We all know by now that the new Publish0x tipping token is Statera. What you might not know if what to do with your Statera once you get it in your little wallet. I have spent the better part of the past 2 weeks figure out what to do with my Statera and my FTM and I wanted to share with you what I do with my earnings.
What is difference between Fantom (FTM) and Statera (STA)?
First we need to do a super quick introduction into the Fantom blockchain before we dive into it's currencies.
On the Fantom blockchain there are a few different cryptocurrencies. The first one we are going to talk about is Fantom or FTM for short. The purpose of FTM is to secure the network by staking FTM also known as "Proof-of-Stake". Now that being said in order to stake your FTM you will need 3,175,000 FTM tokens to setup a validator node. You yourself do not need 3.1 million but the node itself does. The current APR for staking 13.91% so unless you have A LOT of FTM staking isn't really worth it in my opinion.
Fantom (FTM) can also be used as a payment token, the fees to send a money transfer cost around $0.0000001. So they say anyways. Where we will most likely be seeing FTM used for is to pay for gas fees. In personal experience gas fees on Fantom are around 0.01 FTM per transaction on average.
The last part Fantom (FTM) is used for is for governance. If you hold FTM you will be able to participate in the voting process on the blockchain.
Statera (STA) is a smart contract ecosystem. The Statera token can also be called wSTA which is the native token wrapped.
Now that we know what each token is and does let's get into how to earn passive income with them.
How to get Fantom?
Like always there are a few ways to get a cryptocurrency. You can buy them if you want. You can earn them. You can swap for them. I personally use the website called Unmineable. It let's you use your GPU's and CPU for mining and it offers a wide range of tokens that it will pay you out in. I choose FTM for now so that I can utilize the Fantom blockchain and all the staking it offers.
I do have a guide on how to use unmineable so I will not get into it here.
Publish0x did state it would send over a little FTM on your first STA withdrawal as well to cover some gas fees. However that won't last forever so if you are reading this in the future don't count on that option.
How to get Statera?
Again, there are multiple ways to get Statera. You can earn it from here Publish0x as a tipping token. You can swap your FTM for STA here: https://spookyswap.finance/swap
What Liquidity pools I use to earn passive income.
Liquidity Pools are what enable people to swap tokens. If you want to swap BTC to ETH well then there needs to be a pool with both resources in it. So that once you input your BTC there is ETH there in order to send that to you. These 'pools' are a vital part to any blockchain and the beauty of it is that if you provide Liquidity to them then you are going to earn a reward or more commonly referred to as a 'passive income'.
People love Liquidity Pools because if you have the funds you can basically stake your tokens into them and forget about them and they will earn rewards as people use those tokens and you become richer. I myself am only really starting to get into Liquidity pools but I have fallen in love with the set and forget process to earn rewards. You only ever need to come back to put more funds into it or to collect your rewards.
WrappedBanano + Fantom
I have 'wrapped' some of my Banano into wBAN and put it into a Liquidity pool. It isn't earning any rewards at this moment but will start to on April 2nd. I am not going to right a full guide because you can read Banano's here but I will give you an overview.
Step 1: Setup v2 of the wBan smart contract here: https://wrap.banano.cc/
Step 2: Send over some BAN
Step 3: Convert it to wrapped Banano (wBAN).
Step 4: Add your wBAN and your FTM into the Liquidity pool
Step 5: Wait to earn those sweet sweet rewards! You will earn wBAN as the reward so you will need to unwrap those to be used normally or you can double down and just put your earned wBAN back into the Liquidity pool to earn even more.
wSTA and BEETS
Step 1: You are going to need to get some STA. There are a few ways to do this.
Sub-Step 1a: Withdraw STA from Publish0x from your tips.
Sub-Step 1b: Convert FTM into STA
I use unmineable to mine for FTM, so I have extra FTM laying around that I want to convert to STA. Here is what I do for it.
I go to https://spookyswap.finance/swap and swap my FTM for STA.
And that is how I get some STA in my purse to continue to the next steps.
Step 2: Wrap your STA into wSTA (if you only have STA from Publish0x this is where you will most likely start)
To wrap your STA you need to go here: https://spookyswap.finance/swap and select STA and then choose wSTA as what you want to receive.
*I had to increase my slippage to 2% to get it to go through*
Step 3: I have chosen the pool "Fresh Statera Maxi Duet" over on Beethovenx (beets.fi) to stake my wSTA to. You can choose any pool you like but I am going to walk through this pool's steps.
Beethovenx (beets.fi) This is the exact pool as seen above.
Step 4: Connect your wallet with that cool green button in the image above.
Step 5: Click on "Invest" and it will bring up a new screen. I just select to use all my wSTA that I have and it will apply 80% to wSTA and 20% to BEETS as seen below.
You need to approve it a few times for various steps but just follow the prompts. I will take about a minute in total to go through this process.
Step 6: After you wait a few days or hours you can collect your BEETS as your reward for staking your wSTA. You just need to click on "Harvest".
You do need to be careful here because every transaction costs FTM to perform. So if you are constantly harvesting your earnings you are going to end up spending more on gas fees then you will from your earnings.
Step 7: If during the Investing process it does not automatically stake the BPT's then you will need to do so here. It's a simple process but once that may not always happen automatically so it is good to know how to do.
Step 8: BEETS will not be added to MetaMask by default so after you Harvest your rewards you might freak out because they are not showing up. Fear not because they are there they are just hidden. You need to add BEETS to MetaMask and it is very easy. Go back to SpookySwap and search for BEETS in the drop down list and you will see a purple circle next to it. Click on it and it will ask you if you want to add the token to MetaMask. Click yes and there you go!
Those are the ways that I use FTM and STA to earn passive income. There are plenty of others but this should get you started in your FTM blockchain journey!