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How to stake WOO to earn yields

1. Stake WOO

First, connect your wallet with WOOFi, and if this is the first time you use WOOFi Stake, you would need to approve the staking contract to spend your WOO token by signing the approval transaction in your wallet.
Input the amount of WOO you want to stake or press "Max", and click "STAKE", your wallet will prompt for your signature. Once you sign the transaction, your WOO token will be deposited into the staking contract and you will receive xWOO token as the LP token to represent your shares in the staking pool. The number of xWOO token you receive is based on the ratio of xWOO to WOO.
Once your transaction is confirmed on the blockchain, you will see your xWOO balance, the number of underlying staked WOO as well as the WOO earned during the time of staking.
Before staking, please be aware:
  • after the token is staked, there is a 7-day unstaking period before you can withdraw WOO token without penalty
  • the amount of xWOO you receive depends on the ratio of xWOO to WOO

2. Unstake

When you would like to unstake, make sure you have the xWOO in your wallet and click "UNSTAKE". Your wallet will prompt for your signature and once the transaction is confirmed the 7-day staking period will start counting and your xWOO token will be burned.
During the unstaking period, you can see how much time is left before you can withdraw the WOO token without penalty.
When you have a request under the unstaking period, activating a new request will RESET your unstaking period to 7 days. However, staking more WOO tokens will NOT affect your existing unstaking period.

3. Instant Withdraw

If you don't want to wait for the unstaking period and would like to get the WOO instantly, click "Withdraw Now" and sign the transaction in your wallet. Then the WOO token including the rewards after the 5% penalty will be sent to your wallet instantly. The penalty is rewarded to the current stakers in the pool.

4. Withdraw After the Unstaking Period

When the unstaking period ends, you will see the notice that you now can withdraw the WOO token. Just click "Withdraw Now" and sign the transaction in your wallet, the unstaked WOO token will be sent to your address.