Reef Finance has become the latest project, and the first project from the Polkadot ecosystem, to be listed on Binance Launchpool.
Reef is the first cross-chain DeFi Operating System. Reef’s AI and Machine Learning powered algorithms aggregate liquidity from different centralized and decentralized sources and present the most profitable DeFi investment opportunities to users.
Binance users can stake their $BNB, $DOT, and $BUSD tokens to farm $REEF over 30 days, starting from 23rd Dec 2020, at 0:00 AM (UTC). $REEF is the native token of Reef Finance, which enables holders to participate in the governance as well as in liquidity mining schemes in the Reef ecosystem.
We have prepared this simple step-by-step guide for Reef community members and Binance users who wish to participate in the Reef Binance Launchpool.
1. Log into your Binance account with your email ID, password and 2-FA details (if applicable).
2. Scroll to the top of the page, hover your mouse over the box pattern (next to the Binance logo), and click on Launchpad in the drop-down menu that appears.
3. You’ll see 3 different Reef liquidity pools available — BNB, DOT and BUSD. Select the corresponding option for the token which you want to stake (we’re using BNB as an example here) and click on Stake Now.
4. You’ll see the staking details for the BNB-REEF pool, including the total amount of BNB staked, the daily yield rewards, and the annual yield percentage.
You’ll also see the amount of BNB that you’ve staked, and the amount of BNB available for staking. Click on the Stake button to proceed.
5. If you don’t have any BNB, or want to stake more than what you hold currently, then you can click on Buy BNB to purchase more tokens to stake.
6. After clicking on the Stake button, a pop-up window appears. Enter the amount of BNB you want to stake, and click on the Stake button again.
You can just click on Max if you want to stake your entire available balance.
7. You can see the updated staking details now. The $REEF rewards that you’ve earned will also appear here once farming begins, and you’ll be able to claim your $REEF tokens by clicking on the Claim Rewards button (in grey here).
If you want to un-stake, then just click on Redeem and follow the steps similar to what you had done for staking.
And that’s it. Yes, farming Reef on Binance Launchpool is so easy.
If you want to stake DOT or BUSD instead, then select the corresponding pool and follow the same steps as for BNB staking.