How to stake or yield farm on Ink
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This guide explains how to stake your crypto assets or participate in yield farming on Ink using Kraken Wallet. You can earn rewards by depositing your tokens into liquidity pools, or staking them directly. Follow the steps below to get started with staking and yield farming on Ink.
Instructions
Staking is where you deposit an asset into a staking service to earn rewards. For these instructions, we will be using Dinero. You can find more staking services available on Ink here.
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Go to the staking services website: With the coin you’d like to stake in your Kraken Wallet, visit the staking providers website. In this case, we will be going to the Dinero platform to stake ETH.
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Connect your Kraken Wallet to the staking provider: Follow the guide located here to connect your Kraken Wallet to the provider of your choice. In this article's instructions, we will be using a mobile device, although you may also use a desktop computer.
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Stake your ETH: From the home page of Dinero, you can tap Stake now. This will take you to a page where you simply enter the amount of ETH you’d like to stake, and tap Deposit. Confirm the transaction in Kraken Wallet to complete the stake.
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Monitor your staking: Sometimes, staking providers provide you with a new coin that represents your staked balance. In Dinero’s case, the representation coin is iETH.
Yield farming involves providing liquidity to a trading pair. For example, if you’re holding ETH and USDT, you can provide liquidity to the ETH/USDT pairing on a DEX. Providing liquidity typically yields rewards. Yield farming comes with risks, such as impertinent loss and more. In this example, we will be using Velodrome, although you can find more platforms on Ink here.
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Go to the farming services website: With the coins you’d like to provide liquidity for in your Kraken Wallet, visit the farming providers website. In this case, we will be going to the Velodrome platform to provide liquidity for ETH/USDT0.
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Connect your Kraken Wallet to the farming provider: Follow the guide located here to connect your Kraken Wallet to the provider of your choice. In this article's instructions, we will be using a mobile device, although you may also use a desktop computer.
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Go to the Liquidity section: On Velodrome’s home page, scroll down until you see the Liquidity Providers section. Tap Deposit & stake to open the deposit.
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Coin selection: On the next page, select the two assets. In the video above, we selected ETH and USDT0 to provide liquidity for the ETH/USDT0 pool.
Next, you’ll need to enter the amount of each coin you’d like to deposit. The deposit must be a 50/50 split in relation to US Dollar value. So if you want to deposit 5 USDT0 ($5), you’ll also need to deposit $5 worth of ETH.
When you enter an amount for one coin, the other coin's amount will automatically be calculated to match the USD value.
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Deposit your assets: After filling out the amounts, you may need to approve 1-2 contracts to allow them to interact with your balances. Once all contract approvals are complete, you can tap the Deposit button to deposit your two assets into the liquidity pool.
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Monitor your deposit: When you deposit coins into a liquidity pool, you’ll be given a new coin that represents your deposit in the pool. It is important to keep this coin as you’ll need it when you wish to withdraw your coins. In most cases, the platform you use to deposit your coins will have a dashboard where you can see your deposits, claim rewards, and withdraw from pools. You can also use the dashboard to monitor balances and other metrics. (See impertinent loss)
Disclaimer:
The apps or services mentioned in this guide are not affiliated with or endorsed by Kraken or the Ink Foundation. Their inclusion is for informational purposes only. Kraken and Ink do not guarantee the security or functionality of any third-party services. Always do your own research and proceed at your own risk.
Instructions