Deposit (Stake)

PreviousTransaction Status NextHarvest (Claim)

Last updated 4 years ago

Was this helpful?

Deposit (Stake)

ATTENTION: This document is a rough draft and hasn't been fully developed yet.

The contents here-in may be incomplete, out-of-date, and modified radically in future revisions.

Step 1: Select a Victim pool

To find an available victim pool and it's Annual Percentage Rate of Return (APR) review the list of available Victims by navigating to and choose "Pools" from the menu.

Step 2: Mint LP Tokens to add Liquidity to the Underlying Pool

Use a crypto-wallet connected browser (Metamask) to navigate to the appropriate underlying platform (DODO, Uniswap, SushiSwap, et al) of the victim pool selected in Step 1.

Add liquidity to the victim pool by depositing tokens into a Liquidity Pool (LP) using the underlying platform's interface.

Platform

Guide to Adding Liquidity

Dodo

After the LP transaction has completed successfully on the blockchain the crypto-wallet used to initiate the transaction will receive LP tokens that provide the receipt for the liquidity deposited.

Step 3: Stake Victim LP tokens on Dracula Protocol

Select the victim pool matching the LP tokens minted in Step 2.

Step 4: Approve Dracula Protocol to Spend LP Tokens

In order to initiate the LP token deposit into Dracula Protocol the crypto-wallet containing the appropriate victim LP tokens must be unlocked and permission for Dracula Protocol to spend the minted LP token(s) must be approved.

Select the "Approve" button that appears on the sidebar menu.

When "Approve" has been selected from the sidebar, a connection to the crypto-wallet is initiated and a notification will appear in the active crypto-wallet requesting the user approve a transaction.

ALWAYS review before accepting each transaction to confirm the transaction being approved matches the action desired.

Once the transaction has been reviewed and confirmed to be correct, select to "Accept" the transaction and associated gas fee. Wait for the transaction to be successfully processed by the Ethereum network.

A transaction on the Ethereum network can take seconds to hours to complete depending on the number of transactions pending and the quantity of gas approved to be spent for the transaction.

Pro Tip: The approval process need only be completed once if, prior to submission of the approval transaction, the number of tokens approved to be spent is set to infinite (the default setting). If the token approval quantity is set to a specific number, such as the amount currently available or being deposited, the process must be approved again if additional deposit transactions for the same LP token exceed the specific number initially submitted in the approval transaction.

Step 5: Deposit the LP Tokens

After the approval transaction for the LP tokens has succeeded navigate to the deposit option in the sidebar menu.

The deposit button will not be available until an amount is entered in the 'Enter Amount' field.

Input the amount of the LP tokens to deposit, then select "Deposit".

A notification from the crypto-wallet will appear after selecting Deposit.

Review and approve the crypto-wallet transaction to deposit the tokens in Dracula Protocol and wait for the Ethereum network to successfully process the request.

Step 6: Verify the Deposit was Successful

Now What?

That's it! Dracula Protocol will now use the deposited LP tokens to automatically harvest the underlying rewards, sell the rewards for ETH, and invest the ETH into a yield-earning strategy.