Generate Handsome Returns With Eidoo Wallet in Just 2 Steps
Updated: 2 days ago
Are you always left wondering that everyone else is making money hand over fist “doing DeFi things” while you are left behind? Suffer no more. In this article, we will explain two effortless methods so you can join the DeFi trend like a pro.
First, let’s see why PNT token.
PNT is the native token of Eidoo and pNetwork, that is, the governance token utilized in both projects. pNetwork is focused on wrapping tokens on connected blockchains — matching the values of two cryptos and facilitating their movement across blockchains via the pTokens dApp.
On the other hand, Eidoo provides the interface to use and participate in pNetwork by staking the Decentralized Autonomous Organization (DAO) or joining a liquidity mining pool.
In both cases, users are incentivized to further the projects’ development by raising the use level of PNT — and in order to use it, you have to have it. So here are two ways you can get a hold of some PNT.
Staking in Liquidity Mining Pools
One of the ways to get returns in PNT is by providing liquidity to several yield farming initiatives. In other words, you would be generating some very handsome yield farming returns on your investment.
Liquidity mining is a simple operation in which you contribute funds to support the convertibility of a token with respect to others. That is why liquidity mining pools are organized into trading pairs and the contributed funds are used for all trading operations of that pair to be carried out in an agile way.
To farm PNT yields, Eidoo wallet users can directly choose among four liquidity mining options available:
Stake PNT/ETH, earn PNT (incentivized Uniswap pool)
Stake pBTC/ETH, earn PNT (incentivized Uniswap pool)
Stake pLTC/ETH, earn PNT (incentivized Uniswap pool)
Stake pBTC, earn PNT+CRV (incentivized Curve pool)
Each of these in-wallet options will yield returns in PNT tokens. By supplying funds to any of these pools you receive returns in PNT that you can withdraw in your Eidoo wallet.
The process itself is very simple.
Let’s say, for example, that you have some pBTC, and want to move it to ETH. you can either sell our BTC for ETH, which will cost you time and money, or you can use the pBTC-on-ETH bridge (in short pBTC). pBTC represents a token whose value is pegged to the value of BTC on ETH. This process is completed through the relevant bridge within the pTokens dApp.
Once you get your hands on some pBTC, you can invest them in various DeFi options, one of which is the pBTC/ETH liquidity mining pool on steroids.finance, which would garner yields in PNT tokens.
Through the Eidoo wallet, accessing the pool is an easy three-step process (as shown in our yield farming guide).
Staking PNT in the pNetwork DAO
Another option to generate PNT is to stake some in the pNetwork DAO. This can be done without leaving your Eidoo wallet, as we have created a custom interface for this purpose.
As a progressively decentralized project, it’s pNetwork’s goal (and by extension, Eidoo’s as well) to provide all those interested in its development a governing opportunity in a truly democratic manner.
To get voting rights, users need to stake PNT tokens in the DAO, lock them for two years and, in turn, they will receive reciprocal voting power.
There is no minimum staking amount, but it’s noteworthy to add that staking 200,000 PNT also means users can spin up their pNetwork nodes and secure the ecosystem while enabling cross-chain transactions. This is yet another way to generate PNT for yourself.
The primary one is to get 42% in APY in PNT tokens on the staked amount for the first year of staking (valid until June 2021), and 21% in the second.
However, to be able to earn rewards from staking in the DAO, you need to vote actively. This means that, even though you won’t have proposals to vote on in every two-week epoch, you can skip none of them to be able to collect rewards.
Again, the staking process is very easy but there are detailed instructions available on our YouTube channel as well.
In case you didn’t know, although we can’t imagine that you didn’t, another way to generate PNT returns, which is not yield farming, is by ordering your personalized eidooCARD.
How come? It’s very simple, really.
eidooCARD users get crypto cashback from all qualifying purchases in online and offline stores worldwide. The amount of crypto cashback differs though on the card tier you choose:
Basic eidooCARD: 1% crypto cashback (with no stake)
Basic+: 4% crypto cashback (with 3,000 PNT staked)
VIP eidooCARD: 8% crypto cashback (with 10,000 PNT staked)
VIP+: 12% crypto cashback (with 25,000 PNT staked)
Black eidooCARD: 16% crypto cashback (with 200,000 PNT staked).
Given that you need to stake a certain amount of PNT tokens to order the card, this is a very nice way to get some of them back over time, isn’t it?
However, the industry-first cashback you get with eidooCARD isn’t the only reason to use the card. Others include:
VISA-backed debit card
The only layer2 crypto card on the market
Connected to a DeFi wallet
Instant conversion from crypto to fiat (£GBP or €EURO)
Generous referral bonuses
And so much more...
And with this, we end our journey through the hard day of yield farming and governing.
Now that you know the HOW and the WHY you can generate generous PNT returns, you can answer the WHEN yourself by installing the Eidoo wallet and start staking today.