Hi guys and welcome to another lovely day, the market has picked up once again and it’s really looking green as coins begin to see a new all-time high.
While the above continue to spread like wildfire across the crypto space, many continue to fill their bags with a promising project which they consider undervalue based on the recent change happening around us and one of such coin is 1inch.
1inch is the native token for the popular Dex called 1inch.exchange, some months back they introduced their token into existence and gave out a certain percentage to users who have performed one or several activities surrounding the 1inch.exchange platform.
Total supply of 1.5bilion the coin has seen a considerable increase in its price and many still consider it highly undervalue if a comparison was to be made with its counterpart Uniswap.
With a price tag, many see as undervalued, the next or reasonable action would be to bag some, but why bag only when you can make your holdings work more for you?
This also goes to 1inch exchange users who received a certain amount of 1inch tokens, instead of holding and waiting for a token price appreciation, why not stake and generate more tokens from there?
This is not new and for those who consider it somewhat new, 1inch.exchange provides a feature that allows users to stake their tokens by voting, this option is available on both BSC and ETH networks but due to the high-end fee required to complete transactions on the Ethereum network, today’s post will be centered on the BSC network.
1inch.exchange before now was Ethereum centered as it allowed users to swap ETH tokens and also serves as a medium for users to provide liquidity against different pairs, due to recent changes and the appearance of BSC, they had to adjust their working principle and provided means for BSC network to also interact with 1inch.exchange.
So far, the update has really been great with no visible bug and also pulling in a huge amount of daily transactions which many Dex hopes for.
Steps to stake 1inch on 1inch.exchange via TokenPocket
1inch.exchange requires a web3 wallet for accessibility to be possible and TokenPocket does exactly this
TokenPocket is a multichain wallet that allows users to easily manage their crypto assets and also a DApp browser to 1inch.exchange and many other DApps.
TokenPocket supports both IOS and Android devices and users can easily download for their preferred device via playstore or appstore.
Since, today’s article is based on BSC network, users needs to create or import a BSC wallet via the multiple account opening option available on TokenPocket
Next is to click on discover menu and search for 1inch.exchange or simply type on the search bar and click done
A new menu comes up just like the one below
Connect your wallet if you are yet to
Click on the ETH/BSC icon as shown below
Select the BSC icon since today’s writeup is BSC base but if you intend to interact with the ETH version of it then by all means select that.
Next is to ensure you have a 1inch token available on your address, if not, you can easily swap BNB to 1inch directly from the swap menu or receive from another 1inch supported exchange like Binance
Click on the menu page from the top left and click on governance
A new menu comes up like the below, it shows your 1inch balance
From left to right is numbered in percentage and you can decide to use any percentage of your 1inch holdings, be it 25%, 50, or 100% the higher the amount staked, the more 1inch reward you can claim
The first is to approve the transaction as you would with any other platform and the next is to stake
Staking means you agree to vote on 1inch.exchange and also your 1inch token will be sent out pending on when you decide to claim back.
As usual, the above is simply for education and entertainment purposes always do your own research before investing in any digital or offline platform