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(BSC) Tutorial - Staking vTokens / crTokens
Note 1: After staking the LP token, Venus and Cream will only receive deposit interest without distribution mining interest from BSC.
Note 2: vToken is the certificate of ownership that provides funding to Venus. Upon depositing the supported tokens in Venus protocol, the corresponding vToken will be automatically generated. If you want to redeem the original tokens, you can swap back on Venus platform.
Note 3: crToken is the certificate of ownership that provides funding to Cream. Upon depositing the supported tokens in Cream protocol, the corresponding crToken will be automatically generated. If you want to redeem the original tokens, you can swap back on Cream platform.
Announcement regarding vTokens and crTokens:
vTokens and crTokens are subject to liquidation on Venus or Cream when the collateral rate decreases below a pre-defined collateral rate. By transferring vTokens or crTokens, you will adjust your collateral rate on Venus or Cream.
Before staking vTokens and/or crTokens into the staking pools, make sure that you do not have any borrowings on Venus or Cream or are absolutely sure of your assets on Venus or Cream not being under the risk of liquidation when staking your vTokens and/or crTokens into the staking pools on Flux Protocol!
Step 1: Obtain vToken or crToken
(The document takes vToken as an example. The crToken is similar and will not be described in detail.)
1) Visit official website
- Enter Venus official website in the address bar of your browser:https://app.venus.io/ ( Cream official website: https://app.cream.finance/ )
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2) Connect to wallet
- Click the "Connect" button in the bottom left corner of the page, select MetaMask wallet to connect; Select an account of Ethereum wallet in the MetaMask, and click the "Next" button, then click the "Connect" button to confirm the connection;
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3) Supply tokens to have vToken
- After successfully connecting to the wallet, select Venus homepage and click "Dashboard" on the left, find the deposit token in "Supply Market" (take USDT as an example) and click on USDT;
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- On the USDT deposit interface, click the "Enable" button below to authorize the wallet access (Only required for the first operations of deposit/ withdraw, no further reconfirmation is required later)
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- Enter the USDT amount, click the "Supply" button below, and click "Confirm" to authorize in the pop-up Metamask wallet;
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- After supply is successful, you can view the deposit balance on the supply interface and obtain the corresponding vUSDT (vToken) as the Venus deposit deposit certificate;
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Step 2: Pledge the vToken/crToken to the corresponding mining pool on the Flux platform
1) Click the "Staking" button on the Flux official website to find the vToken/crToken mining pool (As the mining pool is not online yet, the figure below is may be changed), click the "Stake" button, enter the amount of mortgage and click another "Stake" button;
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2) Confirm the transaction in the MetaMask window to complete the staking;
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3) View the number of FLUX tokens mined
On the Flux official website, click the "Staking" button to find vToken/crToken mining pool, then click the "Unstake" button, you can see the amount of staked token and the amount of FLUX tokens that can be withdrawed from mining.
