Everything you need to know about staking DAM.
You can Stake your DAM tokens on the Datamine Dashboard website!
Before you Stake make sure to check out the Staking Rewards Asset Profile Page for Datamine to help bet a better understanding of this choice.
Get ready to enjoy up to a 300% + APY reward rate annually based off current parameters! Make sure to use all of the bonus multipliers for FLUX Burn and Time to achieve a 30X multiplier.
What is DAM Staking?
You can buy DAM on Uniswap, this market has the most liquidity.
You can buy FLUX on Uniswap as well, this market has the most liquidity and FLUX can be burned to achieve a Staking Reward multiplier.
After you have some DAM and FLUX you can start staking it in the Datamine Dashboard Panel to earn FLUX dividends.
DAM is an ERC20 token and the staking function/ FLUX minting is done on-chain using Ethereum Smart Contracts.
There is a current Base Staking APY of around 38% and a 10X Max Bonus from FLUX Burn of around 380%, further the Time Bonus can add an additional 3X to these projected returns.
Both Datamine (DAM) and FLUX tokens have successfully PASSED professional audit by the SlowMist team. Both reports are now part of the whitepaper. Additionally you can find both reports on SlowMist website by entering the DAM or FLUX smart contract addresses.
Prerequisites
For starters, you need to own some DAM. You can either buy these these from Uniswap or the Hoo exchange.
Secondly, you should own some FLUX tokens so you can Burn them to qualify for a FLUX Burn Bonus.
Next you should make sure to download and become familiar with the MetaMask Browser Extension.
Lastly you’ll want to make sure you have a some ETH in your wallet to cover transaction gas costs.
How to Stake DAM
Step 1
First, go to the Datamine Dashboard and click on the button that says “Enable” on the top of the page. You will be directed to connect your wallet, in our example we use Metamask.
Confirm the transaction in your Metamask wallet, make sure to review the gas fees for the transaction and click “Confirm “.
Step 2
Now your wallet is authorized to interact with the Datamine smart contracts.
Next, click “Lock-In” to start staking your DAM tokens.
A pop up will appear showing your wallet address and how many DAM tokens you have available. Enter the Total DAM Tokens to Lock.
For our example we want to check the “I want to mint my own FLUX tokens” radio button.
Once satisfied, click continue.
Review and “Confirm” the transaction in your metamask wallet, notice the gas fee payable in ETH.
Wait for the transaction to confirm on the blockchain, if it fails, retry with more gas allocation.
Step 3
Congratulations, at this point you are already staking DAM and can Mint your FLUX dividends.
Check out the updated stats on the dashboard to get an idea where you stand in Time Bonus and pending FLUX dividends.
Let’s take it a step further, click “Burn FLUX”
A pop up will appear and you can enter the “Total FLUX Tokens to Burn” the prompt will automatically populate with the available FLUX in your wallet.
Make sure the details are right with the FLUX amount and wallet address, which should be your own.
Click “Continue”.
Review and “Confirm” the transaction in your metamask wallet, notice the gas fee payable in ETH.
Wait for the transaction to confirm on the blockchain, if it fails, retry with more gas allocation.
Step 4
Congratulations, you are now Staking DAM with a FLUX Burn Bonus as outlined in your dashboard. Here you can now track what your FLUX Burn Bonus is and start to see the Time Bonus accruing.
Please note to claim you pending FLUX dividends all you have to do is click “MINT FLUX” and confirm the transaction on Metamask. However the longer you wait to claim the more Time Bonus you will accrue – this is an innovative way to incentivize long term staking participation.
You are now a Datamine DAM staking expert!
Conclusion
Staking DAM is extremely easy for the user to understand. Even with a two step process to add a FLUX Burn Bonus the user should be able to follow along without an issue. Being built on Ethereum, the user has to pay gas fees for 4 contract operations to complete the staking DAM cycle, so consider these costs when embarking on the DAM staking journey. The great thing about DAM staking is that the supply of DAM is fixed and there is no inflation since the dividends are paid in FLUX tokens. Further buy pressure is put on the FLUX token by users looking to get a multiplier bonus, this creates an organic velocity. One of the best parts of Staking DAM is the Time Bonus aspect which encourages users to Stake for longer time periods without penalizing them for a quicker withdrawal. The team has now allowed the project to become run by the community which is a decentralization benefit. Keep up to date with the DAM staking rewards as APY is affected by cost of DAM and value of FLUX, follow along in the Staking Rewards DAM Calculator page to estimate your staking rewards!