How to use a Belt LP Staking Pool
A brief guide on how to use/deposit into Belt Pools
Last updated
A brief guide on how to use/deposit into Belt Pools
Last updated
Awesome! You're ready to start using Belt.fi.
To start, make sure your Metamask wallet is set up for Binance Smart Chain (BSC). You can follow this link for a guide on how to set up Metamask to do so.
Before proceeding, make sure you have some BNB in your wallet to cover associated transaction fees when using Belt.
When you're done with that, your Metamask wallet should look something like this. At this stage, I'm currently holding 1 BNB token (you can disregard the ETH symbol as a Metamask UI bug).
You have a few options for getting stablecoins (e.g. Binance, PancakeSwap, etc.). For this guide, I'll be using PancakeSwap to exchange my BNB for stablecoins. For a more in depth guide, to trading on the PancakeSwap exchange, check out this post.
After going to PancakeSwap exchange and connecting my Metamask wallet, I'm changing 0.6 BNB to BUSD.
After confirming your transaction, you should be able to see BUSD in your Metamask wallet. If it doesn't show, you can go to BscScan and get the BUSD contract address and add it as a custom token to your wallet. When all is said and done, your Metamask wallet should look something like this.\
To use deposit into a LP pool, you have two options:
Depositing a single token token in a pool
Swapping and Depositing a portion of each token in a pool
I'll go over both options.
This is the simpler option as you only have to deposit one type of token.
First, going to the belt.fi website and go to the Belt LP Staking section. After pressing "Add Liquidity" and connecting your wallet, it should look something like this:
To start, I'm going to add 49.0015 BUSD to the pool. After pressing "Approve BUSD", and confirming the transaction fees through Metamask, you'll have to "Add Liquidity" again and confirm the transaction through Metamask. (This double approval is only necessary on your first instance of using each feature. And please make sure to wait until the confirmations goe through before proceeding!)
Once your transaction is confirmed, your screen should show that you have a VENUS BLP BALANCE like below:
You then have to "APPROVE" the staking, which will incur another small transaction fee. The "APPROVE" button will then change to a + -. Pressing the Plus Button (+) will add all of your VENUS BLP to get Staked. Your screen will then look like this:
Your staked amount will grow according to the APY!
This is your other option. Matching the ratio of the tokens in the pool will minimize IL (Impermanent Loss), especially if the volume of your assets is high. Please note that as this option takes more steps, it will incur a higher total BSC transaction fee, so it's best to use this strategy only if you're working with a larger volume of assets.
To accomplish this, as all I have are BUSD tokens for stablecoins, I will start swapping some BUSD for the other tokens in the pool (DAI, USDC, USDT, BUSD) through the Belt.fi AMM swap feature at the top of the site.
Each time I swap from BUSD to a different token (DAI, USDC, USDT), I will have to confirm the transaction through Metamask and pay the transaction fee. (Note that on your first instance of swapping, you will have to confirm the contract before confirming the actual swap transaction).
After all the swaps are completed, the Belt LP Staking section should show that you have all the relevant tokens. After setting the amount of each token you want stake (pressing the Balance sets this automatically to the maximum tokens you have), approve any tokens that you haven't yet approved.
As I haven't yet approved DAI, USDC, or USDT, I have to go through this extra approval step for each of those tokens (on first time only).
I can then "Add Liquidity". After confirming the transactions, I now have more Venus BLP Balance.
After adding to the staking and confirming the transaction, your VENUS BLP will show in the staked section.
For the Belt Pools, your returns largely come from three things: Venus APY, Trading Fee APY, and BELT APY.
For Venus APY comes from auto compounding your deposit through venus. You can read more about it through the "Understanding Liquidity Pool" section of this document.
Trading fee APY comes from giving you a portion of the fees incurred when others use your deposit to conduct swaps through Belt.fi.
BELT APY comes from the BELT tokens you are given (when liquidity mining starts).
But where can you see your rewards?
It is easiest to think of the amount of Venus BLP you have staked as the number of shares you have of a total. This number will stay the same. However, as the value of each share, or Venus BLP, goes up with the auto compounding (Venus APY) and trading fee APY, you will see the value of your deposit go up (highlighted in the image below).
Once liquidity mining starts, you will also be able to easily see your BELT rewards in the BELT EARNED section and harvest them separately.
So all in all,
Deposit your assets into Belt.fi to get a conveyor belt that delivers optimized yield, and sit back and watch your portfolio grow safely!
Leaving so soon? Sad to see you go but here's how to do it.
The first step is to press the Minus button (-) in the Venus BLP Staked section.
After confirming your transaction through your wallet, your Venus BLP should now show in the BALANCE section.
Now, go to the "Remove Liquidity" section and press either COMBINATION MAX or choose one token and max that out.
This is what it should look like when you press COMBINATION MAX.
From here, pressing Approve LP Token will lead you confirming the contract (on first instance only). After confirming, you should see a Remove Liquidity button in the place of the Approve LP Token button. Pressing this and confirming your transaction will remove your liquidity from this pool and you will receive the tokens shown (DAI, USDC, USDT, BUSD). These tokens will now be in your wallet.
Otherwise, you can max out one particular token for removal. Pressing MAX next to the token of your choosing should lead your screen to look like this:
Likewise, pressing Approve LP Token will lead you confirming the contract (on first instance only). After confirming, you should see a Remove Liquidity button in the place of the Approve LP Token button. Pressing this and confirming your transaction will remove your liquidity from this pool and you will receive the token you chose to max out (BUSD). This token will now be in your wallet. \
