How to Triple LP Earnings with Ditto Money Compund Staking Program
Greetings Medium community, today I want to introduce you to the way of multiplying your LP earnings with 3! Normally, every LP token holder has the right of receiving a proportion of trading fees. In addition to that, some of the projects releasing liquidity mining rewards. It creates a doubling of earnings. But what about triple rewards? Ditto Money gave us the opportunity to receive additional $BNB rewards for liquidity providers on PancakeSwap.
Now, let’s check the basics of Ditto Money first then learn how to multiply earnings with 3. Go on reading…
What’s Ditto Money, briefly?
Ditto Money or $DITTO is the first token with elastic supply and rebase features built on Binance Smart Chain. As expected, the $DITTO price is pegged to 1$ with a 2,000,000 DITTO initial supply. To stabilize the DITTO price rebases happen when the price is not between 0.96$ to 1.06$. If the price went below 0.96$, a negative rebase will occur to decrease the supply and higher the price. On the other hand, if the price goes above 1.06$, a positive rebase occurs to lower the price between the safe zone. If we’re in the safe zone of 10 cents, there will never be a rebase until the price changes. In that situation, the market maker has full control of the DITTO price.
The initial supply of $DITTO is 2,000,000 but the current circulating supply is around 1,300,000 at the time of writing. You can think that the price changes according to the rebase percentage but it’s not totally true. As you can check here on the BSC.scan too, the supply went 35% down in the first weeks after launch but the price is still around the safe place. This is why they are doing rebases every day and even more than once in a single day. Today, we see 4 different rebases with 4-hour timeframes. You can check the rebase details on the Ditto Money Dashboard page.
For those who want to learn more about Ditto Money, I recommend you to check their website and the Medium page.
After some brief information, let’s see how can we triple the LP earnings with compound staking! I will explain it in 2 steps and there is 1 extra step including a bonus especially for traders.
Step 1️⃣ Provide Liquidity on PancakeSwap DITTO-BNB Pool and Receive LP Tokens
To provide liquidity on any of the active pools, you must hold the same amount of tokens on your personal wallet. I left nearly 30$ worth of BNB and DITTO for that action. Now, I forwarded them to the relevant liquidity adding page. I must approve DITTO before adding liquidity. It costs only 0.0009 BNB which is less than 4 cents. After that, I supplied 31.96 DITTO and 0.75 BNB into the liquidity pool.
At that moment, I’ll receive 0.004% of trading fees on the PancakeSwap DITTO-BNB market. In addition to that, I have the right to stake my DITTO-BNB LP tokens on the PancakeSwap Farming page with over 182% APR at that moment. If you don’t know what APR or APY is or have some troubles understanding them effectively, please check my previous article about KAVA Staking and Understanding APY.
After providing liquidity, I have 0.000208628307375226 Cake-LP tokens that represent my liquidity position. Please keep in your mind that you’ll need these LP tokens to achieve triple rewards on Ditto Compound Staking.
Step 2️⃣ Staking Pancake LP Tokens on Ditto.money
If you choose to stake PancakeSwap LP tokens on PancakeSwap itself, you are rewarded with only $CAKE and $BNB tokens. But if you choose Ditto.money to utilize your LP tokens, you are rewarded with $DITTO, $CAKE, and $BNB at the same time. To make it happen, please go to the Ditto Staking page and stake approve staking of PancakeSwap LPs.
I selected ‘Max’ to receive the maximal reward. You can decide how much to stake before the approval. The approval costs me about 0.0008 BNB which is less than 4 cents again, that’s great compared to Ethereum transaction fees nowadays. After approval, please deposit your LP tokens to the reward pool. The deposit confirmation cost me about 0.007 BNB which is around 30 cents at the time of writing. That’s all. Please set back and enjoy triple rewards!
You can track your $CAKE and $DITTO rewards live any time you want. But to see and also receive the BNB rewards, you must stake until the 23rd of February 2021. If you unstake any time before 23rd, you’re given only CAKE and DITTO as rewards. Please don’t forget that the longer the stake duration, the bigger rewards. The higher share of the liquidity pool, the higher rewards…
The total amount of BNB to be distributed is 250 BNB. To be eligible for BNB rewards, you must not unstake your LPs until the end of the campaign. For the official announcement and detailed information, please check the Ditto Money Medium page.
🎁Bonus Step for Traders. 10,000$ Trading Competition on PancakeSwap is Live
If you are a DITTO whale or not, you can trade any amount of DITTO on PancakeSwap. But if your trading volume of DITTO exceeds 500 DITTO, you are eligible to join the whale’s club. For example, I have just traded about 32 DITTOs and it will make me sit on 55th highest trade volume owner. You can check the list of DITTO traders on React App. The total reward pool consists of 5,000$ worth BUSD and 5,000$ worth DITTO.
All Trainers who achieve a total effective trading volume of 500 DITTO or more (including buys & sells) on PancakeSwap DITTO/BNB pair will share an exclusive prize pool of 10,000 USD, based on the proportion of each user‘s total DITTO trading volume.
*This article is created to spread the awareness of Ditto Money, LP Staking and Binance Smart Chain with utilizing personal experiences, Ditto Money Medium page, and website. None of the words above contain any kind of investment advice! Please DYOR (Do Your Own Research) before investing.*
**Previously published here on Publish0x.**
