How to Enable Auto-Staking In DeFiHelper
Auto-staking is one of the most powerful features of DeFiHelper. Auto-staking significantly increases the profitability of staking, sometimes multifold, and it can be enabled in just a few clicks, but if you are a newcomer, this article will help you make sense of the function.
1. Stake Your Crypto
Protocols reward users for depositing liquidity. As a rule, liquidity providers stake two types of tokens in the same amount in dollar equivalent. In exchange, the protocol issues pool tokens or Liquidity Pool tokens. The user submits said LP tokens to the staking contract, which accrues rewards. The auto-staking feature increases the return on investment for staking contracts by regularly transferring the amount earned to the bulk of the deposit.
If you want to use the DeFiHelper auto-staking function, then start by staking funds to the protocol you are interested in. We will not go into detail at this step. If you need to use the auto-staking function, then you are already familiar with how to transfer funds to staking contracts.
2. Replenish Your Balance On DeFiHelper
When autostaking is activated, DeFiHelper will conduct transactions on the blockchain in your stead. Users must pay a network commission for every transaction carried out on a blockchain. Therefore, the first step is to replenish the balance in DeFiHelper using native blockchain tokens. The service takes a commission from the same balance equivalent to $1 at the time of transaction’s execution.
In our example, we are activating auto-staking in the Huckleberry protocol on the Moonriver blockchain. The native token is MOVR. The token must first be purchased on an exchange.
3. Activate Auto-Staking
To activate auto-staking, go to the Protocols section, find the required protocol, and then find the staking contract. Click on the TURN ON button next to the staking contract:
Next, an information window will pop up, providing a step by step description of the process.
You will then be prompted to deploy a custom contract that DeFiHelper will operate through.
The source code of the contract is open and audited by HashEx. Anyone willing can check which features are available to the contract owner and which ones are accessible to the service.
After successfully activating auto-staking, you should see the active script.
Next, you need to transfer the LP tokens to this contract. Click on the DEPOSIT or MIGRATE button if you are transferring tokens from an existing contract. A dialog box will appear and the service will offer to go through a process consisting of several stages.
When choosing DEPOSIT, the process consists of two stages.
When choosing MIGRATE, there will be three steps in the process.
That’s it. With the activation of the auto-staking function, the profitability of the contract will increase after the first restake has been made.
You can view the transaction history for your autostaking contracts in the Settings section.
If you encounter any errors or have difficulty in understanding any part of the instruction, please write to us in Telegram, Discord or via email hello@defihelper.io.
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