Staking Guide: Farm $TRUST on Prism Network
PancakeSwap is a trustless decentralized exchange for BSC (tokens) which allows third-party individuals to set up their own LP and contribute to it. This means you can easily trade any BSC tokens for BNB or any other BSC token. Users of the DEX basically are trading against the LP. Anybody can swap tokens at any point in time. Since you are swapping directly from your own Metamask/BSC wallet, your funds are always in your own control, as opposed to centralized exchanges in which the exchange controls your funds.
The fees per swap are 0.3% of the total swapping volume. LP providers share the fees which are accumulated during every swap through PancakeSwap, based on the proportion you have contributed to the LP. e.g. if you contributed 10% of the total LP, you shall receive 10% of the total fees. These fees are automatically contributed to the LP, so your total personal LP contribution keeps on increasing according to accumulated fees.
LP on PancakeSwap?
LP stands for Liquidity Provider. Basically, you are adding liquidity in the token pair, in this case, bPRISM/BNB, and receiving fees for doing so like mentioned above. For somebody to contribute to the LP, one would require an equal amount in BNB or $USD value for both tokens. For example, if you want to contribute $100 to bPRISM/BNB LP, you need $50 in bPRISM and $50 in BNB. When you add liquidity, you will receive LP tokens from this pair.
To add Liquidity click on this link. You will be directed to the PancakeSwap bPRISM/BNB Pair page. Once there, click +Add Liquidity.
Click on “Liquidity” tab, and enter desired amount of Liquidity you wish to add
Once the window opens you will see this tab. Input the amount of $bPRISM you would like to add to the liquidity pair or amount in BNB. Either way, the PancakeSwap App will calculate the amount needed for the other token.
Remember you need to have enough BNB to bPRISM ratio to be able to add to the Liquidity Pool, and BNB for all transactions (to pay for gas fees).
Once you have selected the amount you need to Approve (if you haven’t previously approved $bPRISM transactions on PancakeSwap). If you have previously Approved then just click Supply, then a window will pop up showing amount of tokens recieved, click Confirm Supply and Approve the transaction.
Once the transaction has gone through (You can check on the BSCscan link that pops up), you can now use those tokens to farm extra $TRUST.
Remember that your bPRISM/BNB balance that you put in liquidity are “wrapped” inside these LP tokens! So please don’t send these tokens to anyone!
Copy the LP contract address into metamask as follows, you can edit the name of token to make it easy to find.
Your newly minted LP tokens will show up in your metamask wallet like UNI-V2 / CAKE LP tokens (Example shows 0f balance).
Using your LP tokens to Farm $TRUST
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 BSC pools. Here you will see all the pools available to farm $TRUST tokens. This guide explains how to create and stake bPRISM/BNB pair, but you can create any of the pairs as seen below on the screenshot under POOL to farm $TRUST.
STEP 3: Click on bPRISM/BNB and a window will pop up, confirm the transaction by clicking “GET ALLOWANCE”, and you will come to the tab where you can deposit your LP tokens
STEP 4: Choose the amount of LP 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 $TRUST you will farm.
STEP 5: Once the amount has been selected, click “DEPOSIT”,
STEP 6: Approve transaction, and when the transaction goes through you will have successfully staked your LP tokens and started to earn $TRUST tokens.
You can claim your rewards once you start earning them. It is usually recommended to claim a decent amount to counter cost the gas fees for claiming. You can withdraw your LP tokens at any time, just remember that there is a 1.5% unstaking fee.
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, in this case, it would be boost with BNB. 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.
There will be five initial pools on the Prism Network Platform running for a total duration of 12 weeks.
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 Sunday 16th May.
1. bPRISM/BNB -> 35,000 TRUST
- Duration – 70 days
2. bPRISM/TRUST -> 50,000 TRUST
- Duration – 90 days
3. BNB/TRUST -> 65,000 TRUST
- Duration – 90 days
4. BUSD/TRUST -> 25,000 TRUST
- Duration – 60 days
5. CAKE/TRUST -> 25,000 TRUST
- Duration – 60 days
What are Pools?
Pools, also referred to as Liquidity Pools, 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, DEF/PRISM, DSCVR/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
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.
TEST/BNB -> 3000 TEST (Duration 30 Days)
In this Pool, users would input TEST/BNB LP 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 TEST/BNB, they would be farming 100% of these yields. If UserB joins with 1 TEST/BNB 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 TEST/BNB, they would own 4/6 TEST/BNB 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 TEST/BNB in the Pool (~16.66%).
UserB has 1 TEST/BNB in the Pool (~16.66%).
UserC has 4 TEST/BNB in the Pool (~66.66%).
UserB activates a 50% boost. This increases their weighted stake to 1.5 TEST/BNB, 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.
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
- purchase boosts for individual pools (CAKE, BNB, PRISM, BUSD)
Things to note:
- Boosts are stackable up to 250%
- bPRISM spent as boosts will be burned from supply forever.
About Prism Network
Prism Network is a Universal DeFi servicing hub with its own bridging and cross-chain infrastructure that provides services for projects on Ethereum, Binance Smart Chain, Polygon, TomoChain & xDAI via its cross chain token PRISM.
Prism Network gives developers and projects the tools, resources and infrastructure to integrate with any of these networks seamlessly.