How to Successfully Use Farming and Staking
Anyone into crypto who’s just HODLing is honestly on the end of a terrible deal. The DeFi and NFT markets are hot with interest, and everyone participating in them is deploying their assets to generate more and more income. This is applicable on platforms like BOTSwap. Frankly, everyone needs to learn how to use crypto farming and crypto staking to their advantage on platforms like the BOTSwap DEX, from Bot Planet.
First Things First: What’s a DEX?
A DEX or decentralized exchange is a type of crypto exchange where tokens and personal data are saved on a distributed server, meaning each transaction takes place between two people without any third party acting as the middleman.
On the BOTSwap DEX, you can exchange tokens, farm coins, stake tokens, and view coin charts with the help of an exceedingly simple user interface. Unlike other decentralized exchanges, BOTSwap lets you connect to multiple chains, so even if one chain goes down, others are always available.
Why Pick a DEX over CEX?
Decentralized exchanges take a fraction of the trade as a commission, whereas centralized exchanges can take much larger cuts. Needless to say, lower fees translate to larger profits.
With a centralized exchange, you never truly own your assets, they are stored on the exchange’s servers. That is not the case with a decentralized exchange; you own your tokens, always.
There is always a risk of servers crashing and your data being lost. With a DEX, you never have to worry about losing your assets due to server failure; since there is no single server keeping the ledger, your tokens can be accessed anytime.
Centralized exchanges are often regulated by the government, and need you to verify your identity before you can trade on them. With a DEX, there is no need for KYC or identification of any sort, your privacy is protected.
At an initial DEX offering (IDO) of $0.0160 per coin, BOT raised $600,000 by selling 3.75% of the total billion tokens, or 37,500,000 tokens. The BOTSwap DEX enables you to farm more tokens for yourself, but what is farming?
Farming is a method to obtain more tokens from your existing ones. When you place tokens in a liquidity pool, they provide liquidity to a Decentralized Finance protocol or DeFi protocol by which you can earn daily rewards. Each transaction taking place on that protocol earns you a commission, which adds up over time for huge rewards. The higher the number of tokens invested in farming, the greater the commission you will earn.
Another way of earning tokens passively is staking. During this process, you store your existing tokens on a Proof of Stake or PoS algorithm for a pre-decided lockup period. During this period, the tokens support the blockchain’s consensus mechanism, and thus, you receive a percentage of each transaction fee. Staking on a PoS algorithm makes it possible to decrease power consumption while receiving new blocks.
The BOT Wallet
The BOT Wallet is the easiest and safest way to connect with the BOT ecosystem, right from your smartphone. Apart from just crypto exchange, it is packed with a multitude of functions and is one of the only wallets that lets you top up your bank cards, issue a BOT Visa card, make purchases, and more.
You can keep a fiat wallet and savings account, which works smoothly with the crypto integrated Visa card, to the extent that most of your finances can be handled by the BOT Wallet.
The in-wallet AI predictions for more than 140 cryptocurrencies based on market trends give you an edge over others, and if you’re concerned about security; the wallet generates keys and keeps them on your device, giving you full control over your accounts and data.
BOT GAME V0.1
The BOT game is the central part of the project, working in tandem with its NFT marketplace to produce a play-to-earn Hearthstone contemporary — a card collection game with a deep emphasis on lore and storytelling. The game begins when you buy a specific character as an NFT, and subsequently, receive a game account on the marketplace.
The game is simple:
- You duel with an opponent’s cards by hitting them or the NFT character.
- Each card has three self-explanatory characteristics, health, damage, and energy.
- The combat is turn-based, meaning that your actions precede those of your opponent or vice versa.
The NFTs are available in five different races, each named after a planet: Mercury, Venus, Mars, Jupiter, and Saturn. There are 48 cards per race, for a total of 240. Each card has varying rarity and levels. Rarity ranges from regular, rare, ultra-rare, mythical, epic, and legendary; and each card can have a maximum of 10 levels.
The more you progress within the game, the more complex it becomes, despite its deceptively simple setting and interface. As you play more, you can earn $PLANT tokens, which can be exchanged for $BOT tokens in the marketplace. This allows the average gamer to earn tokens and not just the top 1%, as seen in most other video games.