Stake GHST, Make FRENS!
Staking refers to the process of locking up your cryptocurrency in return for rewards. This is no different in the Aavegotchi project. The native token, GHST, can be staked in the Staking Contract to earn FRENS.
FRENS are a non-transferable balance within the Aavegotchi Staking Contract. FRENS cannot be purchased. They are meant to reward stakers for their contributions to the Aavegotchi project.
FRENS can be converted into Raffle Tickets or Drop Tickets:
Continue reading to learn how to stake GHST.
First, you need to get your hands on some GHST tokens to stake. Our GHST token page covers the various ways in which you can get yourself some.
How to Stake
Once you have some GHST tokens, they can be staked on the Staking page! Staking takes place on Polygon (formerly Matic Network).
There are six ways to stake:
Important: Staking on Mainnet has been discontinued! Please unstake and restake on Polygon.
Note: Pre-sale GHST tokens cannot be staked until they are unlocked.
Staking GHST tokens directly
Step 1: Transfer your GHST tokens from Ethereum Mainnet to Polygon, a layer 2 solution using the Bridge to Polygon Interface.
Step 2: Approve the contract to use your GHST tokens.
Step 3: Input the amount of GHST you would like to transfer to Polygon. Once your transaction has confirmed on Ethereum, it takes roughly 7-8 minutes for your balance to reflect on Polygon. Your balance will update automatically. Please be patient!
Step 4: Configure your Metamask wallet to include Polygon by following this Polygon Guide.
Step 5: Connect your Metamask to Polygon and go to the Polygon Staking Page on the Aavegotchi DApp.
Step 6: Approve the contract to use your GHST tokens on Polygon.
Step 7: Input the amount of GHST you would like to deposit. Presto! You are done!
For every 1 GHST staked in this way, you receive 1 FRENS / Day.
wapGHST stands for Wrapped Aave Polygon GHST. It provides the same FRENS rate as staking GHST directly, with the addition of lending the GHST token out for additional yield on the Aave platform.
Stakers do not need to visit Aave. You just need to approve your tokens and click on wrap GHST to wrap/unwrap your GHST into wapGHST.
Note: The APY accrued will not appear in your balance of wapGHST. Rather, it will accrue to your GHST balance during the unwrapping process (when you return to vanilla GHST.)
Step 1: Visit app.aavegotchi.com/stake-polygon
Step 2: Approve the contract to use your GHST tokens.
Step 3: Wrap your GHST into wapGHST.
Staking GHST-QUICK and GHST-USDC
Staking GHST-QUICK and GHST-USDC follows the same steps.
Step 1: Configure your Metamask wallet to include Polygon by following this Polygon Guide.
Step 3: Become a liquidity provider on either or both the GHST-QUICK and GHST-USDC pools on QuickSwap. You will receive LP tokens in return for your liquidity provision. For people who are interested in staking in the GHST-QUICK pool, you can get some QUICK token from QuickSwap. The most liquid pairs are currently QUICK-UNI, QUICK-WETH, QUICK-USDC, and GHST-QUICK.
Step 4: Take these LP tokens and stake them in the Aavegotchi Staking Interface to get stkGHST receipt tokens. For the GHST-QUICK and GHST-USDC pools, these stkGHST receipt tokens are named stkGHST-QUICK and stkGHST-USDC, respectively.
For every 1 GHST-QUICK LP token staked in this way, you receive 83 FRENS / Day (the team tries to keep the rate around 30-40% higher than just staking GHST alone. This rate is periodically adjusted up/down without warning to maintain the correct proportion).
For every 1 GHST-USDC LP token staked in this way, you receive 74 million FRENS / Day (10% more than just staking GHST).
Why is there a huge difference in the number of FRENS earned through LP staking compared to staking GHST tokens directly? Staking LP tokens have the risk of impermanent loss. You are compensated for the increased risk you take.
Why is the GHST-USDC pool yielding 74 million FRENS a day? An early depositor in the GHST-USDC pool on QuickSwap messed up the ratio between the assets. Hence, when depositors add to the pool, they receive tiny amounts of LP tokens, like 0.00006. See this tweet for the lulz.
Step 1: Go to quickswap.exchange and choose > Pools > Add Liquidity.
Step 2: Deposit GHST and ETH equally into the GHST-ETH liquidity pool.
Step 3: In return, you receive GHST-WETH LP tokens.
Step 4: Take those LP tokens and stake them at aavegotchi.com/stake-polygon
Step 5: In return, you earn FRENS points and you get stkGHST-WETH tokens
For every 1 GHST-ETH LP token staked in this way, you receive 12.08 million FRENS / Day (20% more than just staking GHST).
Step 1: Go to sushi.com and enter the app
Step 2: Add liquidity to the GHST-MATIC pool. In turn, you will receive GHST-MATIC LP Tokens
Step 3: Take the GHST-MATIC LP Tokens and deposit them at the Aavegotchi Staking Interface. You will receive stkGHST-MATIC receipt tokens after staking your LP tokens.
If you prefer something more visual, check out our Staking Cheatsheets!
- GHST Staking and GHST-QUICK/GHST-USDC Staking
Staking Returns Table
The table below summarizes the staking returns (in terms of FRENS) in percentage against the baseline of staking GHST directly.
Do note that the Pixelcraft team may update the FRENS amount from time to time to balance the system.
Staking Contract Addresses
The following table shows the various staking contract addresses on Polygon. The ghstStaking and stkGHSTQUICK contracts share the same contract address. Do check the contract address first before finalizing any transactions.
So you've got some FRENS now eh? Head over to the Tickets page to learn how to purchase tickets with FRENS and to participate in Raffles!