Oct 17, 2021
UMI Staking & NFT Farming Mainnet Launch~!
A step by step guide to navigating and interacting with the Umi Digital Dapp V1.0
Umi Digital has officially launched mainnet Staking and NFT farming for the first time, and welcomes all Umiites to start staking and earning those rewards. This guide will explain the following dapp interactions:
STAKING ERC20 UMI
STAKING LIQUIDITY POOL TOKENS
STAKING NFTS
STAKING LOTS OF NFTS
CLAIMING REWARDS
IMPORTANT CONTRACT ADDRESSES
To interact with the Umi Digital dapp, you will need to have Metamask plugin installed on Chrome, Firefox, Brave or Edge web browsers. Please set your Metamask account to Ethereum Mainnet. Need help setting up Metamask? Check out this helpful medium article.
Official Dapp Links:
Staking UMI ERC20
Visit the Umi Digital app using your browser with Metamask installed and set to Ethereum Network.
Pick the Blockchain that you wish to use, in this example we are going to use Ethereum blockchain so will click the “ETH APP” button.
Click “Connect Wallet” in the top right-hand corner.
Select the account you want to use to connect, and then click “Next”
You will be presented with the final confirmation, and must click “Connect” to confirm.
Next find the Liquidity Farm you wish to stake to, in this case: UMI ERC20
Click the arrow button to expand the UMI ERC20 farm and show all the details.
Click the stake button and a popup window will appear where you can input the amount of UMI ERC20 tokens you wish to stake.
Type in the amount of UMI tokens you wish to stake or simply click “MAX” to stake all your tokens. Once you have input the amount, click “STAKE” to begin the staking process.
Step 1: Approve the UMI ERC20 tokens
A second popup window will appear asking you to approve the tokens to interact with the dapp (this requires confirmation on your Metamask wallet).
Click “Approve” and then confirm the approval in Metamask wallet by clicking “Confirm”.
This gives the dapp authorization to use the UMI tokens (if you skip this step then the staking process will fail).
Step 2: Stake the UMI ERC20 tokens
Next you will have to give final confirmation you want to stake the tokens by clicking “Stake”.
Afterwards, confirm that you want to stake the tokens with your Metamask wallet by clicking “Confirm”.
Once the transactions have been processed on the Ethereum Network, a window will appear in the top right-hand corner to say staking was successful.
The liquidity Farm dashboard will refresh automatically so you will be able to see the exact amount of tokens staked and some other useful stats such as your percentage of the total liquidity pool, current APY%, and the amount of rewards as they accumulate in real time!
Any time you wish to claim your rewards, you can click the red “Claim” button and your Umi tokens will stay staked but the rewards will be transferred to your wallet. If you want to remove all staked tokens and claim the rewards then simply click the “Unstake All” button.
STAKING LIQUIDITY POOL TOKENS
To stake Liquidity Pool tokens, you must first supply some liquidity to one of the Decentralized Exchanges supported by Umi Digital.
At the moment, we are supporting two Decentralized Exchanges:
- Uniswap V2 (UMI/ETH Pair)
Contract Address: 0xfca68d9d45e0ebeb569b3e9ad2872c9e8d7a75ba
2. Sushiswap (UMI/ETH Pair)
Contract Address: 0x1c26b50378f12f56a79765bb7cd7beb7da837ae5
You must add liquidity to one of these pairs to receive LP Tokens before you can stake the tokens for rewards.
If you would like to suggest a liquidity pool that can be added for farming, then please email: listings@umi.digital
Unsure how to add liquidity on Uniswap/Sushiswap? No problem, follow this medium guide and it will show all the steps.
Staking Uniswap LP Tokens
- First add some liquidity to Uniswap V2 UMI/ETH using this link.
- After successfully providing UMI/ETH Liquidity on Uniswap, you will receive some UMI/ETH LP Tokens.
- Go to the Umi Digital Farming App and find the Uniswap UMI/ETH LP in Liquidity Farms
4. Click the expand arrow to show the details of the farm and then click “Stake”.
5. A popup window will appear where you can input the amount of LP Tokens you wish to stake.
Type in the amount of UMI tokens you wish to stake or simply click “MAX” to stake all your tokens. Once you have input the amount, click “STAKE” to begin the staking process.
6. A second popup window will appear asking you to approve the LP tokens so they can be staked. This is a two step procedure, first you must approve and then stake, confirming each step in Metamask.
Step 1: Approve LP Tokens
Click the “Approve” button and follow the instructions to confirm this action by clicking “Confirm” in Metamask.
