Offshift Lists XFT on PancakeSwap, Launches Pancake LP Rewards & Bolsters LP Rewards on SushiSwap

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40,000 XFT will be allocated to PancakeSwap stakers over 8 months, and an additional 40,000 XFT will be allocated to SushiSwap stakers.

Offshift has listed XFT on the PancakeSwap DEX, and the XFT-BNB market is now live.

Offshift is also launching a PancakeSwap LP-Rewards Program on July 15 to establish incentives for liquidity provision on Binance Smart Chain (BSC), while bolstering our existing SushiSwap LP Rewards Program in order to maintain deep liquidity on Ethereum.

Now, in addition to trading XFT on both Ethereum and BSC, XFT tokenholders can stake both SushiSwap and PancakeSwap LP Tokens to receive XFT rewards.

Here are the details:

Breaking it Down: BSC & PancakeSwap

With the Offshift Ethereum-Binance Smart Chain (ETH-BSC) Bridge live on mainnet, the Offshift team now turns its attention to establishing deep liquidity in the PancakeSwap XFT-BNB market to provide a low-cost option for traders

To incentivize liquidity providers on BSC, Offshift is allocating 40,000 XFT for PancakeSwap LP Rewards, which will be distributed to LPs over an 8-month time horizon, beginning on July 15, 2021 and concluding on March 15, 2022.

To learn how to provide liquidity on PancakeSwap and stake your LP tokens for XFT rewards on Offshift’s BSC staking dashboard, see the guide at the end of this article.

Reinforcing Liquidity on Ethereum

While we deployed XFT to BSC in order to support traders, our PriFi platform is currently being developed for Ethereum and Polkadot (via Moonbeam), and we continue to direct our efforts toward those ecosystems.

To ensure incentives remain strong for our loyal Ethereum-based LPs on SushiSwap, Offshift is allocating an additional 40,000 XFT to our SushiSwap LP Rewards Program, extending a 10,000 XFT monthly allocation throughout the duration of the program, which will conclude March 15, 2022.

Together, our dual LP Rewards Programs will proceed as follows:

To learn more about our SushiSwap and PancakeSwap LP Rewards Programs, join our Discord and submit your questions for our July PriFi AMA and Community Call on Thursday, July 29 at 12pm ET.

Cake-LP Staking Guide

Before we dive in, if you’re new to Offshift’s staking programs, have ERC-20 XFT and want to provide XFT-ETH liquidity on SushiSwap and stake your SLP tokens, you can find that guide here.

If you have XFT on ETH and want to bridge it to BSC to provide PancakeSwap liquidity, you can bridge here. For instructions see the bridge guide.

If you already have BEP-20 XFT and BNB and you’re ready to provide liquidity on PancakeSwap and stake your LP tokens, follow the steps below.

I. Provide liquidity on PancakeSwap

1. Navigate to PancakeSwap’s XFT-BNB page. Click Add Liquidity in the top right corner of the page. On the Add Liquidity page click Connect in the top right corner and select your wallet provider (this guide will assume you’re using MetaMask), then select your wallet containing XFT and BNB.

2. Back on PancakeSwap’s Add Liquidity page, make sure XFT and BNB are selected and enter the number of XFT you want to pool. The equivalent value in BNB will auto-fill. Click Approve XFT.

3. MetaMask will open and ask if you want to Allow https://// to spend your XFT? Click Confirm.

4. Once the approve transaction has been confirmed by the network, click Supply.

5. An output summary will pop up. Click Confirm Supply.

6. When MetaMask pops up, again click Confirm.

7. When the Supply transaction is confirmed, your XFT and BNB will be placed into the PancakeSwap liquidity pool and you’ll receive Cake-LP tokens in return. To see the Cake-LP tokens in your wallet, click Add Cake-LP to MetaMask in the popup pictured below, then Add Token in MetaMask.

II. Stake your Cake-LP tokens on the Offshift PancakeSwap Farm Dashboard

8. Navigate to the Offshift PancakeSwap Farm Dashboard and click Connect Wallet.

9. Enter the number of Cake-LP tokens you want to stake (generally your entire balance), and click Approve.

10. MetaMask will open and ask if you wish to Allow to spend your Cake-LP? Click Confirm.

11. Once the approve transaction is confirmed, you’ll have the option to stake. Click Stake then Confirm in Metamask.

12. Once you’ve staked your Cake-LP tokens via the dashboard, you’ll start accruing rewards in XFT. Rewards accrue every block and can be claimed at any time by navigating to the Rewards tab, clicking Claim and approving in MetaMask.

13. You can unstake and withdraw your Cake-LP tokens from the staking contract at any time by navigating to the Unstake tab, entering the number of Cake-LP tokens you want to withdraw, clicking Withdraw, then approving the transaction in MetaMask. Any claimable XFT rewards will be automatically claimed when you unstake.

If you have any questions about staking, Offshift’s PriFi solution, or anything else, drop us a line in the official Offshift Telegram or Discord. Happy staking!

Disclaimer: As with all applications of Decentralized Finance, engaging with Offshift’s staking platform necessarily involves risk. Users are ultimately and exclusively responsible for their assets, and should assess personal risk appetite and conduct their own due diligence in advance of conducting any investing activity. In addition, contributing liquidity to any decentralized exchange (DEX) necessarily exposes liquidity providers (LPs) to the risk of divergence loss (previously called “impermanent loss”). In the event of significant divergence between the values of two assets in a designated liquidity pool, LPs may incur net losses, and should fully identify their exposure to potential divergence loss prior to providing liquidity.

About Offshift

Offshift is leading private decentralized finance (PriFi) with the world’s first Private Derivatives Platform. It leverages zero-knowledge (zk) proofs and sources reliable, real-time price feeds from Chainlink’s decentralized oracle network to enable users to mint zkAssets, an unprecedented line of fully private synthetics. Offshift’s mostly anonymous team has developed a trusted reputation for their thorough privacy research, development and execution.

To learn more and get involved, visit the links below:

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