So you have bought some Voodoo Tokens and now you are looking for a way to do something with them? Staking your Voodoo Tokens helps keep the network safe and will let you earn some dividends. In this guide, you will learn how to stake your Voodoo Tokens to earn dividends. We assume you have already bought some Voodoo Tokens earlier. Don’t know how to do that? Please click here to read the buying guide.
Requirements:
The first thing you need to check
Staking Voodoo Tokens is only possible on a laptop or desktop with a MetaMask extension installed. It does not matter which internet browser you are on. It will work on Chrome, Firefox, Internet Explorer, etc. Haven’t downloaded the MetaMask extension yet? Click here to go to the official MetaMask page to download the extension for your browser.
Why the MetaMask extension is needed
The MetaMask extension is an extension that will be added to your browser, which you can use as a digital wallet to store crypto. MetaMask supports Voodoo Tokens, and adding them to your wallet is quick and really easy.
1/3 Adding Voodoo Tokens to Your Wallet
2. Once you have clicked on the extension, select MetaMask
3. Then select PulseChain as the network and enter your MetaMask password
4. Click on Import Tokens
5. Insert the Voodoo Token contract address under Contract Address 0x1c5f8e8E84AcC71650F7a627cfA5B24B80f44f00 (The rest will MetaMask fill in automatically.) And then click on the blue button ‘Next’
6. Now click on the blue ‘Import,’ button.
7. Congratulations you have successfully added Voodoo Tokens to your MetaMask wallet. You are now ready to stake them!
2/3 Staking Voodoo Tokens
Once you have successfully added Voodoo Tokens to your MetaMask wallet, you are ready to stake them on the staking platform and earn daily dividends based on the amount you have staked and the duration.
2. Click on the blue ‘Connect Wallet’ button and connect your wallet on the staking platform
You have successfully connected your wallet on the platform once it is displayed in the top right corner
3. After you have connected your wallet, you can choose a pool you like. The platform consists of a total of six pools: pools 1, 2, and 3 give the Magic reward token as staking rewards, while pools 4, 5, and 6 give the Poison reward token. Each pool has its own APY rate and staking duration; the longer you stake, the more you will earn. The minimum staking duration is 30 days and the maximum length is 120 days. In contrast to the Voodoo Bank, there is no minimum Voodoo Token amount needed to stake. You can already earn dividends by staking just 1 Voodoo Token.
I decided to go with Pool 3, so the first thing you need to do now is insert the amount of Voodoo Tokens you want to stake.
Know the amount of Voodoo Tokens you want to stake? Then click on ‘Approve’
A MetaMask popup will open. Click on the blue ‘Next’ button.
Click on ‘Approve’ and wait for the final confirmation message.
Your transaction is being verified on the PulseChain blockchain. Sometimes this can take up to 1 minute if the blockchain is very busy or if you have paid less than the recommended transaction fee by MetaMask.
Afterward, click on ‘View on Block Explorer’.
Now you are in the block explorer. Here you can find details about your transaction, such as the gas fees you paid and how long the confirmation took.
After you approve the transaction, there is one last thing to do: click on the blue ‘Stake’ button.
Click on the final blue ‘Confirm’ button to confirm the transaction.
Wait again until the transaction is confirmed by the PulseChain blockchain. Once it happens, you will see that you have successfully staked your Voodoo Tokens. To check this, open up your wallet by clicking on the MetaMask extension again. Once your wallet is open, the transaction you made during the staking process will be displayed here.
Another way to check is by clicking on the gray ‘Reward’ button.
Here you will find several things: the amount of Voodoo Tokens you have staked, a timer showing how long you need to wait until you can unstake, and information about the day your stake will end and when you can expect your well-earned rewards.
There is also an option to unstake earlier. Keep in mind, this gives a 20% penalty! You will only receive 80% of your staked Voodoo Tokens back
3/3 How to Unstake Your Voodoo Tokens Earlier
Of course, you might find yourself in a situation where you need to sell some assets for various reasons. The staking platform allows early unstaking; however, if you choose to unstake early, you will get a penalty of 20% for not keeping your promise with the smart contract. The Voodoo Tokens you lose will be burned, and you will not receive any interest accrued during the staking period.
For example, Person A staked 10,000 Voodoo Tokens in Pool 1 for 30 days. After 20 days, Person A decides to unstake their tokens. The interest accrued for the 20 days is now 100% lost.
However, if you still want to unstake, click on Reward, select your stake from the dropdown menu, and click on the blue unstake button.
After clicking on Unstake, you will receive one last warning and a message that shows the consequences of unstaking your Voodoo Tokens earlier than agreed.
A MetaMask popup will open; click on ‘Confirm’.
Open your MetaMask wallet to see if the transaction is confirmed. In my case, it already is. Click on Unstake Confirmed to see it in the block explorer.
Once the popup is opened, click on View on Block Explorer to check the transaction details in the PulseChain block explorer.
As shown, only 32,000 of the 40,000 tokens were returned after early unstaking. A 20% penalty is applied, so you receive only 80% of your staked tokens back. 8,000 Voodoo Tokens were burned during this transaction and have been sent to a burn address.
The final word
And that is how you stake and unstake your Voodoo Tokens. The guide may look like something big and complex at first, but once you have made a successful stake, you will notice that it is actually really easy to do. Feel free to share this guide with others so they will learn how to use the staking platform too.
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