How to Achieve Maximum Return with Staking BETH While Waiting ETH 2.0 Goes Live
Waiting, waiting, and waiting for ETH 2.0 Upgrade has become intolerable for most of us. It’s believed to solve many current problems on the Ethereum network but ‘tik tak’ is still repeating itself. Anyways, you have the opportunity to multiply your possible income on BSC (Binance Smart Chain).
Beefy.finance is an automated yield generator for BSC users. The smart contract that beefy.finance has built gives the right for everyone to reach the best APYs with just one click. The technology behind it searches on the entire BSC network, find the best possible yields, and creates a pool to get in touch with! And if you have some crypto assets on your BSC wallet, you have the right to receive rewards on Beefy. There are more than 100 available pools for any type of asset including cryptos, LP tokens, and many more. For detailed information, please check the Beefy.finance app here.
Today, my point is to cover all aspects of BETH, staking BETH, and being rewarded for this action. At first, we must understand the meaning of BETH. Then I’ll explain how to stake them. Finally, we will learn how to track our rewards that accumulating 7/24. Keep on reading & don’t forget to follow my Twitter account for more content.
Step 1. Fund Your Wallet with BETH
BETH is a BSC token that represents your staked ETH balance. If you stake your ETH tokens on Binance, the same amount of BETH will be transferred into your spot account. It means that the staked ETH will generate about 9.5% APY at that moment. In addition to that, you have the right to trade, withdraw, and utilize such BETH tokens in different areas. Now let’s see how to stake ETH and withdraw them.
Go to Binance ETH 2.0 Staking page, then press the ‘Stake Now’ button on the left-hand-side. I reserved 0.1 ETH for this action.
After a 2-step confirmation period, you’re given the equal amount of ETH that you staked. Now, 0.1 BETH appeared in my spot account.
Now, it’s time to withdraw BETH tokens into the BSC wallet. Go to the ‘Withdraw’ section on the Spot&Fiat balance page, search for BETH, and click withdraw. It costs nothing to withdraw BETH even though the ETH withdrawal fee is about 7$ at the time of writing.
Please ensure that you selected the right network as Binance Smart Chain to prevent loss of funds! After BETH withdrawal, we’re ready to head on beefy.finance and start secondary revenue in addition to ETH staked on ETH 2.0 on Binance, previously.
Step 2. Staking BETH on Beefy.finance
As I have told previously, Beefy.finance is the main yield aggregator built on BSC. There are over 100 pools that generating income continuously and the BETH pool is just one example of them. Total Value Locked in Beefy.finance is over 44 million dollars right now. It seems relatively low compared to Ethereum DeFi Yield Aggregators but this value has doubled itself last week! The new target TVL is 1 billion dollars, #roadto1B.
Let’s come back to our main topic, staking BETH. There are multiple wallet choices before starting to use Beefy. Like mobile wallets, TrustWallet, MATH wallet, Safepal wallet is supported. But if you’re a web user, don’t worry! Metamask and Binance Chain Wallet is also supported.
In this article, I’ll use Metamask. First of all, click the ‘Wallet’ section on the right-hand-side and select Metamask. Then, allow Metamask to connect Beefy for just once. After the allowance, there is no limit to go on using Beefy.
Now, you’re connected and ready! Please search for BETH on the ‘Asset’ section and head on to that one. Now, you can see your wallet’s BETH balance, deposited BETH amount, APY ratio, and daily return of investment amount. To deposit your BETH tokens, you must approve the transaction which allows Beefy to spend your BETH tokens.
It costs only 0.05$ to make the transaction happen. After this step, select the amount of BETH tokens you want to deposit. I selected the ‘Deposit All’ button to receive the highest possible return. Then confirm the transaction on Metamask again.
This transaction costs me about 0.03 BNB or 1.32$ in the dollar. This value is quite higher when you know the mean transaction fee is around 0.2$ for BSC. Anyway, I completed all steps and now my BETH is gathering rewards from the best yields on the BSC network.
That’s all! After you completed these 2 steps, it’s time to have a rest and enjoy your passive income. While resting, you can track your portfolio anytime.
Bonus Step. Tracking The Yield Generation
While having a couple of tea, nothing can be better than checking your rewards. If you are a liquidity provider, liquidity miner, asset vault user, or experienced any kind of BSC DApps you’re given the right for tracking pending and total rewards.
When I staked my BETH on Beefy, it’s shown that the APY ratio is around 25%. It’s a relatively good ratio when I expect to see a rise in ETH prices, also. But I’m not good at math to calculate all this stuff every time. This work is automatically done by YieldWatch. Just click the link, head into the website, and paste your BSC address. It’s exactly easier than calculating one-by-one yourself.
Here’s the proof of my staked BETHs and pending rewards for it.
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*This article is created to spread the awareness of BETH, ETH 2.0 Staking, and Beefy.finance with personal experiences. None of the words above contain any kind of investment advice! Please DYOR (Do Your Own Research) before investing.*
