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Staking in the Bigfoot Bank
Staking assets that will be utilised by the Bigfoot platform allows lenders to earn interest on these. The process to do so is relatively straight forward:
Go to bigfoot.eleven.finance and connect your BSC compatible Web3 Wallet (using the button in the top right corner). Then select the "Earn" button.
This will open a page displaying "your info" which includes your wallet balance (of the BNB in your wallet only) and the amount you are currently lending to the Bigfoot bank. Below this is the Lending table, here outlines the current state of the Bigfoot Bank, interest rates and your positions. As well as options to supply or withdraw assets to the Bigfoot Bank.
The image above outlines (from a beta version of the site, hence the 0 values) lending BNB to the Bigfoot Bank. The first column is the APY a lender can expect to earn as a result of interest rates across the platform for their lent out BNB. Total supply is the total amount of BNB lent to the Bigfoot Bank. Total Borrow is the amount of BNB currently being lent out to borrowers. Utilisation is the % utilisation of BNB being used by the platform that results in the dynamic interest rate of the platform (more found here). BigFoot Balance is the amount of bfBNB in this case that the user holds in their wallet. BigFoot Chef, in this case, is the amount of bfBNB the user has staked in the farming contract. Note this bfBNB accrues interest for the lender AND $ELE tokens as well.
Select the Supply button to deposit BNB to the BigFoot Bank. This will bring up the box below. Here you can enter the amount of BNB you would like to supply. On selecting confirm and confirming the transaction in wallet, you will receive the equivalent BNB value bfBNB which represents interest bearing BNB.
On returning the the 'Earn' page you will now see your bfBNB balance as recorded in your wallet. Remember this number may be less than the BNB amount you deposited, they do not have a 1:1 ratio. However when you withdraw back to BNB, you will have the initial deposited BNB amount, plus any interest earnt, all paid to you in BNB.
There is one further step to maximise your lending gains. You can stake your bfBNB in the BigfootChef farming contract. This allows you not only to be exposed to the interest bearing properties of bfBNB but also share in $ELE rewards as per our farming distribution.
To do this select the 'Farms' button, here you will see the following table:
This box shows that for bfBNB holders. Authorize to spend your bfBNB into the BigfootChef contract, and then deposit the amount you would like and confirm. The above numbers outline the total APR of the lender is exposed to. The lend APR is the current interest rate for lenders of BNB on Bigfoot, and the ELE APR is present the APR distributed in $ELE to bfBNB stakers in BigfootChef.
To exit your lending position it is just a matter of reversing the above steps. Withdraw from the farm (this will automatically harvest any outstanding $ELE rewards), returning bfBNB to your wallet. Then in the 'Earn' tab, move back into BNB by withdraw exchanging your bfBNB to BNB by selecting the 'Withdraw' button, selecting amount and confriming transaction. Remember the amount you withdraw will be your initial BNB deposited, plus your share of any interest accrued on the platform during your lending period.
Last modified 6mo ago
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