Disclaimer: The annual percentage yield (APY) mentioned in this post is an estimate and will fluctuate over time based on external factors, such as the SPDR token market price and percentage of tokens locked for liquidity mining purposes. The SpiderDAO team has no control over these factors.
Last night, we announced that the Certik audit of our smart contracts is done and today, we are launching the SPDR token on Polkastarter and Uniswap. This marks a culmination of countless months of work, and we are excited to finally share the functionality and utility of the SPDR token with our community.
The token launch also means that the SpiderDAO Distribution program is ready to go live. You can read more about the program here. In short, it is designed to facilitate a long-term transfer of ownership in the DAO to users providing value to the project by becoming LPs. Fully 60% of the SPDR supply will be unlocked through the program. We estimate that the initial APY will be around 700% minimum, backed by the security of our audited contracts and the experienced team. By providing liquidity to the SPDR liquidity pools and staking the equivalent of at least $500 in LP tokens, liquidity providers will also be able to claim free VPN. We call this mechanism “Liquidity as Utility”.
We will now go through some basics of adding liquidity and staking your liquidity provider (LP) tokens for users who are not too familiar with the process.
Connect your wallet.
If you already have LP tokens, skip to step 6. If you don’t have any LP tokens, select the pool you wish to stake and click Add Liquidity. You need to have an equal dollar amount of both tokens you are looking to provide liquidity for.
Input the amounts of each token you want to add or use the MAX button. At this point, you need to approve both tokens.
Click APPROVE USDT and confirm the dialogue.
Then confirm the transaction in your wallet and wait for it to go through. After approving USDT, you need to APPROVE SPDR. If both APPROVE USDT and APPROVE SPDR are already greyed out, continue to the next step.
After approving the tokens, both boxes should be greyed out. From here, click ADD LIQUIDITY, confirm the dialogue box, as above, and confirm the transaction in your wallet.
Once the transaction is confirmed, you will receive the LP tokens for your chosen pool. If you already had your LP tokens and are joining us from Step 3, we can now move on to staking. Proceed to the main page and select the pool you want to stake. After that, click the STAKE button.
As before, you need to APPROVE the LP token, confirm the dialogue box, confirm the transaction in your wallet, and wait for it to mine.
After the APPROVE button is greyed out, input the number of liquidity tokens you want to stake (or use the MAX button to input your entire balance automatically) and click STAKE. Then confirm the dialogue box, confirm the transaction in your wallet, and wait for it to be confirmed.
After the transaction mines, you will be redirected to the main page with a new view. You can see your staked token balance, rewards, Claim reward button, and the Withdraw button.
That’s it. You are now participating in the SpiderDAO Distribution program, earning more SPDR, and are eligible to get a free VPN, if you are providing more than $500 worth of liquidity. We will review how to claim your free VPN shortly. In the meantime, stay in touch with us by joining our Telegram channel, and we hope you enjoy being part of our community.
SpiderDAO’s vision is to bring unparalleled online privacy to the end-user. As a Decentralized Autonomous Organisation (DAO), requires addressing the shortcomings of current DAO frameworks. We do so through a multi-layered governance setup based on hardware and software tools on top of a Fair & Resilient Hardware-based DAO built on Polkadot.
Our ecosystem, then, is built on the foundations of fair governance. It includes the SpiderDAO, SPDR Token, and the SpiderConnect Router, which come together to create a robust, scalable, and community-driven ecosystem that will keep up with the pace of technology change and stand the test of time. Today, we would like to shine the spotlight on the SPDR token and its utility within the SpiderDAO ecosystem.
Learn more about SpiderDAO:
Visit our website: www.spiderdao.io
Join our telegram: https://t.me/SpiderDAO
Join our Discord: https://discord.gg/freymYYspb
Our one-pager: https://assets.spiderdao.io/SpiderDaoOnePager.pdf
Our Pitch Deck: https://assets.spiderdao.io/SpiderDaoPitchDeck.pdf
Our Whitepaper: https://assets.spiderdao.io/SpiderDaoWhitepaper.pdf