We are happy to work with the Reef team and launch this staking bond as a sequel to the previous Reef’s Litentry Bond.
For the LIT/REEF Staking Bond, users can lock up $LIT to farm $REEF. $REEF is the ERC-20 token of Reef Finance, The total reward amount allocated for this Bond is $20,000 worth REEF.
The bond will go live on 17th March at 2:30PM CET.
Stake LIT and Earn REEF
The farming process will be 👇
▶️ Bond being deployed
⬇️ 24 hours time limit to deposit LIT
⬇️ Lock up for 2 weeks
⬇️ Bond period expires
✅ Enable withdrawals for staked tokens and farmed tokens.
(Once the bond is deployed, users will have a 24 hours time limit to deposit their assets, and the program will last for 2 weeks. Users will be able to track how much they have earned so far directly in the app. Once the bond period expires, the withdrawals will be enabled so that users can get their initial staked tokens back as well as their farmed tokens.)
The Reef bond will be deployed on Binance Smart Chain (BSC), investors will be able to enjoy cheap transaction fees (as low as 1 cent), high network throughput, and cross-chain DeFi support that enhances interoperability.
One Winner Gets an NFT Polkapet!
In order to add more fun to this event, we will randomly select a winner from all stakers to give a Litentry Polkapet, a limited edition NFT digital collectible card jointly issued by PolkaPets and Litentry. Winner of the game will be announced after the bond closes the deposit.
Guide to Farming REEF through LIT bonds
This is a step-by-step guide on the entire process of staking your $LIT for farming $REEF in this session.
Step 1: Visit the Reef Dashboard on the following link: https://stake.reef.finance/
Step 2: Click on the “Connect” button to log in to the Reef Dashboard.
Step 3: You will be requested to connect the wallet of your choice. Note that currently, the Reef Dashboard supports MetaMask, WalletConnect, Torus, and Wallet Link.
Step 4: After successful login, click on the option “Reef Bonds” on the left sidebar of your dashboard.
Step 5: Refer to the details about available bonds to invest in. Make sure you check the lock duration and click on the “Get Rewards” button. The bonds are available for a limited period so when the timer reaches 0 the bond will become unavailable for participation.
Step 6: After clicking on the “Get Rewards” option type the number of LIT tokens you want to lock in and then click on the “Buy the bond” button. Please make sure the wallet you are connected with has LIT tokens.
Step 7: You will need to first approve the contract to allow the spending of $LIT. The confirmation might take some time so wait until you receive another pop-up from your wallet to pay the gas fees.
Step 8: Click “Confirm” to pay the gas fees and confirm the investment in Reef Bonds to see your transaction. You can check the amount of LIT you have locked and the REEF tokens accrued as interest in the bond. Please note there are two transactions in total. One for allowing the staking and the other for approving it.
Reef is the first cross-chain DeFi operating system built on Polkadot. With a seamless user interface, Reef offers its users a smart liquidity aggregator and yield engine that enables trading with access to liquidity from both CEXs and DEXs while offering smart lending, borrowing, staking, mining through an AI-driven personalized Reef Yield Engine.
Litentry is a cross-chain identity aggregation protocol that features a Substrate-built network, mobile app and identity-related tools. The protocol enables identity linking across different networks and facilitates decentralization and transparency in identity credit computation. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time credit/reputation of an identity owner across different blockchains.