In SparkDeFi, users are encouraged to participate in the SRK and SFUEL staking pools and earn SRK or SFUEL rewards. By participating, users can stake SRK tokens or SFUEL in the regular pool-based staking and collect SRK or SFUEL rewards regularly. There are also other pools where you can stake other tokens and earn corresponding token rewards.
Staking pools are safe. Pool-based staking is the simplest way to earn free tokens on SparkDeFi. You stake and you earn token rewards, simple as that. All the user needs to do is to stake a token. It is considered profitable as mining and trading cryptocurrency. The profit will depend on how long the user has been engaging in the staking pool. The more the user stake, the more massive profits a user can look forward to.
On another note, pools are being managed by DeFi operators and token projects to distribute their tokens to the mass and community. It’s a method that also increases the adoption of the token and increases its circulation in the blockchain network.
The concept is similar to how Liquidity Staking works except that you stake Liquidity Provider (LP) tokens or Spark-LP tokens on SparkDeFi to earn token rewards, which is not the case in pool-based staking. The process is also more streamlined than Liquidity Staking since you won’t have to provide liquidity on a pair of tokens in SparkSwap. You just have to stake even only one token to start earning, usually SRKb. Another similarity between the two is that pools in Pool-Based Staking also have varying contract periods, reward rates, and Annual Percentage Rate or APR.
The Process
As mentioned before, the process is simple. Here’s how:
- You choose a pool at https://app.srk.finance/#/pool. It depends on what token you have in your wallet. Most of the time, you’ll be staking SRKb or SFUEL. You just have to choose what token you want to earn as a reward.
- You click on the “Deposit” button on the pool you have chosen.
- You click “Stake Tokens”, then enter the amount of token you want to stake, you approve it when MetaMask prompt you, pay a little fee (it’s cheap, trust me).
- Once the number of tokens is approved, you click “Deposit” and you’re done! You watch your rewards grow on the pool’s page.
Here’s a complete walkthrough on how to participate:
Tutorial: How To Participate in Pool-Based Staking
There are methods too to maximize your way of earning on SparkDeFi. Like, you can claim the rewards you have earned from the pool and stake it in the supported pool or maybe even on Liquidity Staking or swap it with another token, choose another pool where you can earn other tokens aside from the ones you have initially earned. It is up to you!
Choose your Pool!
As of July 20, there are eight (8) active pools in Pool-Based Staking. Some of which are paired with SparkPoint’s native token on BSC, SRKb, or SparkDeFi’s governance token, SFUEL.
- Stake KGO and Earn SRKb Rewards, APR: 54.63 %
- Stake SRKb and Earn KGO Rewards, APR: 38.25 %
- Stake SRKb and Earn FiG Rewards, APR: 15.70 %
- Stake SRKb and Earn AIRx Rewards, APR: 24.59 %
- Stake BCP and Earn SFUEL Rewards, APR: 58.95 %
- Stake SRKb and Earn BCP Rewards, APR: 22.45 %
- Stake SFUEL and Earn SFUEL Rewards, APR: 23.58 %
- Stake SRKb and Earn SRKb Rewards, APR: 15.22 %
Like what have mentioned earlier, these tokens have various reward rates, annual percentage rates (APR), and timelines. Some of these pools have just started while the others have only a few weeks left before their contract expires.
The list will continue to grow in the coming months. There are projects already in the process of onboarding the platform and just awaiting finalization.
Conclusion
Pool-Based Staking is easy, the easiest among the ways of earning in SparkDeFi. Like in Liquidity Staking, the list of pools will continue to grow, helping our partners disseminate their tokens to the mass at the same time by rewarding the community.
On our next feature, we’ll be talking about SparkDeFi’s next dapp, SparkLaunch. SparkPoint’s Initial Decentralized Exchange Offering (IDO) platform is designed for transformative cryptocurrency projects to reach their full potential and mainstream adoption.