1-Step Smart Staking Guide: Advanced Budget Edition
Efficiently Budgeting for Gas Fees and Beast Mode to Start
Psst. If you aren’t using BEES.Social to run Uniswap token swaps and add capital to Uniswap liquidity pools; not only are you in the slow lane — you’re also paying more.
If you’re reading this, we assume you’ve read the 1-step guide but want a little more. A “little more” covers two areas: Ethereum Gas Fee estimates for the initial transaction and the estimated cost (including Ethereum Gas Fees) for your first “Beast Mode.”
If you don’t know what an amazing thing “Beast Mode” can be for your capital on BEES.Social, read the guide we’ve linked to help make sense of it. Spoiler Alert: It makes sense — do it early and often.
Tokens and Gas Fees: Deep Background
If you want to run a transaction on the Ethereum Blockchain, you must pay a transaction fee (e.g. an “Ethereum Gas Fee”) to the miners maintaining the network. It's basically a bid to them to pick up your transaction from the global queue and write it to the database (i.e., blockchain) to complete your transaction.
Adding liquidity and staking in BEES.Social will require Eethereum Gas Fees. That means that, as you review your balance of Ethereum alone (or Ethereum along with any of the other tokens accepted as capital at BEES. Social), you ned to have some set aside for transaction fees.
FYI, this is a list of all the tokens accepted for each liquidity pool as of the publication of this article.
Budgeting for Gas Fees — An Example
In this use case, our desire is to place about (US) $3,200 in Ethereum into the Starwire Liquidity pool and stake it. This use case assumes that you have the Ethereum in your Metamask wallet already. Thank you to one of our users who let us look over their shoulders with screenshots to document this process.
The first thing you will need to do is to go to https://app.bees.social/. Once there, make sure your Metamask wallet is connected. Once that’s done, select “Hives” from the sidebar and scroll down until you see, “Starwire” and tap the, “Add liquidity” button on the Starwire card.