Lovelace World Testnet Staking Guide

Lovelace World
8 min readJan 7, 2022

What is Crypto Staking ?

Crypto staking involves “locking up” a portion of your cryptocurrency for a period of time as a way of contributing to a blockchain network. In exchange, stakers can earn rewards, typically in the form of additional tokens or other benefits.

Crypto staking is similar to depositing money in a bank, in that an investor locks up their assets, and in exchange, earns coin rewards.

How to Start Before Staking ?

One of the first tasks you will want to do on Metamask is to install a wallet (or “vault” as Metamask calls it) to hold your cryptocurrencies. To do this, follow the instructions below.

1. You need to install Metamask Wallet

The first way you can download the wallet from MetaMask — download:

Or you can download it from Google Extensions:

Installing Metamask Wallet

Step 1. Click on the Metamask logo in the upper right-hand corner of your Google Chrome browser.

Step 2. Read and agree to the terms and conditions. You may have to agree to 2 to 3 pages worth of terms.

Step 3. Enter a password and click “Create” to create your wallet.

Step 4. You will see a set of 12 “seed words” for your vault. Click “Save Seed Words as File” and copy the “MetaMask Seed Words” file that is downloaded to a safe place. You will need it to access your vault.

Step 5. Click “I’ve Copied It Somewhere Safe” once your seed words file has been secured. You’ll be taken into your Metamask wallet!

How to Receive Coins for Staking ?

Step 1. Open Metamask and choose BSC Testnet.

If you don’t see BSC Network you need to add it to your Metamask wallet!

Click on “Add network” and add all fields as seen in the screen below:

Step 2. Copy your Ethereum address from Metamask

Step 3. Click on the BNB faucet and claim your test BNB. Enter your Metamask wallet and click on “Give me BNB”

Step 4. Check your BNB wallet in Metamask to be sure that you have at least one $BNB token.

Get/Mint test $LACE Token

Step 1. Open $LACE token contract on BSC Testnet (bscscan):

  • click on tab Contract then Write Contract;
  • click on the button Connect to Web3 and connect your wallet (make sure you are on BSC Testnet);
  • select functions mintArbitrary:
  • in _to (address) pass your address;
  • in _amount (uint256) pass amount of tokens you want to mint (you can’t mint more than 1 million $LACE);
  • click button Write and confirm sending transaction on Metamask;

Step 2

  • add $LACE token to Metamask wallet
  • open Metamask and click Add Token in tab Assets;
  • switch to tab Custom Tokens and paste the address of $LACE token:

0xAaF760Fa545c98Af3ff4ED7cc9AB5675B74fb755

  • save changes

Note: Amount should be in WEI. Eg. To mint 100 $LACE token you should pass 100 * 10¹⁸ = 100000000000000000000.

Get/Mint LP Token

Enter the Pancakeswap Testnet, switch to tab liquidity, and click “Add Liquidity”, select $LACE (found on the list copy paste address of token 0xAaF760Fa545c98Af3ff4ED7cc9AB5675B74fb755), then on the bottom select test $BNB, follow the next steps from platform to finish.

Add LP token ($LACE/$BNB) to Metamask wallet:

  • open Metamask and click Add Token in tab Assets
  • switch to tab Custom Tokens and paste the address of LP token:

0x3DB62180ACEdFcd3B130b558A9be1aA5C00F2C43

  • save changes

Staking platform description

Crypto staking is a way for cryptocurrency investors to passively generate rewards or interest for owning crypto. If you have crypto assets and want to increase your holdings, staking could be one strategy that will allow you to do so.

Currently, we have 3 different pools for staking:

  • Guaranteed APY Staking
  • Unlimited Staking
  • LP Staking

Pool #1: Guaranteed APY Staking

This option is a limited(capped at 2 million) pool $LACE/$LACE(stake/earn) with a fixed reward, staked period 30 days, locked period — 30 days.

$LACE Balance: How many $LACE tokens you have on your Metamask wallet.

