AVAX chain Staking is now live on Bogged Finance
From today, holders of our governance token $BOG can stake BOG/USDC.e LP or solo stake their BOG to gain generous rewards drawn from the below three sources:
- AVAX Trading Fee
- Bridging Fees
- Tool fees (Limit Orders, Stop-Losses, Trailing Stop-Losses
Bogged Finance has always differed from many other DeFi projects in that supporters can gain from platform/DApp fees. No new tokens are minted to reward stakers, meaning the $BOG ecosystem is truly sustainable, growing in value the more adoption happens.
The fees are distributed according to the following ratios:
- 25% Project Treasury
- 35% Solo Staking
- 40% LP Staking
What is staking on Bogged Finance?
Staking on Bogged Finance means that holders of our governance token can send their tokens into staking pools. They can then gain a share of site revenue and trading fees drawn from others buying/selling the token.
Tool revenue comes from users paying for our advanced DeFi trading tools, such as limit orders and stop-losses. Platform users pay fees to use these tools, either in $BOG or the native token of the chain they are trading on. To date, Bogged Finance has processed over 100k orders on BSC, and we expect to see healthy growth on AVAX, based on the rapidly increasing trade volume on AVAX BogSwap. All in all, AVAX stakers should see healthy APRs as adoption grows.
Stakers can also unlock the advanced DeFi trading features on Bogged Finance, based on how much they are staking. In the future, we plan to implement locked staking, which will let users use our tools for cheaper, if they opt to lock their stake for a predetermined period of time.
If users choose, they can stake LP(liquidity pair) tokens for a larger cut of the staking pool rewards. LP tokens are a combination of two pairs, in this case BOG/USDC.e. LP tokens facilitate trading on DEXes, providing the liquidity needed to allow swaps between the base pair to take place. More liquidity is important for a DeFi token as it reduces the price impact of large trades and is a strong sign of people investing for the long-term. LP staking for Bogged Finance on AVAX can be an attractive option as the base pair is a stablecoin that is pegged to the US Dollar, as opposed to a chain-native token which can fluctuate in value.
Users can stake and unstake any amount of $BOG, at any time. However, there is a 1% early withdrawal penalty (which is distributed to other stakers) if you unstake before 7 days have passed, for both solo and LP staking. This has been increased from the BSC penalty to account for the lower sell fee of $BOG on AVAX
Users will also need to stake their $BOG to gain priority to use towards tools on AVAX, incentivising users to hold their tokens instead of temporarily buying and selling, while rewarding them for doing so.
Our staking interface will now show a 7 day estimated APR, based on previous staking reward data.
How do I stake on Bogged Finance?
- To access our staking interface, visit https://app.bogged.finance/avax/staking
- To add LP tokens on the TraderJoe DEX, visit https://traderjoexyz.com/pool/0xA7D7079b0FEaD91F3e65f86E8915Cb59c1a4C664/0xB09FE1613fE03E7361319d2a43eDc17422f36B09
- You can buy $BOG on AVAX BogSwap: https://app.bogged.finance/avax/swap?tokenIn=AVAX&tokenOut=0xB09FE1613fE03E7361319d2a43eDc17422f36B09
- Or bridge funds from BSC on our Bridge: https://app.bogged.finance/avax/bridge
To stay tuned to our upcoming news and releases, make sure to follow us here, on Twitter, and on our Telegram Announcement Channel. If you have any questions, our supportive and knowledgeable staff are happy to answer them in our Telegram Group. Remember, our staff will never DM you first.
-The Bogged Finance Team