Staking Guide: Farm EverApe ($EverApe) on Prism Network
There will be one initial pool on the Prism Network Platform running for a total duration of 28 days.
24 hour pre-staking will commence at same time as this article, to ensure a fair pool launch. Staking pool will begin emitting rewards on Saturday 3rd July.
WETH -> EverApe
Duration – 28 Days
How to convert ETH -> WETH
In order to stake for EverApe, you will need WETH token. Which is Wrapped ETH. Head to Uniswap and convert your ETH -> WETH at a 1:1 ratio by swapping ETH -> WETH directly
Once you have done this. If you haven’t already added EverApe 🍌 to your Metamask. Follow the steps below .
Copy the EverApe contract address 0x3f9078b8fbcb1c4e03b41fa9e5a0532a28848db7 into metamask as follows, you can edit the name of token to make it easy to find.
Your new tokens will show up in your metamask wallet (Example shows 0f balance).
What are Pools?
Pools, also referred to as Yield Farms, allow users to stake one token in order to earn rewards in another token. This process can be known as ‘farming’. The purpose of a Pool is often to encourage users to create LP Tokens (Liquidity Pool Tokens, i.e.PRISM/ETH, etc.). This improves liquidity for the trading pair, while also rewarding those who provide liquidity and giving them an extra benefit to offset any impermanent loss. But in this case, we are doing single Asset WETH -> EverApe 🍌 so risk of impermanent loss doesn’t apply.
Rewards yielded from staking in a pool are variable, changing based on a few factors:
- Your personal stake
- Collective stake
- Amount of rewards in the pool
- Duration of the pool
The amount of earned tokens is automatically calculated and allocated to each staker, who can then claim the tokens whenever they choose to.
Let’s run through an example Pool to demonstrate how they work.
WETH -> 3000 TEST (Duration 30 Days)
In this Pool, users would input WETH Tokens, and farm TEST tokens over a period of 30 days. This means that every day ~100 TEST tokens are distributed as rewards to stakers.
If this Pool launched, and only UserA input 1 WETH, they would be farming 100% of these yields. If UserB joins with 1 WETH as well, from then on both UserA and UserB will be splitting the yield 50/50 as they both own 50% of the total stake.
If UserC was to then join with 4 WETH, they would own 4/6 WETH in the Pool which is ~66.66% of the total stake. This means that each day they would be earning 66.66 TEST tokens.
What is Boosting?
Boosting is a means to increase your effective weighted stake in a Pool. This can be done via purchasing boosts or by simply minting $PRISM.
To demonstrate how this works, the example from above will be continued.
- UserA has 1 WETH in the Pool (~16.66%).
- UserB has 1 WETH in the Pool (~16.66%).
- UserC has 4 WETH in the Pool (~66.66%).
UserB activates a 50% boost. This increases their weighted stake to 1.5 WETH, meaning they now own ~23% of the Pool and will begin earning more immediately.
How to Boost
There are two ways to boost pools, firstly by minting PRISM to boost all your pools. Or spending tokens to boost individual pools.
1. Global Boost (Boosts Every pool you stake in)
Historically minted PRISM by locking DEF/ETH LP in the Prism Minting Contract.
When you mint PRISM, you become eligible for our Global Boost. Which boosts every single pool you stake in.
- 15 historically minted prism = 5% global boost
- 30 historically minted prism = 10% global boost
- 75 historically minted prism = 25% global boost
- 150 historically minted prism = 50% global boost
Global boosts boost every single pool you stake in, regardless of network.
By Minting PRISM on Ethereum you also get 0.25% of all PRISM volume from all chains PRISM is trading relevant to your total minted supply
2. Spendable Boosts
You can purchase boosts for each individual pool, to increase your yield % further. (WETH, USDT, PRISM, DEFLCT)
○ 5% – 0.025 WETH
○ 10% – 0.05 WETH
○ 20% – 0.075 WETH
○ 30% – 0.1 WETH
○ 40% – 0.125 WETH
○ 50% – 0.15 WETH
○ 5% – 50 USDT
○ 10% – 100 USDT
○ 20% – 150 USDT
○ 30% – 200 USDT
○ 40% – 250 USDT
○ 50% – 300 USDT
○ 5% – 2.2 PRISM
○ 10% – 4.4 PRISM
○ 20% – 6.6 PRISM
○ 30% – 8.8 PRISM
○ 40% – 11 PRISM
○ 50% – 13 PRISM
○ 5% – 18.75 DEF
○ 10% – 37.4 DEF
○ 20% – 56 DEF
○ 30% – 74 DEF
○ 40% – 92 DEF
○ 50% – 110 DEF
Things to note:
Boosts are stackable up to 250%
Boosts become cheaper every block until the pool ends as there would be less tokens in the pool to boost as time goes by.
PRISM spent as boosts will be burned from supply forever.
How to Stake & Farm $EverApe
STEP 1: Click on the link here and head over to the PrismNetwork dashboard. (Remember to connect MetaMask wallet to interact with the Dapp).
STEP 2: Left-hand side, scroll to Staking Pools and click on Ethereum pools. Here you will see all the pools available to farm $EverApe tokens. This guide explains how to create and stake WETH, but you can create any of the pools as seen below on the screenshot under POOL to farm $EverApe.
STEP 3: Click on WETH and a window will pop up, confirm the transaction by clicking “APPROVE”, and you will come to the tab where you can deposit your tokens.
STEP 4: Choose the amount of tokens you want to deposit in the “Enter amount or select % of balance to deposit” tab. You can slide the bar from 0 to 100% or enter in manually how many tokens you want to stake. The more you stake, the more $EverApe you will farm.
STEP 5: Once the amount has been selected, click “DEPOSIT”,
STEP 6: Approve and Confirm transaction, and when the transaction goes through you will have successfully staked your tokens and started to earn $EverApe tokens.
Step 7: You can also increase the % of your stake by boosting the pools. Simply spend one Of four boosts to multiply your yield. You can purchase Bonuses to boost your stake. To be able to boost, first, you will need to approve, pay for gas and then choose the level of boosting you would want for your Farming Pool.
About Prism Network
Prism Network is an industry-first Universal DeFi Servicing hub. As a platform Prism Network brings multi-network scalability, funding initiatives, and cross-chain redistribution of tokens, all under one platform via the Prism of Integrations.
Prism offers DeFi and Blockchain startups white-labeling solutions, providing a multi-network launchpad service to any EVM-compatible network while also allowing startups to create custom tailored smart-contracts with tokenomics functionality centered around liquidity provisioning, yield farming, and compounding interest-based lock-ups.
Here is a full overview of the current Prism Ecosystem
Prism Network gives developers and projects the tools, resources and infrastructure to integrate with any of these networks seamlessly.
This community driven project has risen from the ashes and quickly become a token with potential in the meme coin universe.
A first of a kind innovator in “BlackHole Tokenomics.” This coin is an ultra deflationary token. Over 70% of the total supply has been put into their “blackhole” dead wallet in just 2 weeks. Soon there will be so few coins left in circulation, all holders can potentially benefit from supply/demand metrics unforeseen just by just holding until the supply is down to 10%.