SSGT Staking is Now Online

Learn About SSGT Staking Rewards And How To Begin Staking With YFDAI’s Governance Token

Dear Community,

As many of you know, SSGT plays an essential role in the YFDAI mission to create the most complete DeFi ecosystem in the industry. It was decided during our first governance vote earlier this year that the goal of making YFDAI completely decentralized and open would be achieved through SSGT. It is the key component to bottomless liquidity, governance voting and so much more. We are happy that so many of you have chosen to be SSGT holders, and to help contribute to the growth of the YFDAI ecosystem.

In this article, we are excited to share with you important details regarding SSGT staking.

You will find an in-depth summary on SSGT here, if you’re new to YFDAI or the community (or just need a refresher). Staking SSGT comes with a number of benefits, and we’d like to outline them here, as well as help you get started with staking SSGT.

SSGT Staking Process & Details

1. Go to the new YFDAI dashboard: dashboard.yfdai.finance

2. Connect your wallet that holds your SSGT tokens on MetaMask

  • Be sure to add the SSGT custom token address to your MetaMask wallet for Matic Network if you need to: 0x914034f0FF781c430Aa9594851cC95806fd19dc6
  • Other web3 wallets will be enabled in the future

3. Make sure that you are connected to the “Matic Network”

  • You may need to switch from Ethereum Network

4. Click “Staking” on the left side of the dashboard screen

  • You may want to increase the gas price to 10 GWEI or more if you receive a “out of gas” message

5. Stake your SSGT tokens

6. Return to the dashboard to harvest your SSGT token rewards at any time

Note: Here’s a guide on how to add Matic on the MetaMask wallet: https://docs.matic.network/docs/develop/metamask/config-matic/

Staking Rewards: Staking SSGT rewards earn a fixed 72% a year (APY)

These staking returns are sustainable for at least 18 months from our launch date on May 26, 2021 based on SSGT tokenomics at this time, and could go for significantly longer.

Fees: SSGT staking fees and staking lock schedule are the same as when staking YF-DAI.

Stake Entry Fee: 1.5% (used for SSGT buyback and burn)

Unstake Fee: 0.5% (used for SSGT buyback and burn)

Minimum Stake Lock: 72 hours

Voting: All SSGT stakers (and farmers when SSGT farming comes online) will receive NFTs for every 2500 SSGT staked or farmed. These NFTs will allow SSGT stakers / farmers to vote on YFDAI DAO proposals that will include critical business decisions that drive the direction of the project, including voting on:

- YFDAI LaunchPad projects
- New product/service features and functions for existing products
- New products and services offered by YFDAI

- And more!

More details to come on expanded DAO governance and how voting will be conducted exactly in another Medium article soon.

Picture Tutorial on How to Stake SSGT

2. Connect your wallet that holds your SSGT tokens on MetaMask

3. Make sure that you are connected to the “Matic Network” (Polygon)

4. Click “Staking” on the left side of the dashboard screen

5. Stake your SSGT tokens

Step #5a: Click “Stake +” button and enter the amount of SSGT you want to stake. If you have none, click “Buy SSGT” to purchase tokens quickly via QuickSwap, a native DEX to Matic/Polygon.

IMPORTANT NOTE: Don’t forget that a 1.5% staking fee is taken into account upon staking. So if you want to have 2,500 SSGT staked to be eligible to take part in YFDAI DAO voting, you want to stake at least 2,538.2 tokens (taking into account the 1.5% staking fee).

Step #5b: Allow the dashboard to stake (spend) your SSGT.

Step #5c: For an instant transaction, move up your gas price up at least 10 GWEI (15 GWEI recommended) which is equivalent to approximately $1 USD or so for the transaction fee.

6. Wait 30–60 seconds at most and your staked SSGT will populate! Enjoy earning SSGT rewards every few minutes and return to the dashboard to harvest your SSGT token rewards at any time.

If you have any questions about SSGT staking or any feedback you’d like to provide on how to improve the user experience and our dashboard, please tag an admin our own SSGT Official channel on Telegram here: https://t.me/ssgtofficial

More on SSGT farming and how voting will function with SSGT farming when it comes online in a subsequent article.

Much more in store for SSGT and YFDAI at large! Stay tuned for more important announcements this week.

YFDAI TEAM

Important Links:

YFDAI Farming — https://farm.yfdai.finance
YFDAI Staking — https://stake.yfdai.finance or https://dashboard.yfdai.finance/Dashboard
SSGT Staking — https://dashboard.yfdai.finance/Dashboard
Website — https://yfdai.finance
Main Telegram Community — https://t.me/yfdaifinance
Telegram Announcements — https://t.me/yfdai
SSGT Telegram Community — https://t.me/ssgtofficial
Discord — https://discord.gg/S3GRXRC
Bitcointalk — https://bitcointalk.org/index.php?topic=5295276.new#new
Reddit — https://www.reddit.com/r/YFDAI/

YFDAI is a community centric, innovative DeFi project developed by the people, for the people.