How to buy & stake $GMI?

victorljulian@newsletter.paragraph.com (Victor Julian) — Mon, 21 Feb 2022 16:23:27 GMT

Before passing to our guide, we need to ask ourselves: what is $GMI?

GMI is a new index from the Index Coop, which relies on the rise of new DEFI protocols that rise up the risk curves, unlike DPI which performs on “blue chips” protocols such Uniswap (UNI), Maker (MKR) and Aave (AAVE).

Here is a graph where shows the protocols that relies GMI:

It is important for people to understand what is the portofolio that the Index has before investing.

How to buy GMI?

The main protocol where you can get directly your $GMI is on Uniswap:

Enter to the protocol and go to the swap section:

You can use a stablecoin or other token for swap the GMI.

Change the token you will exchange and import the $GMI token:

You can either type GMI on the search bar or copy-paste the address of the token for more accuracy: 0x47110d43175f7f2C2425E7d15792acC5817EB44f

After you import it, select the amount of ETH that you want to buy and you are ready to go.

Before swapping, make sure you check the gas prices for not get an error while swapping it.

How to stake GMI

After you bought some $GMI on Uniswap, enter to Index Coop Liquidity Mining and connect your wallet to start staking:

When you connect your wallet your screen will look like this.

After you connected it, select the Approve Staking for grant access to your tokens.

Remember that you will need to pay gas for approve staking and to start staking, so it's recommended to do it in a time where gas prices are low.

After have made your transactions for approve staking & start staking, you should be ready to go. Remember that you are staking a token with a 33.79% APR at the time i’m writing this article, which is volatile, remember to put money that you can afford to lose. It is exciting to see Bankless develop Indexes in which they support most areas that are going to innovate the way people do finance.

Have a good day!