Reef launches LIT/REEF Staking Bond. Stake $LIT and Earn $REEF
We’re delighted to be engaging with Litentry once again to offer this latest staking bond as a continuation of our collaboration. Introducing: Reef Litentry Bond.
Through the LIT/REEF Staking Bond, users can lock up $LIT to farm $REEF on Reef Bonds. Reef Bonds is a DeFi initiative where users can stake their assets for a certain lock-up period and earn lucrative returns. The total reward amount allocated for this Bond is $20,000 worth $REEF. The Bond will go live on 17th March at 2:30 PM CET.
How to Farm $REEF?
We’ll notify the users upon deploying the Bond and offer 24 hours to deposit their assets. The program will last for two weeks, during which the users will have a track of their earnings in the app. Once the Bond expires, we will enable withdrawals of the tokens staked and farmed by the users.
Here are the steps:
- Bond deployment
- Users have 24 hours to deposit $LIT
- Lock up $LIT tokens for two weeks
- Bond Expires
- Withdrawals of tokens enabled
We will deploy Reef Bonds on Binance Smart Chain (BSC). Investors will enjoy cheap transaction fees (as low as 1 cent), high network throughput, and cross-chain DeFi support that enhances interoperability.
ONE WINNER TAKES IT ALL
NFT PolkaPet for our star performer!
We will randomly select a winner from all stakers to give a Litentry Polkapet, a limited edition NFT digital collectible card jointly issued by PolkaPets and Litentry. We’ll announce the winner after the Bond closes the deposit.
Guide to Farming REEF through LIT bonds
This is a step-by-step guide on the entire process of staking your $LIT for farming $REEF in this session.
Step 1: Visit our Dashboard on the following link: https://stake.reef.finance/
Step 2: Click on the “Connect” button to log in to the Reef Dashboard.
Once you click on the Connect button, you will be requested to accept our Terms & Conditions and Privacy Policy. Ensure that you have read it before clicking on the “Accept” button.
Step 3: You will be requested to connect the wallet of your choice. Note that currently, our Dashboard supports MetaMask, WalletConnect, Torus, and Wallet Link.
Step 4: After successful login, click on the option “Reef Bonds” on the left sidebar of your dashboard.
Step 5: Refer to the details about available bonds to invest in. Make sure you check the lock duration and click on the “Get Rewards” button. The bonds are available for a limited period so when the timer reaches 0 the bond will become unavailable for participation.
Step 6: After clicking on the “Get Rewards” option, type the number of LIT tokens you want to lock in, and then click on the “Buy the bond” button. Please make sure the wallet you are connected with has LIT tokens.
Step 7: You will need to first approve the contract to allow the spending of $LIT. The confirmation might take some time so wait until you receive another pop-up from your wallet to pay the gas fees.
Step 8: Click “Confirm” to pay the gas fees and confirm the investment in Reef Bonds to see your transaction. You can check the amount of LIT you have locked and the REEF tokens accrued as interest in the bond. Please note there are two transactions in total. One for allowing the staking and the other for approving it.
About Reef
Reef is the first cross-chain DeFi operating system built on Polkadot. With a seamless user interface, Reef offers its users a smart liquidity aggregator and yield engine that enables trading with access to liquidity from both CEXs and DEXs while offering smart lending, borrowing, staking, mining through an AI-driven personalized Reef Yield Engine.
