How to Use SafePal Earn Yield Aggregator

Popular DeFi earning protocols are integrated into SafePal Earn. Opting in and out takes just a few clicks.

By
Ahamdi Abarikwu
on
December 12, 2021
Category:
BSC News

DeFi Simplified

Many people find it a bit bothersome to learn the rudiments of the many earning opportunities in Decentralized Finance (DeFi). This is especially so for beginners who first have to figure out how cryptocurrencies work, how to create and manage a crypto wallet, how to use a Decentralized Exchange (DEX) etc. 

To earn in DeFi the user will then have to sift through the hundreds of DeFi protocols available, choose a desired platform, and understand the platform's earning strategy. Add these to the fact that there are many scam projects out there and a user needs to figure out which ones are legit. The learning curve for DeFi can be discouraging to many people.

Those are exactly the issues SafePal set out to solve. SafePal, one of the most popular crypto wallet providers, has introduced a solution that will make participating in DeFi much easier. On October 21, SafePal announced the beta launch of its wallet's SafePal Earn feature: 

"SafePal Earn Beta is now LIVE. Make DeFi Simple. Stake your crypto inside SafePal. Earn and earn from Binance Smart Chain, PancakeSwap, ApeSwap LP", the platform announced on its Twitter handle


What does SafePal Earn do?

Source

SafePal Earn is an innovative yield aggregator implemented right inside the SafePal Wallet. It enables a user to stake crypto assets in popular yield farms within the SafePal wallet without any need to visit any external website or access any third-party Decentralized Application (dApp).

SafePal Earn takes away the hard work and complications involved in DeFi yield-farming so that anyone can have a chance to earn in DeFi. The SafePal team carefully selects popular mining pools that are not only security-audited but must also pass other stringent requirements. Users can therefore be confident that the earning pools are from credible projects. The SafePal Earn smart contract is also fully audited by Certik

SafePal Earn's auto-compounding feature helps maximize the interest users get from their investment. It also saves users the gas costs they would have spent if they were to manually compound their profits. 


How To Use SafePal Earn

The first step is to download and set up a SafePal software wallet. The app is available for download on Apple and Google app stores. Here is a tutorial on how to set up a SafePal Wallet. 

Using SafePal Earn is a 3-part process: Select a pool, stake your crypto assets, claim your yield.

Part 1: Select A Pool

To see the pools available in SafePal Earn, open the SafePal App. Click the 'Earn' Tab at the base of the screen. On the left-hand side, you will see the different single token and LP pair pools. On the right-hand side, you will find the DeFi protocols offering the pools and the blockchain they belong to.

You can use the Search Filter at the top right to make the app display pools from a particular protocol and a particular blockchain network.

As of the time of writing only SafePal, PancakeSwap, and ApeSwap protocols - each from Binance Smart Chain (BSC) - are available. So you will need to have some BNB in your wallet to cater for gas fees when making BSC transactions. SafePal Earn will onboard protocols from other networks (Ethereum, Solana, and Polygon) in the future.

Part 2: Stake your Crypto Assets

After choosing a pool, it's now time to stake your crypto assets into that pool. For our example, we will use the single-token CAKE pool.

  • To deposit our CAKE, click the interface for CAKE.
  • On the deposit page that opens, click 'Deposit'. 
  • Under the 'Deposit CAKE' field, use the slider to select the percentage of your CAKE holdings you want to stake. If you want to stake all, simply click the 'Max' button. After entering the amount of CAKE, click the 'Deposit' button.
  • On the 'Approve Request' page, select your preferred gas limit. Then click on 'Confirm' to authorize SafePal to use your CAKE.
  • Enter your password/fingerprint to sign the transaction.
  • A second authorization page will pop up. Sign it to deposit the CAKE into the CAKE-pool.
  • The CAKE tokens are now successfully deposited in the CAKE pool.

The platform charges a 0.1% unstaking fee if the deposited tokens are withdrawn from the pool earlier than 3 days after staking.

Staking LP tokens follow the same procedure, but you will need to have LP tokens first or create some if you don't have any in your wallet. Here is a guide on how to create LP tokens using the SafePal app.


Part 3: Claiming Your Yield

You can leave your deposited tokens in the pool as long as you want to continue earning. When you wish to collect your earnings, here is how to go about it:

  • Open your SafePal app, click the 'Earn' tab. Click 'Deposited' to show the pools where you have stakes. Then tap the pool whose earnings you wish to claim. 
  • Click the 'Claim' button, select your preferred gas level, then click 'Confirm'.
  • Enter your password and click 'Confirm' to authorize the claim. 
  • Once you see the confirmation that your claim is successful, you will see your earnings on the main token page of the app. 
  • If however, you want to withdraw both your original stake and earnings, use the 'Withdraw All' button and authorize the transaction as before.

For users who staked liquidity pool (LP) tokens, here is a guide on how to withdraw the LP tokens from a pool. 


Wrap Up

So, that's all it takes to earn in DeFi using SafePal Earn. Yield-farming has never really been this easy and intuitive. We have done in a few clicks what would normally take a user much Do-Your-Own-Research (DYOR) effort and time.

SafePal Earn is indeed a laudable utility. It greatly reduces the knowledge-based entry barrier of DeFi. Solutions as this will go a long way in helping more people adopt decentralized finance and gain from its numerous benefits. 


What is SafePal?

SafePal is a Crypto wallet service that was founded in 2018. It has both software and hardware versions that can be paired together for optimum user experience.

SafePal is backed by Binance, and the vision of the team is to help users secure and grow their crypto assets safely and conveniently.

SafePal Earn is a key delivery of SafePal's vision to help users take advantage of the earning potentials of crypto. Whether newbie or expert, anyone can now yield-farm with ease and comfort all from within the SafePal wallet app.

Where to find SafePal:

Website | Blog | Twitter | Telegram | Google Playstore | Apple Store 

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Ahamdi Abarikwu

Ahamdi Abarikwu is an Electrical Engineer and a lover of anything crypto. He is also an avid writer, proofreader and editor. He loves to play Scrabble in his spare time. He hold bags mostly in BabyDoge, CSM (Crust Storage Network), and JulD.

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