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Staking MEAD-USDC LP Tokens
Depositing MEAD-USDC LP Tokens into a special pool will earn you MEAD as reward
Why is staking MEAD-USDC LP Tokens beneficial to you and The Tavern Protocol?
- Staking LP tokens means that you are depositing to the liquidity pool. A larger Liquidity pool means it is more resilient to sells meaning the sustainability of the project is vastly increased - something that is super important in node projects!
- It introduces another form of passive income on top of the nodes in the way of APR
1) Firstly you need to go to https://dapp.tavern.money/stake. Make sure you have USDC ready. Make sure you are on the 'Create' tab. Then you need to approve USDC using the button provided and the pop up on your hot wallet
2) Once the 'Approve USDC' button disappears, enter in the amount of USDC you want to stake and press 'Zap LP' Once this goes through you will own MEAD-USDC LP Tokens
3) Now you need to go to the 'Deposit' tab. Once here you must again hit the 'Approve' button, this brings up the hot wallet pop-up that approves the transfer of the LP Tokens.
4) Once the 'Approve' button disappears again you are ready to deposit your LP Tokens. Now you can either press 'MAX' to deposit all the LP Tokens you own or enter the amount in manually. Warning - The LP Tokens will be displayed with lots of decimals. This is not an error! Once the amount of Tokens you want to stake has been entered you are ready to go ahead and press the 'Deposit' button!!!
5) You have now staked MEAD-USDC LP Tokens!!! You can track your balance, Value of staked LP Tokens and your pending MEAD, where you can also claim your rewards whenever you want to do so.
If you wish to withdraw your staked LP tokens, first head to the "Withdraw" tab on the staking interface:
Once here, you can view information on the staking pool such as the APR, TVL, your staked LP tokens and their value etc.
You can choose how many LP tokens you wish to withdraw by entering this amount in the box below "Claim Rewards". To withdraw all of your staked LP Tokens, hit the "MAX" button, click "Withdraw" and then execute the transaction on Metamask.
Once this transaction is executed, wait a few seconds for it to confirm and you will have received your LP tokens back! You will be able to view your liquidity pool on TraderJoe for these tokens. Please refer to Step 4 - View your pool for more assistance on this.