Menu

How to stake BFG token on BetFury

We may be late to the party, but as the saying goes “better late than never”. You must already be familiar with crypto casino Betfury and their dividend sharing system via their own token, and today we are going to talk about one of the many opportunities there are out there to stash some more of these BFG tokens.

Inside the Betfury platform, a little button catches your eye: “Farming” with a new window popping up when you click it. But, what is this all about? Well, that’s what we are about to explain!

The farming page doesn’t show all the information that some of us would have wanted to have read prior to proceeding; rather than jumping into the wild, so we are going to explain it step by step.

First of all, you need to obviously get to the page farming.betfury.io and we’ll see the following:

For starters, we can see the current price of the BFG token on the top left corner of the screen. Then, we see the possibility to connect our wallet (Metamask or Binance Chain) and the current and past staking pools. Obviously, the past ones already ended, and the show a 0% APR, so we can safely ignore those. There’s also a button to go back to Betfury.

If we focus on the current active one, we’ll see it shows an 85% APR. What is this? Well, if you left X BFG tokens for a whole year in the platform, you’d have the initial BFG+an 85% of what those initials were. Upon a closer inspection, we see the number of blocks left before this pool ends, and if we click it, we see that the current estimate is of 67 days.

Bad news then, we’ll not be getting that juicy 85% … total! We will still get a bit more than a 14% of our initial BFG in a matter of just 2 months; I’d like to see any bank try match that interest rate! There’s however 2 inconveniences regarding this:

  • Fees
  • The APR is dynamic

There’s a 2,99% fee on whatever BFG you generate, so the total BFG you’ll be able to get is a bit less than that 14+%. It’s still an awesome return, but it must be taken into consideration. There’s then a second fee on the initial deposited BFG. If you decide to withdraw it from the staking pool on the first 3 days, you’ll have to pay a 0,5% fee. If you withdraw after 3 days, the % lowers to 0,1%. At the time of writing this, we are not aware of whether there’s a fee once the pooling ends, so we’ll keep you guys updated on the matter.

The APR being dynamic can be both good and bad. If the % rises, we get more, if it lowers, we get less BFG. Since we can at any time withdraw, this is not really an inconvenience, but it’s definitely something to keep in mind.

Having cleared that, we are moving forward to the next step! We are on the farming site, check! We have BFG on our wallet, check! We have unlocked/connected our wallet to the farming site, check! We are then only missing one final step: staking the BFG. For that, there’s a button that says “stake”, on the staked bfg part, and there we’ll be able to select how much we want to stake. Our wallet will ask for authorization AND a small BNB fee to cover transaction costs. We won’t be able to stake anything should we have no BNB on our wallets.

Once we have staked the coins and done all the other steps, we’ll see something like this:

Everything is pretty self-explaining here. We’ll only have to take the fees into account whenever we are going to do anything; whether we unstake, harverst or compound. When compounding, we are just harvesting the earnt BFG and putting it into the staked BFG tab.

It is also important to remember that since the BFG will be in your wallet, interacting with a smart contract, instead that on Betfury, you will not be receiving dividens during the period the BFG is not on your Betfury account.

Go to BetFury nowGo to BetFury now

Relevant news

Leave a Reply