Smoothy Genesis Mining Tutorial — Boost Staking to Earn Big
Dear Community Members,
Smoothy mining has now officially started, evolving from a single flavor smoothie to a shop with various flavors. We prepared this tutorial for everyone to understand Smoothy’s mining mechanism, and how users can configure parameters to achieve 10 times more rewards than others.
Smoothy’s mining is mainly derived from stablecoin staking. LP can enjoy long-term staking due to the small fluctuation and interest earning ability. For users who are willing to mine on Smoothy for long-term, we will offer more:
1. Lock LP tokens (syUSD and LP Token on DEX) can obtain up to 4 times the mining rewards.
2. Lock SMTY can also win:
(1) Enjoy 2.5x boost speed on mining.
(2) Share the penalty paid by early exit miners with your locked token proportion.
(3) Get a part of the gas fee reward (open in the future).
That is, users can earn more mining rewards by setting up a staking period and stake SMTY. The stake and lock time can be chosen from 1 week to 4 years. The different lengths of lock time will provide different boost speeds. The longer you lock, the higher boost you get. If the users stake LP tokens and SMTY at the same time, then the maximal rewards can reach up to 10 times more than non-locked mining.
Please note that it’s good for you to read the complete tutorial if you want to better understand Smoothy farming. We also advise Ethereum users to pay attention to their Gas fees, please don’t operate too frequently. Additionally, please note that the screenshots in the article are from the test site and are not relevant to the actual rewards.
First, visit Smoothy’s official website(https://smoothy.finance) and click “Farm” at the navigation bar, or visit the Farm page directly: https://smoothy.finance/#/farm.
There are two funding pools here: syUSD POOL and LP Token Pool (the display will be different depending on ETH or BSC network).
syUSD Pool Staking
Basic Operation
The syUSD pool is a staking pool prepared for miners who are also Smoothy liquidity providers. Miners participating in Smoothy staking need to stake the harvested syUSD into the pool to realize mining successfully.
First, you need to authorize to enter the funding pool. Click “Approve” and wait until the button changes to “Stake & Farm”.
Here it shows: APY(Annual Percentage Yield), Staked syUSD, Share of Pool, veSMTY Balance(introduced later), Total Boost, and Lock Expiration Time.
If you don’t need to boost, you can input syUSD amount and click Stake directly.
Lock to Boost Mining
Users can earn more mining rewards by setting up a staking period. The stake and lock time can be chosen from 1 week to 2 years. The different lengths of lock time will provide different boost speeds. The longer you lock, the higher boost you get. Please note that you cannot withdraw once locked. Think carefully before you choose the lock time.
Extend Lock End Time / Add Lock Amount
If you want to boost your mining rewards, you can extend lock-up time, or add lock amount. The lock-up time can be set to at most 2 years. The button will be non-clickable if the total lock-up time extends past this. In addition, increasing the amount staked will not extend the lock-up time.
Uniswap/Pancake Pool Staking
Basic Operation
LP can stake the LP token obtained by providing liquidity on Uniswap/Pancake, and earn additional mining rewards at Smoothy. All you need to do is stake the LP token to the right-side funding pool.
First, you need to authorize to enter the funding pool. Click “Approve” and wait until the button changes to “Stake & Farm”.
Here it shows: APY(Annual Percentage Yield), Staked LP Token, Share of Pool, veSMTY Balance(introduced later), Total Boost, and Lock Expiration Time.
If you haven’t yet provided liquidity at Uniswap/Pancake, you can click the “Add Liquidity” button at the bottom of the page to enter the Uniswap/Pancake official website to provide liquidity.
If you don’t need to boost, you can input LP token amount and click Stake directly.
Lock to Boost Mining
Users can earn more mining rewards by seting up a staking period. The stake and lock time can be chosen from 1 week to 2 years. The different length of lock time will provide different boost speed. The longer you lock, the higher boost you get. Please note that, you cannot withdraw once locked. Think carefully before you choose the lock time.
Extend Lock End Time / Add Lock Amount
If you want to boost your mining rewards, you can extend lock-up time, or add lock amount. The lock-up time can be set to at most 2 years. The button will be non-clickable if the total lock-up time extends past this. In addition, increasing the amount staked will not extend the lock-up time.
