With the crypto going into a sideways market for now, I wanted to earn some interest on the existing tokens that I had. I found out that you can stake your 1Inch token on the 1Inch exchange to earn governance rewards. This is different from the liquidity mining where you might be subject to impermanent losses.
On the Ethereum network, you can earn up to 57% APY (as of 1st Jun 2021) staking your 1Inch Tokens for governance reward.
On the BSC network, you can earn up to 46% APY (as of 1st Jun 2021) staking your 1Inch Tokens for governance reward.
I went with staking on the BSC network, simply because the fees are a lot cheaper.
This guide assumes that you already have 1inch BSC tokens in your metamask wallet.
- Go to https://app.1inch.io/, and Connect Wallet.
2. Select the Network that you want.
3. On the MetaMask Notification, click on Next and Connect
4. Now you should see your wallet connected.
5. Click on the DAO link and enter the amount to Stake
6. Click Stake token.
7. Confirm the transaction on the MetaMask Notification. This transaction cost me USD$0.53, which is cheap compared to if you stake on the Ethereum one.
8. Once confirmed, wait for the transaction to complete. You can click on the View BscScan to view the transaction status.
9. Once the transaction is completed, you can view your 1inch breakdown and Claim your Governance Rewards here.
Other Crypto articles you might be interested in:
- How to earn interest on your crypto currency?
- How to deposit USD to BlockFi in Singapore?
- Dollar Cost Averaging (DCA) Bitcoin: Here’s why it works
- BlockFi vs Celsius Interest Account
- How to Connect to PancakeSwap Using Trust Wallet On Your IPhone
- How To Send BNB From Binance To Your Trust Wallet On Your IPhone?
- How To Stake BNB From Trust Wallet On Your iPhone?