Problems with LP staking
LP staking and yield farming have gained traction in 2020; decentralized protocols offer us a great alternative method of making passive income. However, this was bound to affect the Ethereum blockchain - the growing number of transactions has led to a dramatic increase in gas fees.
Since users have to deposit tokens in Uniswap (or similar platforms) to receive LP tokens, they need to pay a commission at each stage: confirmation of token use, deposit, withdrawal of LP tokens and so on. Hence, fees could reach $50 or even higher for a few basic transactions, which leaves yield farmers without earnings. Then there’s the time required to complete these steps.
Striving to make DeFi and yield farming more convenient and accessible to everyone, SpaceSwap proudly presents a revolutionary service called Shadow Staking. It promises to change the way we provide stablecoin liquidity and make the process cheaper and faster!
What is Shadow Staking?
Traditionally, when you want to stake your Uniswap liquidity in some third-party pool, you have to:
- approve the use of the coin
- stake your LP in a pool
- withdraw your tokens and/or interest rate
Each of these stages requires payment of gas fees, which are increasing due to poor Ethereum network scalability.
Shadow Staking allows SpaceSwap users to add stablecoin liquidity without moving it directly from Uniswap! Instead of claiming your LP tokens from Uniswap and moving them to the corresponding SpaceSwap pools, you connect your wallet and enjoy passive income dropping in!
How does it work?
With Shadow Staking, yield farming has become easier than ever before. You can start receiving MILK2 rewards in SpaceSwap with a few simple clicks.
- Open the SpaceSwap website and choose a Gravity pool with the stablecoins you want to stake.
- Find the corresponding pool on Uniswap and add liquidity there.
- Get LP tokens in your wallet, for example Metamask browser wallet.
- Go back to SpaceSwap and connect your wallet - all pools will be approved automatically and you will start receiving MILK2 coin rewards right after that.
No need to confirm coin use and move LP tokens! With shadow staking, you eliminate several extra steps and save money on gas fees. You pay gas fees only once when claiming your MILK2 coin reward.
Why try shadow staking?
Shadow staking has several unbeatable advantages:
- you save time by avoiding at least three extra steps
- it’s absolutely safe because LP tokens are stored in your wallet
- you don’t have to depend on gas fees or wait for the Ethereum network to become unloaded
- no overpaying gas fees
Join the DeFi revolution launched by SpaceSwap and enjoy stable passive income in MILK2 coins! Open the SpaceSwap website, choose a Milky Planet with stablecoins and reap the maximum yield from your LP liquidity in Uniswap!
Attention! Shadow Staking (or Farming as we call it) is running in Beta. Some features may change to the official release date. Thank you for your support.
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