How To Stake Your $IDLE on Bancor
We are pleased to announce that $IDLE is now live to trade and stake on the Bancor decentralised exchange.
Bancor is a decentralised exchange that allows Liquidity Providers (LPs) to stake single assets in a pool and earn trading fees. The BancorDAO community recently voted to whitelist the IDLE/BNT pool with a 200k BNT co-investment, allowing $IDLE holders to stake their $IDLE in the pool and earn trading fees in $IDLE with no risk of impermanent loss. Grow your $IDLE stack simply and safely.
Since Bancor launched its v2.1 in late 2020, Liquidity Providers have been able to provide single-sided. A key feature within the v2.1 release was impermanent loss insurance, which compensates liquidity providers for impermanent loss incurred on their staked liquidity.
TL;DR
- Bancor now supports $IDLE staking
- This allows $IDLE holders to increase their stake in the Idle governance by providing liquidity to the pool and earn more $IDLE
- Bancors v2.1 protects Liquidity Provider from impermanent loss
How does the impairment loss protection work?
The impairment loss protection starts linearly vesting immediately when the $IDLE is deposited into the pool and can be utilized after the 30-day cliff is reached. At 30 days, $IDLE Liquidity Providers will have 30% IL coverage, and the complete impermanent loss protection is activated once the $IDLE token is pooled for more than 100 days. If $IDLE is removed from the pool before 100 days, some impermanent loss could be incurred.
How to stake your $IDLE on Bancor
Staking your $IDLE on the Bancor exchange is straightforward; here are some steps to get you started:
- Visit the Bancor website select the ‘Earn’ button.
2. Navigate to the ‘Data’ option on the side menu.
3. Search for ‘Idle’ in the search bar.
4. Click the ‘+’ symbol to add liquidity.
5. Choose the token you want to stake. You can choose to stake either $BNT or $IDLE.
6. Input the amount you would like to stake and press ‘Stake and Protect’.
How to unstake your $IDLE on Bancor
- To unstake your $IDLE from the Bancor pool, click the arrow on the right of the ‘My Protected Positions’ section.
- Choose the percentage you would like to withdraw.
- Click ‘Continue and confirm the transaction in the Ethereum wallet.
- Your previously staked tokens should now appear in your wallet.
Final word
We are very excited to have another market for $IDLE to be traded as well as provide another way for $IDLE holders to earn more $IDLE. This is just one of many steps towards growing the Idle ecosystem, to find out more about what’s in store check out our community roadmap, and if you have a suggestion that could help grow Idle, join our forum.
Additional Information
Bancor v2.1 Staking for (DeFi) Dummies
