How to Use the Nest
A guide to be a cool and smart penguin (iPEFI)
I see you have decided to get comfy on the Nest. Before you start, make sure you have $PEFI in your wallet.
When staking $PEFI in the Nest you effectively trade them for iPEFI at a certain ratio that will only increase.
1.After connecting your wallet to the PEFI webpage by clicking "Connect Wallet" on the Nest or "Connect" on the top-right corner, you can select the "Approve PEFI" button as shown on the figure below.
2.Confirm the spending on your wallet, and the UI should change to something like the figure below.
3.Select “Max” if you wish to deposit your total $PEFI amount. Otherwise you can put your own number, between 0 and your total amount.
4.Click "Confirm Staking" as shown on the image above, and confirm the transaction on your wallet.
Your iPEFI balance should have increased in accordance to the current ratio. Now you can just enjoy the coziness of the nest!
If you'd like to increase the amount of $PEFI you already have on the Nest, you can repeat step 3 and 4.
By using the Nest, you are effectively swapping $PEFI for iPEFI. The iPEFI token increases in value relative to the PEFI token everyday. Therefore, to collect/harvest the rewards from the nest, one must swap back (unstake) the iPEFI amount in accordance with the PEFI/iPEFI ratio increase. Be aware, that by doing this the compounding (APY) has no effect.
For example: I stake 5 PEFI in the Nest, and I receive 5 iPEFI (PEFI/iPEFI = 1). A few days later the PEFI/iPEFI ratio increases to 2. For me to collect the rewards, I would have to unstake 2.5 iPEFI that would be equivalent to 5 PEFI.
To unstake you just need to click on the "Unstake xPEFI" button like the image below. Be AWARE of the 6% paper hand penalty (withdrawal fee).
You can now select “Max” if you wish to unstake your total iPEFI amount. Otherwise type the desired amount in the box next to it..
And that's it, but I don't think that you would want to unstake your iPEFI.