How to use the Fixed-Term Staking option
This page explains who to stake in the new CAKE Syrup Pool with the Fixed-Term Staking option.
Last updated
This page explains who to stake in the new CAKE Syrup Pool with the Fixed-Term Staking option.
Last updated
1. Go to the Pools page here.
2. Connect to your BNB Smart Chain-compatible wallet by clicking the Connect button (top right-hand side).
3. Choose your wallet and connect.
4. Choose the CAKE Syrup Pool and click the Enable button. Your wallet will ask you to confirm the action.
5. The Enable button should now be replaced with Flexible and Locked. Click the button to bring up the staking menu.
6. For Fixed-Term Staking simply press Locked, which will present you with a new window, enter the amount of CAKE you wish to stake and for how long you want to lock your CAKE for.
Below that, you will find a summary of your position, including yield, lock duration, and unlock date and time. Double-check to make sure you are okay with the lock duration and amount staked, click Confirm and confirm the transaction in your wallet.
Please note that we are still refining our UI including more precise unlock durations and a possible countdown.
Changed your mind during the lock staking duration? No problem. You can always extend the time of your locked CAKE by simply clicking "Extend" and choose how much time you want to add on top of the initial lock duration. Remember, the longer you lock, the higher your yield will be boosted. The maximum locking duration is 52 weeks.
A user's new extended lock duration = initial lock duration + added duration
Example:
A user staked 1,438.45 CAKE in fixed-term staking with an initial lock duration of 10 weeks on 7th May 2022.
On 18th June 2022 (6 weeks later, 4 weeks until the user's CAKE unlocks), the user decides they want to add 5 weeks to their lock duration.
1. Navigate to the CAKE Syrup Pool and click Extend.
2. Select the duration you would like to add (5 weeks in this example). Note that your new lock duration will equal your initial lock duration of 10 weeks plus the added 5 weeks for a new lock duration of 15 weeks.
3. Double-check to make sure you are okay with the new extended lock duration and click Confirm.
Please note that you can not shorten the locking period nor withdraw your CAKE prematurely.
You can easily do that by renewing your fixed-term staking position. Simply click "Add CAKE" and choose how much CAKE you want to deposit.
Please note that adding more CAKE to an existing lock resets your staking term based on the remaining lock duration, essentially “renewing” your fixed-term staking position. This results in a lower yield boost because your new lock duration is lower than your initial lock duration.
Example:
A user staked 1,438.45 CAKE in fixed-term staking with an initial lock duration of 10 weeks on 7th May 2022. On 18th June 2022 (6 weeks later, 4 weeks until the user's CAKE unlocks), the user decides they want to add 100 CAKE to locked balance.
1. Navigate to the CAKE Syrup Pool and click Add CAKE.
2. Select the amount of CAKE you would like to add to your locked balance (for this example, we are adding 100 CAKE which is our max wallet balance). Note that your yield boost is lower than the initial yield boost because it is calculated using a 4 week lock duration instead of the initial 10 week lock duration.
2.1. Alternatively, users can check the box next to "Renew and extend your lock to keep similar benefits." to maintain a similar yield boost setting the lock duration equal to the initial lock duration (in this example, 10 weeks).
3. Double-check to make sure you are okay with the added CAKE amount and the lock duration and click Confirm.
