Cryptocurrency Q&A
How to stake on convex finance?
How to stake on convex finance?
BlockchainBaronessGuard
Thu Aug 01 2024
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7 answers
1853
Hello there, I was wondering if you could provide me with a clear and concise explanation on how to stake on Convex Finance? I'm new to the world of cryptocurrency and DeFi, so any step-by-step guidance would be incredibly helpful. What are the prerequisites I need to have in place before I can start staking? And could you also elaborate on the benefits of staking on Convex Finance, compared to other staking platforms? Thank you in advance for your assistance.
7 answers
KimonoGlory
Sat Aug 03 2024
To stake steCRV LP tokens into Convex, users must first navigate to the Convex Finance platform. This is a crucial step as it allows access to the staking process.
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Raffaele
Sat Aug 03 2024
Once on the Convex Finance platform, users should select the stETH pool. This pool is specifically designed for staking steCRV LP tokens and offers attractive rewards for doing so.
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Sara
Sat Aug 03 2024
Next, users need to input the amount of tokens they wish to stake. This can be done by specifying the exact number of tokens or using a percentage of their total balance.
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SumoMighty
Sat Aug 03 2024
After deciding on the amount, users must approve the transaction. This is a necessary security measure to ensure that the staking process is authorized and legitimate.
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DigitalDynasty
Fri Aug 02 2024
With the transaction approved, users can then select the “Deposit & Stake” option. This will initiate the staking process and deposit the tokens into the stETH pool.
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