Pools on PLSX - Single Sided Staking For Passive Income

By Gen 0x Crypto | Gen0x | 25 Mar 2022


Yesterday, I covered staking/delegating PLS to validators. If you're in the loop, you remember that PulseChain is the upcoming full system state fork of Ethereum being launched by Richard Heart. Testnet has been out since approximately September 2021, and Testnet version 2b was just launched a few days ago. It includes what looks to be a completed PulseX, the premier DEX (decentralized exchange) that will be on PulseChain (much like Uniswap is on Ethereum). PulseX is deflationary and designed to include a buy-and-burn feature based on trade volume. Richard Heart has said that he believes it could go 10,000x in roughly 2 years. Given his first crypto's (hex.com) 10,000x price performance in under 2 years, you might want to take him seriously. 

Today, let’s get into how to earn passive income with PulseX, since passive income is the goal for many of us. You have 2 options with PLSX, farming (liquidity providing) and pools (single-sided staking). I’ll cover Pools, or single-sided PLSX staking, in this first article because it’s easier. But first…

If you haven’t added the PulseChain Testnet, I discussed how to add it here: https://www.publish0x.com/gen0x/pulsechain-testnet-v2b-is-up-heres-how-to-stake-pls-xelgvok

If you sacrificed for PulseX, you will need to add the contract to Metamask to see your tokens in Metamask. To do this, get the Contract Address directly from Richard Heart’s Twitter post here:

Go to Metamask and scroll down to the bottom of your Assets page. It will have a link to “Import Tokens.” Click on that. It will bring up this screen:

654752e8e2dc6b5530134b8843e9c48f5d8de386db5ec95d4ebc9b58e0ecf502.png

Cut/Paste the PulseX contract address, and it should automatically fill in the remaining fields. Then agree to import the token and it will show up in your account. If you sacrificed, you will see your PLSX balance in your Metamask. If you didn’t sacrifice, you can always go to PLSX and swap for some PLSX. If you don’t have either PLS or PLSX to work with, you can use the PLS faucet found on the Pulsechain.com website. This will give you PLS you can then swap into PLSX:

3b8cb7c04fa63c150352621e97e681b503f8d10f456fef93f1ca1da878834a0c.png

To swap for PLSX, go to:  https://app.v2b.testnet.pulsex.com/  

Once you have your PLSX, you’ll notice the “Trade” and “Earn” tabs on the upper left here:

b512c4dc6735485962a7c3d17f86f80f357d8f92ca0f80b202fe1da74bf10175.png

Under the “Earn” tab, you’ll see tabs labeled “Farms” and “Pools.” This article focuses on Pools. Farms will be in the next article.

Pools

Put very simply, you stake your PLSX and earn another token. Because PLSX is deflationary and no more will ever be minted, the system cannot pay you in PLSX. It can’t mint any new tokens. So you are rewarded in another token. On Testnet v.2b, the only pool is PRT, which appears to be a placeholder token to test the software.

I believe that there will be other pools made available on PLSX that will reward you with different tokens, although I do not know this for a fact. But given the way Testnet seems to be set up, it’s hard to believe this won’t happen. This seems to be a great way to encourage adoptions of tokens by up and coming projects – offer them as rewards to PLSX stakers.

You can only add up to 10M PLSX tokens to this PRT pool on Testnet. I do not know if this is a feature that will be carried into Mainnet or not. It could also be a parameter set by whoever is creating the pool. Similarly, there seems to be an end date for this PRT pool. This may also be a parameter set by whoever creates the pool. I don’t know for sure and haven’t been able to find any other information about it.

But for today’s article, as Benicio Del Toro said in Sicario, “You’re asking how a watch works. For now, let’s just focus on the time.” So let’s focus on how the PRT pool works on PLSX. Go to the “Pools” page and it will bring up this screen:

484774e6823ba20a1e8879546607978101c12e7645f1a072c194627cbeb7cd1d.png

Click on “Stake” and it will bring up this screen:

0303f84e1626a84335c0928a36899af5ea8923a775aa5d2d82d2764e8fe1c15c.png

Add between 1 and 10,000,00 PLSX, hit “Confirm,” and Metamask will pop up and ask you to confirm your transaction. Congratulations, you’re in the pool!

Once you have rewards, you’ll see the “Harvest” button turn green, and you can withdraw those amounts to your Metamask.

5f0474f73e6acdf515710e93ad2eb9772342dbae850bde54b1b2cf3ea1da3882.png

If you did not add PRT to Metamask, you won’t see the rewards you harvested. But simply click on the “Add to Metamask” on the lower left side of the PRT pool screen, and it will add it. You will then see your rewards.

To unstake, all you have to do is click on the minus-sign button just to the right of the Harvest box here:

e7363b2f0fd51dda4a5778b3876d01d51c5cf56e52f291334fcce4e2cd548186.png

If you hit that button, it brings up this screen:

b570cbda3ecc7f70f5732af04bb07ed76ac889f794edbb331cecd1dc261f24ee.png

Enter the amount you want to unstake and hit “Confirm.” Again, Metamask will pop up and you’ll have to confirm the transaction. Within seconds, you’ll see your unstaked PLSX return to your wallet.

NOTE: I tried unstaking before harvesting once to see if you could still harvest after you have unstaked. The Harvest button was unavailable. This seems to indicate that you MUST harvest before you unstake or you will lose your rewards. Again, I do not know if this will be carried through to Mainnet, but I do not plan on risking it. Harvest first, then unstake.

And that looks to be all there is to Pools on PLSX. Again, much respect to the Devs for making this easy for even crypto noobs to use. I can’t wait to see what pools become available on Mainnet.

Congrats to everyone who sacrificed for PLS and PLSX. I'm looking forward to the magic carpet ride! 

 

 

How do you rate this article?


2

0

Gen 0x Crypto
Gen 0x Crypto

A Gen X guy who just got into crypto at the end of 2020, and has been helping some of his Gen X friends understand what it is and how to navigate the landmines. Nothing I say is financial advice. "Not your keys, not your coins" - Richard Heart


Gen0x
Gen0x

A Gen X guy who just learned about crypto and its potential to change the world in late 2020. From then, I've been helping to explain it to friends and watching them get as excited about it as I am. I'd like to see everyone understand crypto's potential and make informed decisions about whether to invest in it or not. Nothing I say is financial advice.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.