$ICONS Staking: All you need to know
$ICONS staking is now active! Read on for all you need to know 🔥
We’re still buzzing from our record-smashing IDO — thank you again to everyone who participated in this historic event! If you weren’t lucky enough to get in during the sale, don’t stress — $ICONS is already trading on several centralized and decentralized exchanges.
So now that you’ve got $ICONS, what next?
Instead of letting the tokens gather dust, put them to work! We’re officially launching our first round of staking incentives: read on to learn more!
Liquidity Providers: in a nutshell
Liquidity Providers (LPs) play an essential role in ensuring a healthy token economy. They provide their chosen tokens and a paired token to Liquidity Pools on decentralized exchanges (DEXs). In doing this they ensure that there are always enough tokens to trade and also minimize price slippage.
Generally, providing liquidity means staking a token (like $ICONS) and a trading pair (like $BUSD or $USDT). The ratio is almost always 1:1 — when you provide 1 $BUSD, you also need to provide $1 worth of $ICONS. Once you provide this liquidity, the paired tokens are removed from your wallet and replaced with LP tokens which represent your contribution to the liquidity pool. If you want to get your liquidity out of the pool, you first need to return these tokens.
Providing liquidity has risks, but there are also several benefits. For one, LPs receive the transaction fees taken by the exchange when trades are made. The more liquidity you provide, the more rewards you receive proportional to your share of the pool.
From here, LPs can stake their LP tokens to earn yield on them. This is how many protocols (including SportsIcon) reward liquidity providers for their important service. In these situations, LP tokens are staked and rewards are earned during the staking period.
BSC Staking with $ICONS
📖 Pair: BUSD/ICONS
📖 Chain: BSC
📖 BSC contract: 0xe896aA5E01eF58789F2f17F740AF5dF33D45f311
📖 Staking pool: https://tokensfarm.com/$icons/lp/1
LPs on BSC now have access to staking through TokensFarm. There is currently one pool active, although there are plans to activate more in the near future. In this section, we’ll look at how you can provide your $ICONS as liquidity, and how you can stake your LP tokens for even more rewards.
To add liquidity, first navigate to the PancakeSwap BUSD/ICONS pool:
Always double-check the contract address! We have them in our Telegram group if you ever need help.
Next, add liquidity! You’ll need both BUSD and $ICONS in a 1:1 ratio — to make things easy, PancakeSwap calculates it for you. For example, if you have $1000 worth of $ICONS, you’ll need to stake that as well as $1000 worth of BUSD.
Before you stake you’ll get an idea of your share of the pool. The larger your share, the more rewards you receive proportionally.
Once you’ve entered the liquidity you want to provide, hit ‘Confirm’. You’ll then be asked to approve the transaction through your wallet which will require a small amount of BNB to pay gas.
Once your transaction is approved and everything looks good, hit ‘Supply’ and confirm the transaction. The $ICONS and BUSD will be taken from your wallet and replaced with an equivalent amount of LP tokens. Congratulations! You’re now a liquidity provider 💪
Staking on TokensFarm
Once you have your LP tokens, head to the $ICONS pool on TokensFarm:
$ICONS | FARM
Farm $ICONS Tokens by depositing your PancakeSwap $ICONS-BUSD Liquidity Pool tokens into the $ICONS-farming smart…
Here you’ll be able to view stats from the pool, including the current APY, minimum staking periods and the pool duration. This pool is dynamic: the longer you stake, the more rewards you earn 🚀
On TokensFarm, simply enter the amount of LP tokens you want to stake (or deposit the max), confirm the transaction and you’re done! Your LP tokens are now accumulating rewards, and you can sleep happy knowing your $ICONS are working for you.
More pools to come
We’re always looking for ways to give back to your community, and staking rewards are just one of the many. We’re going to add more pools in the near future, including staking pools on other chains, so make sure you’re following all of our channels for the latest details.
Just like with anything in crypto, providing liquidity and staking has its risks. Make sure you’re across everything before you make any decisions. And always double-check the contract address before you swap or add liquidity!