Guide: How to Stake on MEME v2 and Earn Exclusive NFTs
A playbook on farming limited edition NFTs on the new MEME 2.0
$MEME is a passionate community experimenting at the intersection of DeFi and NFTs. Users can stake (temporarily deposit) tokens to earn limited edition NFT art and collectibles.
This week we launched a new, improved dontbuymeme.com to thousands of passionate pineapple farmers.
In MEME v2 we’ve moved some things around and it might need some getting used to. But this guide should help you get started.
Step 0 — Put some $MEME tokens in your web3 wallet
For starters, you’ll need an Ethereum wallet like MetaMask or Ledger.
Then you’ll need to stock it with $MEME tokens. But as the saying goes, you’re not supposed to buy it 😉 But they didn’t say anything about “swapping” for it.
Visit Uniswap to get your hands on some tokens. Don’t tell them I sent ‘ya.
Step 1 — Visit dontbuymeme.com and connect your wallet
Click “Connect” in the top right corner of the site. Choose your wallet from the list and it will then ask you to sign a message with your wallet. You’re not sending any funds at this step, but you’re allowing the MEME dapp to connect to your wallet.
Step 2 — Navigate to the drop of your choice
In designing MEME v2 we put a lot of attention towards discoverability of artists and art. There are several ways to find great art ready for farming. And in the coming weeks a LOT more NFT drops will be hitting the platform.
For now, let’s use the example of John Noorlander’s Pineapple Man drop.
Step 3 — Click “Manage Stake” on the drop page
When you’ve found a drop you’d like to participate in, click “Manage Stake” and you’ll see a white pop-up box where you can stake and unstake.
Step 4 — Approve the smart contract
If this is the first time you’re interacting with this pool, you’ll need to first submit a transaction. This gives the MEME smart contract access to the $MEME tokens in your wallet.
Step 5 — Enter amount and click “Stake MEME”
Once approved, enter the amount of $MEME tokens you would like to deposit into this staking pool. For most pools there is no minimum, but there’s often a maximum of 5 $MEME tokens that can be staked per drop.
Step 6 — Confirm the transaction
Once you click “Stake MEME” you will be asked by your wallet (Metamask in this example) to confirm the transaction. If things look ok, click “Confirm”.
Step 7 — Track your Ethereum transaction
Once you’ve confirmed the transaction from your wallet, it will fire it off to the Ethereum blockchain. You’ll see a notification in the bottom right corner showing you the status of this transaction. If you click this notification it will open up Etherescan where you can track its progress.
Step 8 — Earn pineapples
Now you’re earning pineapples! As soon as your transaction approves, you’ll start collecting pineapples.
You should see your balance slowly increase. Usually staking 1 MEME token will earn you 1 pineapple per day. Staking the maximum of 5 will earn you 5 pineapples per day.
Step 9 — Redeem pineapples for an NFT
When you have earned enough pineapples you can come back and claim your desired NFT.
Click “Redeem” below the NFT you’d like to claim. Sometimes, in addition to pineapple points, some NFTs will also charge a fee in ETH. A majority of these fees go directly to the artist. It’s our way of compensating artists for their amazing work!
You’ll be asked to confirm another transaction in your wallet. Once that’s confirmed, the NFT is yours!
Please note: there is no auto minting of NFTs. When you have farmed enough pineapples, you must come back to the site, select your NFT and submit a claiming transaction.
You can view it in “My Collection” from the top menu or check it out on a secondary market like OpenSea.
That’s it! You’re now a real Pineapple Farmer!
Visit the MEME Telegram group with any comments or questions.