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How To Use Penguin Finance: A Step-by-step Guide

Publish by Hieu Minh at 06 October 2021

Penguin Finance Overview

Penguin Finance is a DeFi project developed on the basis of the Avalanche C - Chain network. In the early stage, the development team focused mainly on Yield Farming products based on Pangolin’s liquidity pool, one of the first Avalanche-based AMM DEX. Penguin Finance’s Yield Farming now can operate on AMM DEX like Pangolin, Trader Joe or Lydia.

Penguin Finance is currently in its early stages of development and the project will grow stronger in the Defi segment with applications such as the Prediction market, NFT + Defi.

Penguin, at the moment, is quite confident that they are providing a more attractive incentive level than the common ground. Besides the ordinary LP staking, Penguin Finance also has Auto-compound, which is a high-performance yield farm utility for the user.

Preparation for using Penguin Finance

What are the prerequisites for Penguin Finance?

First, users need to download and create an account (optional) on Coin98 Wallet.

Coin98 Mobile Wallet version X is available for download at:

Read the detailed instruction about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Coin98 Extension: Follow these steps to install Coin98 Extension Wallet on Chrome:

Step 1: Find and select Coin98 Extension Wallet on Chrome Web Store;

Step 2: Click Add to Chrome;

Step 3: A pop-up notification is displayed on the screen, please read it carefully. To approve, click Add extension.

Step 4: To use the extension, click the extension icon to the right of the address bar. If the Coin98 Extension Wallet shows up in the drop-down menu, it has been installed and enabled successfully.

install Coin98 Extension Wallet on Chrome

Create an Avalanche C-Chain Wallet on Coin98 Wallet

Before using Penguin Finance, users need to create an Avalanche (AVAX) C-Chain wallet. Coin98 Wallet version X is presently one of the few parties that supports Avalanche wallet on both chains (C-chain and X-chain). Users can create a new Avalanche C-Chain wallet on Coin98 Wallet or import an existing Avalanche C-Chain wallet from other wallets to Coin98 Wallet.

All barriers between the C-chain and the X-chain have now been removed thanks to the Coin98 Wallet version X's Cross-Chain Bridge feature. If tokens are not available on the C-Chain, users can use this method to convert AVAX between the X-Chain and the C-Chain directly in the app.

  • Instruction to create an Avalanche (AVAX) Wallet on Coin98 Wallet here.
  • Instruction to create a Multi-Chain Wallet on Coin98 Wallet here.

Preparing AVAX C-Chain as gas fee

Penguin Finance uses AVAX C-Chain for gas fees. Therefore, users must have AVAX C-Chain. Users can buy AVAX on a centralized exchange such as Binance and send it to Avalanche (C-chain) wallet address on Coin98 Wallet.

How to use Penguin Finance on Coin98 Wallet

Step 1: Open the Coin98 Mobile Wallet. Select Browser and search Penguin Finance.

Step 2: Connect to Coin98 wallet by choosing Metamask; if you see your wallet address then it is successfully connected.

Igloos (Yield-farming)

Step 1: Click the “Hamburger menu icon” at the top left corner of the screen, choose Farm

Step 2: Choose the pair you want and click Enable Farm, then confirm the transaction.

Step 3: Choose Get LP token.

Step 4: Type in the desired number of tokens and click Confirm supply.

Step 5: Insert the amount of tokens you want to stake, click Confirm staking then confirm the transaction.

Step 6 (optional): Auto-nesting feature.

You can just select the amount of rewards that you want to deposit directly into the nest, then click Modify, followed by approving the transaction on your wallet.

Staking iPEFI Nest

Step 1: Click the “Hamburger menu icon” at the top left corner of the screen. Choose Nest.

Step 2: Click Approve PEFI, then Send the Confirmation.

Step 3: Insert your desired amount of PEFI and click enter.

How to use Penguin Finance with Coin98 Wallet Extension

Connecting the Coin98 Extension Wallet to Penguin Finance

Step 1: Go to Penguin Finance:https://penguinfinance.org/

Step 2: Click Connect at the top right corner of the screen.

Step 3: Choose Metamask to connect to the Coin98 Extension Wallet, which will be used in this article.

Step 4: Enter the password to log in to the Coin98 Extension Wallet; then click Connect.

Step 5: Open the Coin98 Extension Wallet, click Web3 Priority to switch between blockchains (in this case we will use Avalanche C-Chain because Penguin Finance is built on Avalanche).

If your Wallet Address is displayed on the website, you’re ready to use.

Igloos (Yield-farming)

Step 1: Click the “Hamburger menu icon” at the top left corner of the screen, choose Farm.

Step 2: Choose the desired pool and click Enable Farm.

Step 3: Click Confirm in the Coin98 Extension Wallet.

Step 4: Click Get PEFI-AVAX LP (or other pairs of token).

Step 5: A new tab on your browser showing the Pangolin exchange’s "Add liquidity" page should appear.

After inputting your desired amount (which is a 50:50 ratio), click Approve.

After proceeding with the confirmation of the transaction, you will have your LP tokens in your wallet ready to be staked on Igloo.

Step 6: Adding LP tokens.

  • Go back to the LP page.
  • Input your desired staking amount in the box then click Confirm.

Step 7 (optional): Auto-nesting feature.

You can just select the amount of rewards that you want to deposit directly in the nest, then click Modify, followed by approving the transaction on your wallet.

Staking iPEFI Nest

Step 1: Click on Nest.

Step 2: Click on Approve PEFI.

Step 3: Approve on your wallet, then insert the desired amount of staking, and click Confirm staking.

When finished, you will see the interface displays as below.

Unstake PEFI: Click on Unstake and put in the number you want to withdraw.

FAQ about Penguin Finance

Where is the official documentation of Penguin Finance?

All related documents can be found here: https://docs.penguinfinance.io/

Where to buy PEFI tokens?

Users can buy Penguin Finance (PEFI) tokens on Coin98 Exchange and DEXs built on Avalanche such as Pangolin and Trader Joe.

Other Utilities

The Penguin Emperor is an iPEFI-exclusive king of the hill style game where users can show their might by placing themselves on the throne for all other penguins to see. Every user has the ability to demonstrate their skill and uniqueness in this game of wits. At the end of the competition, whoever has sat on the Throne for the longest amount of time will be victorious!

Conclusion

You have walked through the tutorial on how to use Penguin Finance. I hope it’s helped you know how to use the Penguin Finance platform and explore it further by yourself.

If there are any questions, please feel free to comment here or join Coin98 Community for further discussions about Crypto.

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