Stake Existing SMTY to Boost More and Earn More
On the page, there is a “VOTING POWER” pool. This pool is used to stake SMTY (obtained by purchase, pre-mining, genesis mining, etc., not those who haven’t yet withdrawn in the funding pool) to earn veSMTY, which can further boost the mining speed and earn extra rewards.
First, authorize and click the “Lock & Earn” button.
Here it shows: Total Locked SMTY, Total veSMTY, Average Lock Time, Locked SMTY, veSMTY Balance, veSMTY Boost, and Lock Expiration Time.
Lock to Boost Mining
Users can earn more mining rewards by setting up a staking period. The stake and lock time can be chosen from 1 month to 4 years. The different lengths of lock time will provide different boost speeds. VOTING POWER provides an extra boost speed by staking SMTY, which is decided by your veSMTY percentage in the total supply and your locked LP token percentage in the total supply. The boost can be 10x maximal. The actual boost speed will show at the bottom of the section.
Please note that you cannot withdraw once locked. Think carefully before you choose the lock time.
Here you can add the lock-up amount, extend lock end time, and create lock. The process is the same as before.
Withdraw Mining Rewards
These 3 pools have their own withdrawal pools, all of which are at the bottom of the page. Click the “Vest” button to withdraw the tokens to the Vested SMTY pool, which is a new section at the bottom of the page. Click the “Withdraw” button there can withdraw the mined SMTY to your wallet.
Please note the 5 withdrawal rules:
- All SMTY is vested for three months.
- Exiting a vest early always incurs a 50% penalty no matter how early or late you choose to exit.
- Penalties are distributed to veSMTY holder only.
- Locks are grouped by week so vests from the same week get pushed onto the same lock.
- SMTY earned by veSMTY holder is also vested in the same way as LP rewards.
Also, in the section, it will show(See the screenshot, respectively):
1. The number of SMTY that available to withdraw without penalty.
2. The number of SMTY that available to withdraw
3. The early exit penalty.
The attached screenshots show you the place of the “Vest” button in each funding pool:
FAQ
Q1: What does “New Rewards Per Second” on the page mean? If it is rewards, will this fluctuate? And how?
This part shows the liquidity mining rewards per second, which is only affected by the emission model of SMTY.
The emission rate of SMTY reward is:
- First year: 1% monthly (12% total)
- Second year: 0.75% monthly (9% total)
- …
- Nth year: 0.75 ^ (N — 1)% monthly (12 * 0.75 ^ (N — 1)% total)
Q2: How to mine SMTY-BNB LP POOL and SMTY-ETH LP POOL? How to get LP token?
After Uniswap/Pancake provide liquidity for SMTY, miners can stake the obtained LPToken into this funding pool to start the mining. At the bottom of this section, there are SWAP and Add Liquidity buttons. Click the buttons will refer you to Uniswap/Pancake sites, and automatically add SMTY smart contracts for you.
Q3: I see the APY is a range, like “340.81%-3408.16%”, so what is my real rewards?
This range represents your rewards range. You can boost your rewards by lock syUSD, LP token and SMTY. So the small number shows you the yield if you locked nothing, and the big number tells you the maximum rewards. The maximum means you need to lock the longest time and stake a significant number of SMTY than others. The real-time boost will be displayed in each pool. It’s a wide range since you can extend the lock end time, and also can add locked token amount.
Q4: Can I stake SMTY without withdrawing and earn veSMTY directly? It will have some losses if I withdraw.
No, if you want to stake veSMTY, you have to withdraw and then stake.
Q5: It says all SMTY is vested for three months. The time is calculated when I click the “Vest” button, right?
Yes, it is.
Q6. How you calculate the veSMTY boost speed?
Boost Speed = lpTotalSupply * your veSMTY balance/veSMTY total supply
your veSMTY = lock time / 4 years * lock SMTY amount
Simply speaking, please refer to the number displayed on the website directly.
Q7. Why remind me that Ethereum users should be more careful?
Currently, BSC’s gas fee is extremely low, compare with ETH. All the operations in the mining pool need to interact with the contract, including authorization, stake, withdraw (withdraw the mined SMTY to your wallet requires two steps), extend lock end time, and add lock amount. If Ethereum users played too many unnecessary operations, the mining rewards may not cover the high gas fee. This is not what we want to see. You can read the above tutorial carefully before your operation at ETH.
Q8: Why can’t I find some functions you mentioned?
Explore more, find more.