Step 2: Stake LP Tokens
Next you will have to give final confirmation you want to stake the LP tokens so click “STAKE”. And then confirm this action again on your Metamask by clicking “Confirm”.
Once the transactions have been processed on the Ethereum Network, a window will appear in the top right-hand corner to say staking was successful.
The liquidity Farm dashboard will refresh automatically so you will be able to see the exact amount of LP tokens staked and some other useful stats such as your percentage of the total liquidity pool, current APY%, and the amount of rewards as they accumulate in real time!
STAKING NFTS
You can stake NFTs to boost your APY% in the Liquidity Farms. At this moment in time, NFTs can be used to turbo-charge one of the following liquidity pool farms:
UMI/ETH Uniswap Farm
UMI/ETH Sushiswap Farm
- First go to the NFT Farms page
2. Use the left mouse button to select the Farm that you want to boost from the drop-down menu.
In this case we will select “LP Uniswap” because we want to boost the UMI/ETH Uniswap LP Farm.
3. Find the NFT that you want to stake. You can also use the search function to search for the name of the NFT.
Click the expand arrow for your chosen NFT and then click “Stake”
4. A window will appear where you can input the amount of NFTs you wish to stake. Type in the number of NFTs you want to stake or simply click “MAX” to stake the maximum amount for this particular NFT.
5. A second popup window will appear asking you to approve this NFT to interact with the dapp (this requires confirmation on your metamask wallet).
Click “Approve” and then confirm the approval in metamask wallet by clicking “Confirm”.
6. Next you will have to give final confirmation that you want to stake the NFT(s) by clicking “Stake”.
Metamask will ask for confirmation again so click “Confirm” on your Metamask wallet to pay the gas fee and begin the NFT staking process.
Once the transactions have been processed on the Ethereum Network, a window will appear in the top right-hand corner to say staking was successful.
7. NFT Farm page will update and you now can see a summary showing the amount of NFTs staked and the Total APY Boost given by this NFT(s).
Finally return to the Liquidity Pool page to see your turbo-charged returns in your chosen Liquidity Farm. Please note when you stake an NFT, all your current rewards in the farms will be automatically claimed and transferred to your wallet.
In this example by staking 1 x Crypto Chimp, the APY% for UMI/ETH Uniswap LP has been boosted from 33% to 135%!!!
Staking Lots of NFTS
If you have lots of NFTs to stake then you can use the “Stake All NFTs” buttons. This function is split into two buttons. One for all of the NFTs made on Unique NFT Marketplace (Umi x Sora Genesis, Wizards, Elements, etc) and the other for all of the NFTs made on Rarible NFT Marketplace (Crypto Chimps, Cryptowise).
1. First select the Farming Pool you want to boost.
2. Next click either the “Stake All Unique NFTs” or “Stake All Rarible NFTs” button.
Remember you will have to approve the NFTs and then confirm the staking on Metamask.
Claiming Rewards
There is no lockup or bonding schedule for rewards on Umi Digital. Claiming rewards is super easy and you can watch your rewards build up in real time and then claim at any moment.
There are two methods for claiming rewards:
- Claim rewards from each pool individual
- Claim rewards from all pools
How to claim
Click the red “Claim” button on the Farm where you want to claim your rewards.
A popup window will appear asking if you really want to claim your rewards. Click the “Claim” button again to push the transaction to Metamask.
Finally confirm the claim function in your Metamask wallet by clicking “Confirm”
If the claiming function was successful, you will get a confirmation message in the top right-hand corner saying congratulations. The UMI rewards will now be transferred to your Metamask wallet.
Important Contract Addresses
Here is a comprehensive list of all the important contract addresses related to the Umi Digital Dapp on Ethereum Network:
- Uniswap V2 (UMI/ETH Pair) Pool
Contract Address: 0xfca68d9d45e0ebeb569b3e9ad2872c9e8d7a75ba
2. Sushiswap (UMI/ETH Pair) Pool
Contract Address: 0x1c26b50378f12f56a79765bb7cd7beb7da837ae5
3. Add Liquidity to Uniswap V2 Pool
4. Add Liquidity to Sushiswap Pool
5. UMI ERC20 Token Contract
https://etherscan.io/token/0x61107a409fffe1965126aa456af679719695c69c
6. UMI ERC20 Farm Contract
https://etherscan.io/address/0x607F27194989C236a7A1506a6857E9d8B5793bb4
7. Uniswap LP Farm Contract
https://etherscan.io/address/0x607F27194989C236a7A1506a6857E9d8B5793bb4
8. Sushiswap LP Farm Contract
https://etherscan.io/address/0x62ae93398a715aee4ad888e2f3Ac6FA28C52e5Cc
