Everything you need to know about collecting Yield with SOAR
For consistency we are using the word “Stake”, however, you are eligible to receive the 1% tax on all SOAR transactions just by holding SOAR in your wallet. The tax is automatically distributed.
In order to estimate the rewards you receive when holding SOAR we focus on the total transaction volume.
More information on transaction volume can be found on the dashboard here: https://observer.soar.fi/dashboard
What is SOAR Staking?
As of now, just simply holding SOAR makes you eligible to receive the 1% Tax that is applied to all SOAR transactions and redistributed evenly to all holders of SOAR. This is what we will refer to “Staking” for this asset.
Prerequisites
SOAR is an ERC20 token that can be traded on Uniswap and held in any ERC20 compatible wallet. We recommend using Ledger/ Metamask to hold your SOAR tokens.
How to Stake SOAR
Step 1
Buy SOAR on Uniswap – you must import a “custom token” using the ERC20 contract address – 0xbae5f2d8a1299e5c4963eaff3312399253f27ccb for Uniswap to recognize the asset.
Once the token is imported – enter the amount of ETH you want to swap for SOAR.
Once it looks good – Click “SWAP“
Step 2
Another window pops up – review the information – click “Confirm Swap” once ready.
Step 3
This should now trigger a pop up in your Metamask Wallet asking you to confirm the transaction. Click “Confirm” once you review the gass fee information.
Wait for the swap transaction to confirm on the blockchain.
Step 4
Congratulations, you are now eligible to receive your proportion of the 1% Tax that is applied to all SOAR transactions.
Just sit back and watch the SOAR accumulate in your wallet.
If you are having trouble viewing the SOAR toke n in your Metamask Wallet then you can add a custom token with the details shown below – contract address – 0xbae5f2d8a1299e5c4963eaff3312399253f27ccb
Conclusion
It doesn’t get any easier then this – just buy and hold the token in your wallet in which you control the private keys.
Be aware of the 1% Tax that gets charged to all transactions of the SOAR token.
With current gas prices of Ethereum it will be very expensive to execute a swap transaction on Uniswap, this is an issue with the Ethereum Network that is currently being addressed with the implementation of ETH 2.0.