Work with ERC-20 tokens
Intro
By placing your ERC-20 tokens on a multistaking contract, you receive similar liquidity tokens in a 1:1 ratio.
This way, you can earn rewards on Klyntar (helping to decentralize the network) and at the same time continue to use the tokens in DeFi applications, lending protocols, etc.
In this tutorial we will show how to restake the Chainlink ERC-20 token in Sepolia testnet, but the same way it works for any other ERC-20 tokens that will be supported by our network.
To get the list of supported ERC-20 tokens - check the docs:
Full list of supported assetsOr via the form on our site:
1. Stake ERC-20 token to get liquidity tokens back and earn staking points
Visit the page
You will see the following interface
Now select the chain and wallet to connect
In this tutorial we'll work with Sepolia network (Ethereum testnet)
Right after connection you will see how much you already restaked on appropriate contract in dollar equivalent
Choose the appropraite operation Deposit and token to stake - in this case ERC-20 token of Chainlink project:
Input amount of tokens and choose the pool to stake on
Transaction details
Two subactions occured during transaction:
You transfer 10 LINK tokens to multistaking contract
You receive 10 KLINK (Klyntar LINK) tokens back to avoid liquidity freeze
After 3 epochs your address will appear in the list of stakers for the selected pool
From now you have successfully finish the staking process. You will now receive rewards from the pool you staked on.
2. Unstaking ERC-20 to burn our liquidity token and get back you original tokens
To unstake - choose the token, input amount and finally the pool
As before - the unstaking process takes 3 epochs and initially the stake will be placed in the withdrawal requests
3. Final step - withdrawal
It's time to get your original tokens back. Select Withdraw and press a button to initiate the transaction
If you check via explorer, you will notice that within this transaction, the multistaking contract returned 10 original Chainlink tokens back to your address.
FAQ
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