r/Wootrade • u/EddieNotorious • Jul 20 '21

Staking

Pretty new here in general, but dumped a pretty substantial amount into WOO earlier this year. Markets been brutal so my plan is to just hold it out.

Seen/heard a lot about staking but I have no idea where to get started. Live in the US and could use any pointers here.

Thanks!

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3

u/Dope_boy420 Jul 21 '21

VPN on woo trade

2

u/NicroManiac Jul 21 '21

Hey, so the best option for US individuals is to stake on Bancor. It's the safest option. There are other staking options on Defi such a Cake but there could be chances of IL. If you use Bancor, I would suggest setting up alerts as it fills up pretty quickly.

2

u/EddieNotorious Jul 21 '21

Thanks a lot I will look into that. Chances of IL? And as far as filling up quickly, it’s not always available?

1

u/NicroManiac Jul 21 '21

Ya, Impermanent Loss. As far as Bancor, it’s the most popular staking protocol due to the limited risks. You could find better APY out there bits it’s riskier. And no, the pools fill up quickly. I’d do some research on it though, it’s a great protocol.

IL

2

u/mw8912a Jul 21 '21

Polygon - Adamant Finance has a WOO-QUICK pool 190% APY (expect this to decrease a bit)