokens that you wish to stake.
Whereas, the Staking Package dropdown menu allows you to select the best staking package out of the following available packages:
- Silver Package :
- The Silver Package provides an APY of 23%
- Selecting a Silver Package will automatically set your staking period for 30 days
2. Gold Package :
- The Gold Package provides an APY of 32%
- This package includes a lock-up period of 60 days
3. Platinum Package :
- The Platinum Package provides an APY of 53%
- The full maturity period of the Platinum Package is 90 days.
For more information about the Staking Packages as well as a complete overview of the Staking Mechanism, Click Here
Once staked, your staked amount along with the other details like stake reward, interest etc will be available under the “My active Stakes” section.
The entire stake history of a particular address can be viewed under the “My Stake History” section.
This section includes details about the stakes made by a particular address including some of the crucial information like initial amount, unstaked value, id of a particular stake etc.
Withdrawal of Staked Tokens
It must be kept in mind that the withdrawal of your staked CLIQ tokens shall be possible once the lock-up period of the staking package, selected by you, has been over.
As soon as the lockup period is over, the staked can easily be withdrawn(unstaked) by choosing the Unstake option.
Now that you have got a better understanding of how to use the DefiCliq Staking platform, you are all set to interact with the protocol and earn higher interests.
Very truly yours,
The DefiCliq Team
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