What USDS staking is and accessing the BIM Exchange vault
USDS is the upgraded version of DAI, providing new ways for users to have more rewarding crypto experiences. BIM Exchange makes it possible to stake USDS easily through the Base network. The platform uses the Compound lending protocol to provide lending services and generate yield for USDS holders seeking returns. To begin staking, visit the official BIM Exchange staking page at the USDS vault address on the Base network. Make sure you have USDS available in your wallet on the Base network before starting the staking process. If your USDS is on a different network, you will need to bridge it to Base first using a bridge service. You will also need a small amount of ETH in your wallet to pay for gas fees on the Base network.
Step 1: Connecting your wallet and depositing USDS
Click “Connect Wallet” in the top right corner of the staking page to begin. BIM Exchange supports Web3 wallets including MetaMask, WalletConnect, Coinbase Wallet and Ledger hardware wallets. Select your wallet type from the list of available options that appears when you click the button. Your wallet extension or application will open automatically and ask you to authorise the connection to the platform.
⚠️ Never share your seed phrase or private keys with anyone, including websites claiming to need them for connections ⚠️
Once connected successfully, you will see your available USDS balance displayed on the staking interface dashboard. Enter the amount of USDS you wish to deposit into the vault for staking purposes in the deposit field. Review the current APY displayed on the interface to understand what interest rate you will earn on your deposit. Remember that APY fluctuates based on borrowing demand, so the rate may change over time after you deposit. Click “Deposit” to validate the transaction, opening a confirmation window in your connected wallet showing all transaction details.
Review the transaction details including the amount being deposited and the gas fee cost shown in your wallet. Click “Confirm” in your wallet to execute the transaction on the blockchain after checking all details carefully. Wait for the Base network to process and validate your deposit transaction, which typically takes only seconds. Once validated, your staked USDS will appear in your vault balance on the BIM Exchange dashboard immediately. The platform will automatically start calculating interest on your deposit from the moment the transaction confirms on-chain.
Step 2: Monitoring your earnings and withdrawing funds
Once your staking is validated, your dashboard will display important information about your position and accumulated rewards. The dashboard updates automatically without requiring you to refresh the page or reconnect your wallet repeatedly. Your dashboard shows the total deposited amount of USDS currently staked. The current interest rate displays the APY you earn, which fluctuates based on protocol borrowing demand. Real-time earnings show additional USDS accumulated since depositing your initial stake into the protocol.
You can withdraw your funds at any time without lockup periods or penalties for early withdrawal from the vault. Click “Withdraw” on the staking interface and enter the amount or click “Max” to withdraw everything at once. Confirm the transaction in your wallet and pay the required gas fee in ETH tokens to process the withdrawal. Your USDS returns to your wallet once the transaction confirms along with all accumulated interest earned during staking.
