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Tutorial | How to liquid stake FIL and participate in farming

Tutorial | How to liquid stake FIL and participate in farming

Bifrost opened the FIL liquid staking and vFIL/FIL farming portal on March 28th at 6 pm HK time (UTC+7). All FIL holders can mint vFIL and stake FIL liquidity to earn Staking rewards while releasing liquidity through vFIL and participating in vFIL/FIL farming to gain additional revenue.

Bifrost FIL liquid staking is divided into two phases, the first phase has already started, the minting hard top is 300,000 FIL, and after reaching this threshold, the protocol will temporarily close the liquid staking function. The second phase will be upgraded to the FVM version and the vFIL minting hard cap will be removed. For more details, please refer to the article Bifrost is launching vFIL, one of the first Liquid Staking solutions for the Filecoin Network

Do you want to join? Follow our tutorial!

Transfer FIL to EVM Address (OKX)

Since Filecoin FEVM has just been launched on the mainnet, the current CEX that support withdrawals to the Filecoin FEVM address are OKX, Kraken, Anchorage, Bittrex, and Btcturk, and more exchanges are still increasing. Here we take OKX as an example.

First transfer FIL to Filecoin EVM. Select withdraw FIL - on-chain, fill in the Filecoin EVM address in Address/domain, select the FIL - Filecoin withdrawal network, enter the FIL amount and submit it. Switch network to Filecoin with Metamask wallet and copy Filecoin EVM addresses.

Note: Fill in the Filecoin EVM address in the OKX Filecoin withdrawal network and select FIL-Filecoin to directly withdraw FIL to the Filecoin EVM address. Use the Metamask wallet to switch the network to Filecoin -Mainnet can check the FIL withdrawal balance

Transfer FIL to EVM Address (Foxwallet)

  1. First withdraw FIL from the exchange to the Filecoin address, for this tutorial we have chosen Foxwallet as the withdrawal wallet demo. Here FIL is already withdrawn in the Filecoin network:

2. Select Send and enter your Filecoin EVM address in the To address to transfer FIL from the Filecoin network to the Filecoin EVM address

3. After a successful transfer, switch the network to Filecoin - Mainnet on the Metamask wallet

Polkadot.js Extension Installation

  1. Before staking FIL into the Bifrost network, you need to bind Filecoin and Polkadot/Bifrost addresses. If you have never used the Polkadot.js wallet extension, please install it in advance from here: https://polkadot.js.org/extension

2. If you have a Polkadot/Bifrost address, please import the mnemonic words or JSON file through the settings after installing Polkadot.js.

3. Note: Please adjust the network to Allow use on any chain during the process of importing addresses

4. If you have not used a Polkadot/Bifrost address before, please create a new address through the settings and keep the mnemonic words or JSON file of the Polkadot/Bifrost address safe.

Filecoin & Bifrost Address Binding

  1. Log in to bifrost.app/vstaking/vFIL and Switch the top right network to Polkadot

2. Select Cross in, follow the prompts, and click Bind Filecoin to bind the Filecoin EVM address and Polkadot address (Note: Once the address is bound, it cannot be unbound, please select the desired address to bind)

3. Follow the prompts first to sign the Bifrost address verification, then sign to confirm the Filecoin address and fee

4. Click OK to complete address binding. Bifrost will automatically airdrop 0.1 BNC as an on-chain transaction fee

FIL cross in & Liquid Staking

  1. Click Cross in button

2. Enter the number of FILs to be crossed in, click the cross in, and sign for confirmation (it takes about 5 minutes after signing)

Note: In order to ensure cross-chain security, the cross-in process requires multiple verifications. It takes a long time depending on the network situation. Please wait patiently for confirmation.

3. After completing the cross-chain, Balance will display the balance of FIL on Bifrost

4. Enter the amount of liquid staking FIL in the FIL minting module, and then click Mint

5. After the minting is successful, you can check the vFIL amount, income, and farming data above

Thanks for joining this tutorial. If you have any questions or suggestions during the operation, please contact the Bifrost community admins in our Discord or Telegram

For more vFIL details please refer articles Bifrost is launching vFIL, one of the first Liquid Staking solutions for the Filecoin Network and LST & Hardware Networks: Bifrost opens a new era of Liquid Staking

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