Beyond Staking Guide
Get started for Beyond DEX
Welcome to Beyond Staking, the Staking Beyond other Staking!
Here is a quick guide for you to follow so that you can stake your BYN and start earning rewards. This guide will walk you through the Beyond Staking steps, where users are able to stake in just a few clicks
Using this guide will help users to;
- Stake BYN on our platform
- Start Earning BYN with instant rewards (High APY %)
At a Glance
- Staking Program begins: Day of Mainnet launch, August 9th (Time to be announced)
- Staking Program Ends: One week before Mainnet Layer 2.0 launch, tentatively December 8th (locked)
- First Week Staking Bonus Rewards: Extra 35% APY?? (TBC)
- Staking Mode: Simple, stake BYN, earn BYN
- Estimated APY: Variable on amount of staked BYN & number of users
There is no limit to the number of BYN tokens that can be staked on our platform. Note that APY percentages are variable as there is a fixed number of BYN token rewards per block. The APY will evolve dynamically according to the number of tokens staked. More info coming soon! Additional Staking Programs will be released as we launch Mainnet in three phases.
Preparations
- You must have MetaMask Wallet installed to your browser.
- Chrome/Brave browsers are recommended.
- Please use a Desktop/Laptop for now while we are still working on mobile version and app version.
Now let’s begin!
1. Connect your wallet to Beyond Mainnet
Upon landing to our Beyond DEX, (www.beyondtrade.io) then click “Connect Wallet” to connect your MetaMask Wallet to the platform
- Note: Current Mainnet ONLY supports MetaMask
Choose your wallet and sign within 10 seconds
Now, your Beyond Wallet is created!
2. Connect Beyond Wallet
After reading the security verification, copy your BYN Wallet Key.
Please be sure to read the security information and click “I agree with all of the above”
- Save the Key and make a backup. Important!
- Once your key is copied, paste the key and proceed with “I understand.” Your Beyond wallet is now ready to use to connect to our platform.
Note: Beyond will not take any responsibility if the key is lost. Please ensure to store in a safe location.
3. Send BYN & ETH to your Beyond Wallet
You will need to move your BYN & ETH (gas fees) to your Beyond Wallet to start using our platform.
- On the top left side of the screen, you will see, “ There is currently no asset in your Beyond Wallet, please send ETH or BYN to your Beyond Wallet”.
Copy the Beyond Wallet address. You may now send your ETH or BYN to your Beyond Wallet.
You may now proceed to send Ethereum or BYN to the Beyond Wallet.
Assets will now appear as ETH or BYN.
4. Get BYN
To get or “buy” more BYN, you may do so with ETH on our platform. Simply click on Get BYN, input amount in ETH, confirm the transaction and the BYN instantly show up in your asset summary.
Note : This is of chain and the rollup progress is shown with a red blinking message on the top left. Rollup may take a moment, this will depend on network congestion.
Note: Minimum of 0.0003 ETH required for rollup fees
Step 5. Stake BYN
Go to “Stake” and then Click Invest to stake.
Enter amount to stake, check summary then click “Confirm”
Now your USDb is shown on the left. Staking is done!
Note: USDb is a synthetic asset in Beyond platform based on USD. It is used to trade synthetic assets in the platform. You can trade and make profit by trading synthetic assets or simply earn rewards.
Your current USDb amount represents your staked BYN, which therefore entitles you to instantly start earning rewards.
Step 6. Claim Rewards
All rewards can be seen by clicking “Go to Reward Section”
Claim rewards by clicking “Claim Rewards”
Note: Rewards are updated & distributed on a weekly basis, from Staking and Trading on the Beyond Platform. Breakdown of ‘YOUR WEEKLY REWARD” is also shown. Users will need to login to Beyond DEX and claim available rewards within 5 business days of distribution.
Weekly distribution details (day & time) will be announced on the day of mainnet launch.
Note: Users must have a C-Ratio of 300% or higher to be eligible for receiving rewards. If your C-Ratio falls below 300%, you will have no rewards to claim.
Unclaimed rewards will be automatically be injected back to the Reward Pool.Once the user claims the reward, the unlock date will be shown to the user.
Note: The earlier you unlock your reward, there will be a redemption fee of higher value. The longer you hold your rewards, the redemption fee is gradually decreased. Redemption fees are then distributed as an incentive to users of Beyond Platform, whom provide liquidity by staking.
Closing Remarks
This completes the step-by-step procedures for staking.
Additionally, check out our tutorial video!
If you have any further questions, please feel free to join our Discord Channel
About Beyond Finance
Beyond is a decentralized synthetic product trading platform where users can create and trade synthetic financial products, unlocking the full potential of decentralized finance and derivatives without limits. With prominent key partners including Huobi Ventures, and OKex Block Dream Fund, Beyond Finance allows users to trade decentralized products without any restrictions, allowing individuals to reach their fullest to fully realize the value of Decentralized Finance.
