How To Compound Using Staking Rewards?
There is a 4.5% transaction fee for every transaction made in the Pi Protocol ecosystem and that includes claiming the staking rewards.
To calculate the exact number of rewards, the user can do the following calculations:
Total Claimed Rewards * 4.5% = X
Total Claimed Rewards - X = Exact number of rewards
Important Note: Remember to calculate the estimated price of sCircle and bCircle first before claiming the staking rewards
How To Calculate The Estimated Price of sCircle and bCircle?
The user is recommended to have at least 1 PI Token or more in his or her wallet at all times to use this method because the slider on PI Dex won’t allow the user to type in more than the amount the user has in the wallet.
Follow the steps below:
- 1.Go to PI Dex (https://www.pi-protocol.io/#/dex)
- 2.Type In 1 and select PIP from the dropdown menu
- 3.Select sCircle under Receive and press the Estimate button
- 4.ASSUME that the Estimate amount is 0.03 sCircle
- 5.Take 1 divide by 0.03 = 33.33 PIP tokens for 1 sCircle
- 6.Take 33.33 PIP tokens * 5 = 166.66 PIP tokens for 1 bCircle
Detailed Steps On How to Compound bCircles Using Staking Rewards
Step 1: Check if the Estimate is correct on Pi Dex
Step 2: Click the Swap button
Step 3: Check if it is https://www.pi-protocol.io and CONTRACT INTERACTION
Step 4: Check gas fees
Step 5: Click the Confirm button
Step 6: Wait for the Confirmed transaction notification
Step 6: Go to the Buy Circles (https://www.pi-protocol.io/#/circle)
Step 7: Check on the available sCircles
Step 8: Click the Buy bCircle button
Step 9: Check if it is https://www.pi-protocol.io and CONTRACT INTERACTION
Step 10: Check gas fees
Step 11: Click the Confirm button
Step 12: Wait for the Confirmed transaction notification