Hey guys! Today we are going to talk about some ways for you to make money with PulseX.
You can take advantage of this, and start generating passive income with PulseX right away. We will show you step by step how it works.
So, watch this video all the way through so you don't miss anything.
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Now without further ado, let's get straight to the point.
In many of the videos in this channel, we've discussed the issue of staking and delegating PLS to validators.
If you've been following us since the beginning, you'll remember that PulseChain is Ethereum's next fork to a full system state, launched by Richard Heart. Testnet has been out since about September 2021, and Testnet version 2b was launched a few months ago. It includes what appears to be a completed PulseX, which is the first DEX that will be on PulseChain, much like Uniswap is on Ethereum. PulseX is deflationary and designed to include a buy and sell feature based on trade volume. Richard Heart said he thought it could grow 10,000-fold in about two years. Given that his first crypto (hex.com) has grown 10,000 times in less than two years, you can take him seriously.
Today, we're going to look at how to earn passive income with PulseX, since passive income is the goal for many of us.
We've already made a video explaining a little bit about how it works, today we're going to approach some new elements that will help you maximize your return.
Here you have two options with PLSX, farming which is liquidity provision, and pools which is one-sided staking.
As we have already discussed farming in our previous videos, here we will focus on pools or PLSX staking,
and it's much easier than you might think.
If you've sacrificed for PulseX, you'll need to add the contract to Metamask to see your chips in Metamask. To do this, get the address of the contract directly from Richard Heart's Twitter page, or in the description of this video. We've already made a video that explains how to do this, so if you're having trouble, you can watch it. The link is in the description below.
You can also go to Metamask and scroll to the bottom of your assets page. There will be a link to "Import Tokens." Click on that link. Then, Cut and paste the PulseX contract address, and it should automatically fill in the remaining fields. Then agree to import the token and it will appear in your account. If you sacrificed, you will see your PLSX balance in your Metamask. If you did not sacrifice, you can still exchange your PLS for PLSX. But if you have neither PLS nor PLSX, you can use the PLS faucet found on the Pulsechain.com website. This will give you PLS you can then swap into PLSX.
To trade these PLS for PLSX, go to: https://app.v2b.testnet.pulsex.com/. Once you have your PLSX, you will notice the "Trade" and "Earn" tabs on the top left:
Under the "Earn" tab, you will see tabs labeled "Farms" and "Pools". This video focuses on pools. Farms were covered in a previous video. We will make another video if you wish. Tell us what you think in the comments.
Now let's get to the heart of the matter and see how Pools on PLSX work, and especially how to set up one-sided staking for passive income.
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Ready to go? Okay, let's move on to the staking.
Put very simply, you stake your PLSX and earn another token. Because PLSX is deflationary and no more will ever be minted, the system cannot pay you in PLSX. It can’t mint any new tokens. So, you are rewarded with another token. On Testnet v.2b, the only pool is PRT, which appears to be a placeholder token to test the software.
We believe that there will be other pools made available on PLSX that will reward you with different tokens, although we do not know this for a fact. But given the way Testnet seems to be set up, it's hard to believe this won't happen. This seems to be a great way to encourage the adoption of tokens by up-and-coming projects – offer them as rewards to PLSX stakers.
You can only add up to 10M PLSX tokens to this PRT pool on Testnet. We don't know if this is a feature that will be carried into Mainnet or not. It could also be a parameter set by whoever is creating the pool. Similarly, there seems to be an end date for this PRT pool. This may also be a parameter set by whoever creates the pool. We don’t know for sure and haven’t been able to find any other information about it.
Now, go to the "Pools" page, click on "Stake" and it will bring up a form to fill out.
Add between 1 and 10,000,00 PLSX, hit “Confirm,” and Metamask will pop up and ask you to confirm your transaction. And congratulations, you’re in the pool!
Once you have rewards, you’ll see the “Harvest” button turn green, and you can withdraw those amounts to your Metamask.
If you did not add PRT to Metamask, you won’t see the rewards you harvested. But simply click on the “Add to Metamask” on the lower left side of the PRT pool screen, and it will add it. You will then see your rewards.
To unstake, all you have to do is click on the minus-sign button just to the right of the Harvest box here:
If you hit that button, a page will appear.
Enter the amount you want to unstake and hit "Confirm." Again, Metamask will pop up and you'll have to confirm the transaction. Within seconds, you'll see your unstacked PLSX return to your wallet.
One thing to know here is that some people claim to have tried destocking before harvesting once to see if they could still harvest after destocking. The Harvest button was not available.
This seems to indicate that you MUST harvest before you unstake or you will lose your rewards. Again, we don't know if this will be carried through to Mainnet, but don't plan on risking it. Harvest first, then unstake.
And that looks to be all there is to Pools on PLSX. Again, much respect to the Devs for making this easy for even crypto noobs to use. We can’t wait to see what pools become available on Mainnet.
Congrats to everyone who sacrificed for PLS and PLSX. We're looking forward to the magic carpet ride!
By the way, If you are new here and want to know more about the pusechain, and whole pulse ecosystem, we have created an exclusive playlist for you, called pulsicans ultimate playlist, it has over 100 videos dedicated to pulse. You can go through these, to learn more about Richard hearts coins ecosystem, pulsechain, pulse x, and hex
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