What you need to know about the new staking pool and a short guide on how to stake your $LFG
Staking time is finally here, and with over 10,000 LFG holders, we thought it would be important to break down the process.
Bringing the gaming community to the blockchain is a huge undertaking, and there will inevitably be a large number of crypto noobies. Now that you have figured out how to get some tokens, now is a good time to take the next step: staking.
What Staking Means For Crypto
Staking is the process of locking up your tokens for a certain period of time. That period of time differs from project to project. By holding your tokens in place, you help create a healthy, stable, and predictable token economy. In the meantime, you are rewarded for your patience and your faith with APY (Annual Percentage Yield), which basically means that you will slowly get more tokens over time. When you release your tokens from your stake, you will have more than you started with. Sort of like earning interest.
Other forms of staking are like a refundable security deposit that can be taken if you behave badly. You can also stake token pairs on exchanges to receive a portion of the transaction fees between those tokens.
But today, all you will need to know is how to participate in our first “Single-Asset Staking” program that will go live on Wednesday 12th January. Let’s go over the perks and how to get started.
- There will be one staking pool; the “Moon” pool. The staking period is 90 days.
- Bullish variable APYs — for example the APY following the first 10,000 $LFG staked will be a whopping 80,000%. This will sharply decrease as more $LFG holders stake their tokens.
- Total reward pool of 8 million $LFG.
- No minimum stake amount
- Anti-whale measures will be implemented where $LFG holders can stake a maximum of 500,000 $LFG. This will ensure a fair distribution of rewards.
- No lock-up period.
- Small penalty will be imposed if you wish to withdraw your $LFG before 30-days. 50% of the rewards accumulated until that point will be forfeited and burned.
- Each wallet that stakes a minimum of 10,000 $LFG will receive an exclusive Gamerse Avatar NFT Airdrop. These avatar NFTs will serve as your profile in the Gamerse ecosystem.
- $LFG holders will have a 10-day window from the start date (ending Saturday 22nd January) to stake their tokens in order to enter the Gamerse Avatar NFT airdrop.
- The first 50 people to stake their $LFG will receive an additional exclusive Gamerse NFT Airdrop as a reward for participating in the program launch.
Getting Started With Staking
First, switch your Metamask network to Binance Smart Chain.
If by some strange coincidence you don’t have the Binance network in your wallet already, you will need to go to Settings>Networks>Add Network
And then enter this information:
Then go to the Gamerse.com website, click “Staking” at the top, and then click the “Single Sided LFG staking” button.
This will bring you here:
From here, click “Stake,” enter the amount of $LFG you would like to stake, and then click “Approve”.
A MetaMask window might pop up and ask you to give permission to access your $LFG. Click “Confirm”.
And then click “Deposit” on the staking window.
Another MetaMask window will pop up. Click “Confirm” on that window as well.
Then you’re done! After you close the “Transaction Successful” window, you can see your rewards pour in.
Step by Step tutorial on how o stake your $LFG tokens
More to Come
This is just the very beginning of a long list of utilities for the $LFG token. But it is good for everyone to learn how to do this because staking will come up again in the future when accessing other features of the Gamerse ecosystem as they become available. As some of you may know, the Share-Fi, “Share to Earn” program will be enabled through staking. By staking your $LFG in a shared pool with your community, you will receive rewards similar to what you will receive right now through the Single-Sided staking pool. The difference is, the rewards will be granted based on your participation in the project you are staked in rather than a flat percentage.
We’re looking forward to releasing more features and opportunities for $LFG holders very soon so make sure you’re following us on our socials so you don’t miss anything.