FTM is the ecosystem currency of Fantom, an open and decentralized smart contract and blockchain platform.
Built on the Ethereum blockchain, Fantom provides an innovative solution to the Blockchain Trilemma. It effectively solves Ethereum blockchain’s issues by providing extra scalability, a secure network, and decentralization.
Its token, FTM, is tradeable on several CEX and DEX markets. However, one way of earning via the Fantom ecosystem is by staking its token on liquidity pools. You can stake FTM on liquidity pools to earn token APY rewards.
Here is how to stake FTM on Tomb to earn TSHARE rewards:
- Set up Fantom Network on Metamask
- Buy FTM token on Binance
- Send FTM token to Metamask wallet
- Buy TOMB token with FTM
- Buy TOMB-FTM LP Tokens
- Stake LP tokens
1. Set up Fantom Network on Metamask
Setting up the Fantom network on Metamask is the first step to staking your FTM tokens on Tomb.
Install Metamask wallet extension on Chrome browser. Complete wallet setup by creating a new wallet and password.
Navigate to the network dropdown where you see “Ethereum Mainnet.” Expand to add Fantom network to your Metamask.
Select ADD NETWORK and input the following details in the provided fields:
- Network Name: Fantom Opera
- RPC Url: https://rpc.ftm.tools/
- Chain ID: 250
- Symbol: FTM
- Block Explorer URL: https://ftmscan.com/
Click SAVE to switch your Metamask to the FTM network.
2. Buy FTM token on Binance
After setting up your Metamask, you can fund your wallet with FTM tokens.
Head to a centralized exchange, preferably Binance. Binance is highly recommended due to its low trading and transfer fee.
Log in or create a new account with Binance. Verify your account by completing KYC with a clear copy of your valid identity card and utility bill.
Once your Binance account is ready, navigate to BUY CRYPTO on the left side of the top bar. Select Credit/Debit Card as the preferred payment method.
In the next window, select the preferred amount of FTM you’d like to buy. Also, change the preferred cryptocurrency to FTM.
Complete purchase with details of your credit/debit card. Double-check the details before executing the payment.
As soon as payment is completed, your FTM will reflect in SPOT WALLET.
3. Send FTM token to Metamask wallet
The next step is funding your Fantom-enabled Metamask wallet with FTM.
Navigate to WALLET > FIAT and SPOT. Just at the front of each of your assets, you will find options to execute different actions, including buy, sell, deposit, or withdraw.
Click WITHDRAWAL to transfer FTM to your Metamask. To withdraw FTM, you need to copy your FTM wallet address from Metamask.
To do this, open your Metamask wallet and log in with your password.
Click on FTM from the asset list and tap BUY. Here you will see different options to buy/deposit FTM.
Choose DIRECTLY DEPOSIT FTM and copy the wallet address.
Input this address in Binance, set the network as FTM (Fantom), and indicate the preferred withdrawal amount. Finally, tap WITHDRAW to transfer FTM to your Metamask wallet.
4. Buy TOMB token with FTM
After funding your wallet with FTM, you also need TOMB tokens to complete your stake.
To do this, go to Tomb.finance on your browser. Connect your Metamask wallet by clicking CONNECT WALLET which is located in the top right corner of the homepage. Approve connection in a Metamask confirmation that pops up afterward.
Before you can stake FTM, you will need an equal amount of TOMB. Therefore, swap around half of your FTM.
Also, ensure you leave a little amount of FTM to pay for gas fees. For instance, if you have 70 FTM, swap about 34 FTM for TOMB so that you can have another 34 FTM to complete the LP token, then 2 FTM for gas.
Navigate to SWAP to buy some TOMB tokens with FTM. Under SWAP, choose FTM and TOMB, input the preferred FTM amount, and click SWAP.
Confirm swap by approving the Metamask prompt.
5. Buy TOMB-FTM LP Tokens
After getting TOMB tokens, it’s time to buy some LP tokens.
Navigate to SWAP on Tomb, then enter the LIQUIDITY > Add Liquidity
Click max amount or manually input the maximum amount of TOMB token in your wallet. The corresponding amount of FTM will appear.
Approve tokens and confirm the transaction in Metamask.
You can view your LP tokens by adding the TOMB-FTM LP contract address to your Metamask. You can check the contract address here: https://docs.tomb.finance/protocol/contracts-and-wallets.
6. Stake LP tokens
To stake your tokens, navigate to CEMETERY of the top bar of Tomb.
Here, click VIEW on TOMB-FTM LP. Next, click Approve TOMB-FTM LP to access your liquidity token from your wallet. Confirm connection by approving a prompt in your Metamask wallet.
After approving your wallet, add LP tokens with the + (add) symbol. You can manually input preferred LP tokens or tap MAX. Finally, click CONFIRM to stake your LP tokens.
You can view your staked LP tokens and TSHARE reward earned in the TOMB-FTM LP afterward.
Staking FTM on Tomb Finance is simple. You can check how much you can earn daily (daily APR) in the Cemetery.
However, your earnings generally depend on the amount of FTM/TOMB token stake and time. Your earnings begin to compound with your APR percentage till you withdraw them in the Cemetery.
Meanwhile, you can also stake your TSHARE rewards for additional revenue after withdrawing them.