Bridge Mutual x Ferrum Network: Staking Event

5 min readFeb 10, 2021

Bridge Mutual is launching its first tranche of staking using Ferrum Network’s staking technology. This is a document containing everything you need to know about this event.

Direct link to staking: staking (bridgemutual.io)

Stake $BMI or Uniswap LP Tokens and earn.

What is staking?
How to buy $BMI
What are LP Tokens
How to stake $BMI to acquire LP Tokens
How to stake your $BMI or LP Tokens
Metrics

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1. What is staking?

The term staking is used in various ways. For our purposes, staking simply means to lock up your digital assets ($BMI or LP Tokens) in exchange for rewards over time. While you are staking, these assets cannot be removed until the required staking duration is over. In our case, this is a minimum of 30 days and a maximum of 60 days; we will explain more on this later. The rewards you receive are measured in APY (annual percentage yield). For example, if you lock up $1,000 with an APY of 10%, you should receive $100 in rewards over a 12 month period.

In order to stake using our program, you will need to have $BMI in your possession. We recommend using Metamask as a means of holding Ethereum and other ERC20 tokens (like $BMI).

After making an account, make sure you add the token to the list of your wallets visible assets. To do this, scroll to the bottom of the app and press “ADD TOKEN”.

Switch to the Custom Token tab and paste this address into the Token Contract Address bar: 0x725c263e32c72ddc3a19bea12c5a0479a81ee688; then press Next and continue through the prompts.

2. How to buy $BMI?

In order to purchase $BMI, you will need to have some Ethereum in your Metamask wallet.

You can use any major exchange or broker to purchase Ethereum. Once the Ethereum is on your Metamask wallet, you will go to Uniswap to purchase $BMI via this link: Uniswap Info

Click the Trade button above, and it will take you to another page where you can choose how much of your Ethereum you would like to trade for $BMI at the current market rate. After you accept the trade, Metamask will prompt you to accept the transaction. After you accept the transaction, the transaction itself will take a couple of minutes to resolve. If the transaction confirms, that means you have successfully traded the ETH for $BMI, and $BMI is now in your Metamask wallet.

3. What are LP Tokens?

“LP Tokens” are Liquidity Provider Tokens, they represent your share of the liquidity pool on Uniswap. Liquidity providers are people that stake equal amounts of ETH and $BMI on Uniswap to receive exchange fees in return. Uniswap has a built in 0.3% exchange fee on every transaction which generates fees for Liquidity Providers.

4. How to stake $BMI to acquire LP Tokens

Go to Uniswap via this link and click “+Add Liquidity”: Uniswap Info

This will take you to a prompt where Uniswap will ask you how much $BMI you would like to stake within the exchange. You are required to provide an equal amount (in value) of ETH.

You must Approve BMI and then Confirm Supply.

After you approve this transaction, your Metamask wallet will be credited with “Uniswap V2” LP Tokens.

5. How to stake your $BMI or LP Tokens

Staking from this point on is very simple, and you should be able to figure it out. Go to our staking page here: staking (bridgemutual.io)

Choose which asset you want to stake, connect your wallet, and follow the typical Metamask prompts.

6. Metrics

There is a limited time to contribute. Staking pools open February 10th and close when they fill up completely (or on February 20th, 2021, if they do not fill).

The staking program is intended to last for 60 days. However, stakers can withdraw early starting at the 30 day period. For every day that you stake beyond 30 days, the APY rewards increase linearly up to 60 days.

If stakers leave the staking pool early, the un-earned APY that they would have earned will be split evenly among all of the stakers that stay for the entire 60 day duration. Therefore, it is possible to earn more than the maximum listed APY.

BMI Staking Pool

Full Maturity: 60 days
Full Maturity APY: 30%
Early Withdrawal Maturity: 30 to 59 days
Early Withdrawal APY: 15%
Maximum tokens that can be staked into the pool: 2,000,000 BMI
Date that pool stops accepting new tokens: February 20th, 2021 or when full.
No minimum; no maximum.

LP Token (BMI/ETH) Staking Pool

Full Maturity: 60 days
Full Maturity APY: 100% (+ trading fees)
Early Withdrawal Maturity: 30 to 59 days
Early Withdrawal APY: 50% (+trading fees)
Maximum tokens that can be staked into the pool: 75,000 Uniswap V2 LP Tokens
Date that pool stops accepting new tokens: February 20th, 2021 or when full.
No minimum; no maximum.