How do I stake my UltraSafe tokens?

Want to stake your UltraSafe tokens? Discover how to do so at Ultra Protocol in this quick, step by step guide.

In this article

What is staking?
Staking your UltraSafe tokens
What are the pros and cons?
Removing LP tokens from staking pool

What is staking?

Ultra Liquidity Pool staking is made possible by combining an amount of UltraSafe tokens with an amount of BNB that are both equal in value. This combination mints a special liquidity pool (LP) token(s) to the liquidity provider’s address (you).

When you decide to stake your LP tokens, you are essentially locking that liquidity up so it cannot be sold for the duration of your staking period. Thus providing liquidity to the UltraSafe liquidity pool which helps the project to maintain liquidity, reduce slippage, and attract more investor activity by securing its liquidity.

In return for staking your LP tokens you are rewarded with a percentage of the UltraSafe tokens held in the staking contract’s wallet. That percentage is determined by the number of LP tokens you have staked.

Staking your UltraSafe tokens

Before we begin, If you're using TrustWallet on iOS devices, you will need a MetaMask wallet to stake due to the removal of dApps from the TrustWallet app. If you create your LP tokens in TrustWallet on iOS they will need to be transferred to MetaMask. This should not be an issue if you're using any other devices or wallets.

How to stake:

Create your LP tokens

NOTE: The 8% tax intrinsic to the UltraSafe token applies here

Go to Pancakeswap
Once you're in the trade menu, navigate to 'liquidity'
Now click on 'add liquidity'
Make the top currency BNB
Make the bottom currency UltraSafe. You can do this by selecting the token if you already added it to Pancakeswap, or by pasting the contract address found below:
0x48bAc97D5E3116626A56704BE7399E1Cb593A945
Now add the amount of BNB or UltraSafe you want to stake in the corresponding box. The correct amount of the other will be filled in automatically.
Approve the LP token contract by clicking 'approve' (this will only be shown the first time you do this).
Now click on 'supply' and confirm by pressing 'OK' if you get a notification (Make sure you leave enough BNB to cover the gas fees for the transactions).
After a short while the transaction will be completed and you're the proud owner of some Ultra/BNB LP tokens!

Add the newly created LP tokens to your wallet for viewing.

NOTE: This step is optional. It will only allow you to see your LP tokens in your wallet.

Open your wallet app.
On TrustWallet select the 'manage token' button in the upper right corner / On MetaMask select 'Import Token'.
Paste the contract address found below:
0x48bAc97D5E3116626A56704BE7399E1Cb593A945
Select Add Custom Token. (only on TrustWallet)
Make sure the network is set to Binance Smart Chain.
Paste the address above again. (only on TrustWallet)
Name and Symbol can be whatever you’d like to make them. We recommend 'UltraSafe' or 'Ultra Protocol' and 'ULTRA' or '$ULTRA'.
Set decimals to 18.
Save in the upper right on TrustWallet or 'Import' on MetaMask.
You’re done! You can now view your Ultra/BNB LP tokens in your wallet.

Download MetaMask

NOTE: This step is only necessary if your current wallet does not support dApps.
If you do not have MetaMask downloaded yet at this point, do so now from the AppStore/ Google Play Store. If you do have MetaMask, but do not have anything in it, use your TrustWallet seed phrase to import your trust wallet into your MetaMask. After doing so you may need to add the smart chain network if MetaMask has not done so automatically. Here's a guide: Connect MetaMask to Binance Smart Chain

If you do not want to import your entire TrustWallet into MetaMask you can send your LP tokens and enough BNB (if needed) to cover your gas fees (most likely no more than .005 BNB) to your existing MetaMask smart chain wallet address.

Deposit your LP Tokens

First, visit our staking dApp in your browser and click 'connect wallet' in the upper right
corner. Once connected select the amount of available LP tokens you would like to deposit for staking and select Deposit.
Approve the transaction and wait for the second approval page to appear. After both transactions have been approved and confirmed by the blockchain, you are done. Congratulations, you are now staking $ULTRA! Our staking dApp also allows you to track your current rewards any time you like.

What are the pros and cons?

Pros

-Rewards
You will begin receiving $ULTRA as a reward as soon as you deposit your LP tokens. Those rewards can be claimed at any time. You will have to pay the very small BSC gas fee for the
transaction and 8% of the collected rewards will be subject to ULTRA’s tokenomics.

Cons

-Impermanent loss.
NOTE: This is an example of a risk one might experience while staking.
Impermanent loss can be an effect of LP staking during times of extreme volatility.
Since your LP tokens represent a proportional holding of the liquidity pool, and not a specific amount of ULTRA/BNB, the amount of each you receive when withdrawing your LP is subject to change dependent on the current ratio of each in the pool.

If the liquidity pool contains more ULTRA than BNB (price of ULTRA went down), you will receive more ULTRA and less BNB. If the liquidity pool contains more BNB than ULTRA (price of ULTRA went up), you will receive less ULTRA and more BNB. If the price of ULTRA were to increase significantly while you are providing LP, you could end up withdrawing less ultra, leaving you with less total value than if you had not been providing LP. To learn more about impermanent loss, see here: Impermanent Loss Explained

- Tax
The 8% reflection tax applies to all $ULTRA transactions. This includes minting LP tokens, collecting staking rewards, and unpairing LP tokens. However, it does not apply to the deposit or withdrawal of LP tokens from the pool. These tokens are no longer technically ULTRA tokens while they exist in the form of LP. They are now ULTRA/BNB LP tokens and thus are not subject to the $ULTRA tax.

- Low volume
Staking during times with low volume results in lower rewards.

Removing your LP tokens

In your wallet browser go back to our staking dApp

When you are ready to claim your staking rewards, enter the amount of LP tokens you would like to remove from the pool in the UNSTAKE box Then hit exit and confirm the transaction.

Now the LP tokens have been returned to your wallet. If you’ve manually added the LP tokens to your wallet already you can now see them by going back to your wallet screen.

Unpairing LP tokens

NOTE: The 8% tax intrinsic to the UltraSafe token applies here

In your wallet browser go to: https://exchange.pancakeswap.finance/#/pool and connect your wallet. If using TrustWallet be sure your browser is connected to the Binance Smart Chain. The browser will default to the Ethereum network.

If you see your LP token balance properly displayed click on them and select Remove confirm the transaction. Done

NOTE: If you do not see your LP token balance properly displayed. You’ll need to import them manually. On that same page click 'Find other LP tokens', choose BNB and paste the $ULTRA contract in the second box. 0x0b3f42481c228f70756dbfa0309d3ddc2a5e0f6a Click manage this pool. Now your tokens should be visible on the liquidity screen. Please proceed with step #3.

NOTE: If you’re clicking 'confirm' and nothing is happening, you are most likely experiencing a bad internet connection. Check your connection and continue to try. DeFi is still a very new space, including Pancakeswap, so it might not work perfectly every time. If at first it fails, try again.
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