It’s been a while since we started STONE DeFi Platform. And thank you for all the support and patience. In STONE’s pursuit of Rock Solid Yield and innovative strategies, we also target to create an easy-to-use product for all community users. In this post, let’s take a look at how to start to earn your rewards in the STONE Alpha Test Mining Program within a few clicks.
Please also note that we’ll release our vaults one by one, and the first 2 vaults will be USDC and USDT vaults due to the high demands in our community, we’ll take USDC as an example, the steps are more or less the same, we’ll create new docs if there is any big difference when new vaults are created.
What are STONE Vaults?
First thing first, to earn rewards in StoneDefi, you need to understand Stone Vaults, the key component of StoneDefi.
Stone Vaults are pools of funds backed by certain strategies, which attempt to earn competitive interests through different yield farming strategies.
Step 1: Get Yourself Ready with MetaMask
Believe you’re ready to farm on https://app.stonedefi.io, which is the permanent app address. The StoneDefi starts its vaults on ERC20 standard tokens, so be sure you have Chrome Browser with MetaMask extension installed, quite standard facilities to live in the current Defi world.
Please grant access to StoneDefi to connect to your MetaMask wallet as shown in this image:
Please note that during the writing of this document, the StoneDefi app is still not ready in Mainnet, the screenshot used are on my local ENV, if you see the localhost:3000 in the below screenshot, it should be https://app.stonedefi.io in MetaMask wallet whenever you are asked to grant permissions, this is crucial to keep your funds safe that not to allow any unknown or malicious application to steal your funds.
Step 2: Get to Know Stable Coins Pools
As mentioned above, the StoneDefi will start with ERC20 USDC and USDT vaults, both are popular stable coins in the market, scroll down a bit and you’ll see the Stable Coins Pools right after the STONE man, like this:
Step 3: Let’s Farm Now!
Choose a vault which you want to earn rewards, and click the Farm button in that row, and it pops up a small window to deposit.
Step 4: Set Allowance
To start depositing, you need to grant allowance to StoneDefi, this is to safeguard your assets by setting ERC20 token transfer limits. Enter the amount of allowance and click Add allowance button.
Upon the button clicked, it triggers approval on MetaMask, review, and click Confirm to approve the allowance requested from StoneDefi.
Step 5: Deposit
It’s inevitable that the Gas fee is super high, please ensure you have sufficient ETH and at least a few hundred dollars worth of stable coins to try out StoneDefi, enter the token amount you want to invest, e.g. 300 USDC in our case, and click the Deposit button.
It will trigger MetaMask confirmation to approve the funds transfer.
Review then click the Confirm button to approve the fund transfer.
That’s it! Well done and you can sleep tight with solid yield now! If you click the Farm button on the app page, it should show your deposit balance, e.g. 300 stUSDC in this demo case. Bear in mind that, it takes time to get this balance updated, in average 10–20 minutes due to the slowness of Ethereum network.
One good thing is StoneDefi doesn’t impose a locking period, so that you will be able to withdraw anytime with any amount of your remaining balance. To perform a withdrawal, again, click the Farm button and go to the Withdraw tab.
You’ll be allowed to key in any amount of available funds, and click the Withdraw button to trigger MetaMask. Review and click the Confirm button to complete the redemption process.
Please note that all deposited addresses will be rewarded with STN tokens in the future according to the time-weighted average of TVL, which is a crucial part for you to receive STN.
It’s a very straightforward flow as long as your MetaMask wallet works, and you should be able to complete the transaction within a few minutes. Thanks for your time to read through this post, and that’s all for today.
There is no doubt StoneDefi will extend to support more wallets in the near future, so stay tuned with us for more interesting vaults and strategies to be turned on in the coming weeks. Let’s Rock it!