Stake: The button to start staking your $LACE tokens in Guaranteed APY Staking pool.

$LACE Staked: How many tokens you have staked in the pool.

Your reward: What have you already earned?

Pool Size: How many tokens can be staked in the pool.

APY: The total amount of interest you earn on a deposit account over one year, assuming you do not add or withdraw funds for the entire year.

Total Staked: How many $LACE tokens are already staked in the pool.

Beginning: The date when was the start of your staking in this pool

Endings: The date when staking will be over (for Guaranteed APY Staking pool 30 days)

How to Stake $LACE in Guaranteed APY Staking?

Step 1: Follow the link to the Lovelace Testnet Staking Platform:

Step2: Connect your Metamask wallet, if successful you should see the updated balances:

Step3: Click on Stake button in Guaranteed APY Staking:

Step4: Input how many $LACE tokens you will allocate for staking and click “Approve” button (when you stake for the first time):

Step5: Click confirm in your Metamask wallet:

Step6: After approving the transaction, click “Stake” button:

Step7: Click confirm in your Metamask wallet again after clicking “Stake”:

Step8: Observe on pool the result after confirmed:

Pool #2: Unlimited Staking

This unlimited pool with fixed reward per block, APY highly depends on Total staked tokens, the more user stake $LACE the less reward and less APY (this is because the same static reward pool amount must be distributed to more and more users evenly). You can claim a reward anytime by clicking the “Collect” button. Here we have a dynamic cooldown period for 10 days.

$LACE Balance: How many $LACE tokens you have on your Metamask wallet.

Stake: The button to start making staking your $LACE coins in Unlimited Staking pool.

Unstake: The ability to partially withdraw some of your staked tokens to the Metamask wallet

Collect: The ability to withdraw coins earned in staking to your Metamask wallet

How to Stake $LACE in Unlimited Staking?

Step 1: Follow the link to Lovelace Testnet Staking Platform.

Step2: Connect your Metamask wallet, if successful you should see updated balances:

Step3: Click on “Stake” button in Unlimited Staking:

Step4: Input how many $LACE tokens you will put in staking and click on “Approve” button (when you stake for the first time):

Step5: Confirm in your Metamask wallet:

Step6: After approving the transaction, click “Stake” button:

Step7: Click confirm in your Metamask wallet again after clicking on “Stake”:

Step8: Observe staking updates once confirmed:

Pool #3: LP Staking

This pool has the same logic as Unlimited Staking but for a LP or liquidity provision token, so its LP Token/$LACE unlimited pool with fixed reward per block. You can claim a reward anytime. The dynamic cooldown period is 10 days.

$LACE Balance: How many $LACE tokens you have on your Metamask wallet.

Stake: The button to start staking your $LACE tokens in Unlimited Staking pool.

Unstake: The ability to withdraw LP Tokens to the Metamask wallet.

Collect: The ability to withdraw tokens earned in staking to your Metamask wallet.

How to Stake $LACE in Unlimited LP Staking?

Step 1: Follow the link to testnet Staking platform.

Step2: Connect your Metamask wallet, if successful you should see updated balances:

Step3: Click “Stake” button in LP Staking:

Step4: Input how many $LACE-$BNB coins you will put in staking and click on the “Approve” button (when you do staking in the first time):

Step5: Click confirm in your Metamask wallet:

Step6: After approving the transaction, click on “Stake” button:

Step7: Click confirm in your Metamask wallet again after clicking on “Stake”:

Step8: Observe LP staking results once confirmed:

Unstaking Your Tokens

Pools have the ability to “Unstake” coins if there is a need to withdraw them!

During the day, you can withdraw 10% of the number of staked tokens.

Step1: Click on “Unstake” button:

Step2: Specify the number of coins you want to unstake from the pool. (At the bottom there is a text hint for the percentages of tokens you can withdraw at the moment:

Step3: Click on “Unstake” button and confirm the operation in Metamask wallet:

Step4: Observe the result:

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