How to stake WOO on WOOFi
Instructions on how to stake your WOO with WOOFi
Last updated
Instructions on how to stake your WOO with WOOFi
Last updated
WOOFi shares 80% of its protocol net revenue with WOO stakers.
To begin accumulating rewards, you'll first need to move your WOO onto one of the following blockchains supported by WOOFi Stake:
Ethereum
Arbitrum
BNB Smart Chain
Optimism
Polygon PoS
Avalanche
There are multiple ways to move your WOO across chains, but we recommend swapping cross-chain with WOOFi as it is the fastest and easiest method.
Now head to WOOFi Stake, connect your wallet, and select from the drop-down menu the blockchain on which you hold the WOO tokens.
Enter the number of WOO tokens that you want to stake in the input field or just click the wallet icon to stake all of the WOO in your wallet. The stake button will light up - click it and approve the transaction.
Your total staked WOO will update shortly after the transaction completes. Congrats, you are now passively earning USDC rewards and XP. Your total rewards earned and the APRs at which you are earning USDC and XP are all displayed in a row.
You automatically earn XP at 30% APR. Each XP that you stake counts as one WOO token and will increase your daily share of WOOFi protocol net fees. You can stake XP manually via the compound button, or automatically by turning on auto-compound. Your total staked XP will appear next to your staked WOO balance.
Track the USDC rewards and MPs you've earned in the window on the right. You can claim these USDC rewards at any time by clicking the claim button or convert them into more staked WOO using the compound button.
To increase your share of WOOFi revenue, you can complete challenges that will boost the APR at which you earn XP to a maximum of 76.05%. These challenges include:
Swapping on WOOFi or trading perps on WOOFi Pro (1.3x)
Maintaining TVL in WOOFi Supercharger vaults (1.3x)
Enabling auto-compound (1.5x)
If you want WOOFi to automatically swap your USDC rewards into WOO and stake them every day, turn on auto-compound. Note: you won't be able to claim staking rewards while auto-compound is enabled.
The 7-day trading volume and TVL thresholds required to activate your MP boosts are dictated by your WOOFi staking tier. The more WOO you have staked, the more volume you'll need to swap, and the more assets you'll need to keep deposited.
You can unstake any amount of WOO at any time, but please note that you will lose an equal percentage of MPs. Click the unstake button, specify the amount you wish to unstake, and confirm the transaction in your wallet.
Still have WOO staked in v1? Follow the tutorial to migrate and continue earning rewards.
