ChainFlowers will launch CFLO Staking function on mid August. Users will be able to stake CFLO with just a few clicks and earn tokens in return.
Dear CFLOers, We are excited to announce the launch of the CFLO Staking and LP Staking program. Users will be incentivized to provide liquidity into CFLO/ETH Uniswap pool.
The Program aims to increase the liquidity to facilitate easy buy/sell without high slippage, encourage the community to participate in improving the on-chain metric, and also earn fees when someone trades on CFLO/ETH pair.
A more detailed tutorial will be provided once we get closer to launch date.
What is Staking?
Staking is simply understood as locking cryptocurrencies to receive rewards.
It may be helpful to think of crypto staking as similar to depositing cash in a savings account. The depositor earns interest on their money while it’s in the bank, as a reward from the bank. Staking coins is, then, similar to earning interest.
What is Liquidity Staking?
Liquidity Staking is the process of staking the liquidity you add to the CFLO Uniswap pool and earning CFLO rewards in return.
When Uniswap liquidity providers deposit liquidity (ETH/CFLO) into an Uniswap pool, special tokens known as liquidity tokens are minted to the provider’s address. Whenever a trade occurs, a 0.3% fee is distributed pro-rata to all LPs in the pool at the moment of the trade. In addition to earning fees, Uniswap also allows liquidity providers can also choose to sell, transfer, or otherwise use (e.g. stake) their liquidity tokens in any way they see fit. Therefore, using Liquidity Staking technology, liquidity providers can actually stake the LP tokens and earn rewards for doing so.
For an LP provider, you are now doubly incentivized to maintain your LP token, because not only are you earning the trading fees, you are also earning rewards on top of that in the form of CFLO tokens.
How Can I Participate?
As we get closer to launch date of the staking program we will share with everyone a detailed tutorial on how to participate on the standard staking and LP staking.
ChainFlowers is an Ethereum based platform for the creation and trading of Floral Arrangements NFT, as well as Gifts, Crafts, Paintings and Photography, all NFTs . Users will be able to easily create, buy and sell their artistic creations. An artist and creator can bring their physical work to the blockchain by simply uploading the digital version of their creations. They will be able to determine the quantity they want to mint and sell them in the marketplace. Buyers will be able to store and view their NFTs in their wallets.
Learn More About ChainFlowers and the CFLO Token
Stay tuned for more exciting news in the upcoming days and weeks, and ask your questions!
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