How to stake LP Token

ELFI-ETH LP staking and ELFI-DAI LP staking work in the same way, so this guide uses ELFI-DAI LP staking as an example. Also, the guide is explained by connecting to Rinkeby Testnet.

1. First, go to the ELYFI app page and connect your wallet.

2. Click the ‘LP Staking’ button on the top menu bar to go to the LP Staking page.

3. To stake LP Token, ELFI-ETH LP tokens or ELFI-DAI LP tokens must be in the connected wallet. If you supply liquidity to the ‘ELFI-ETH pool’ or ‘ELFI-DAI pool’ created in Uniswap V3, you can receive LP Tokens (NFT) for each pool. Here, we will explain the ELFI-DAI pool as an example. Click the ELFI-DAI ‘Get LP Token’ button to go to Uniswap.

4. Click Full Range and then click ‘I understand’. Then, as shown on the screen, ‘Min Price’ is changed to ‘0’ and ‘Max Price’ is changed to ‘∞’.

5. Enter the amount of tokens you want to supply in Deposit Amounts. If you enter the amount of tokens in one token input box, tokens equal to the dollar value are automatically entered in the other token input box.

*In order to provide liquidity to the ELFI-DAI pool, you must have ELFI tokens and DAI tokens in the connected wallet.

6. After completing the input, click the ‘Preview’ button and a pop-up window will appear.

7. After checking the contents of the pop-up window, click the Add button. This will activate the Metamask pop-up window.

8. Click the ‘OK’ button in the MetaMask pop-up window to send the transaction.

9. Return to the ELYFI app and click the ‘Stake’ button of ELFI-DAI LP Staking to activate the pop-up window.

10. In the staking pop-up window, select the tokens to be staked and click the ‘Stake’ button. Click the ‘Confirm’ button on the activated metamask to send the transaction.

11. When transaction processing is completed, you can check the staked tokens in ‘Staked LP’.