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How to Stake in Illuvium ($ILV)

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In addition to earning rewards from the network, holders of $ILV tokens can stake their tokens. Fortunately, it’s easy to get started. You need only have $ILV tokens in your Web 3 wallet, head to the staking website, follow the steps below, and you’ll be staking $ILV immediately to earn tokens or in-game currency.

The $ILV staking program #

In short, the $ILV staking program works as follows:

  • All in-game revenues are distributed as $ILV to stakers.
  • A total of 3 million $ILV tokens will be distributed over a three year period.
  • Rewards in ILV are locked up for 12 months. sILV is immediately available for gameplay.

On the $ILV decentralized exchange, $ILV tokens are issued to liquidity providers. Are you interested in buying $ILV? Go to the Invest tab at illuvium.io to acquire tokens.

In order to stake ILV, a compatible Ethereum wallet containing both $ILV and $ETH is required. To get started, go to the Staking tab at staking.illuvium.io to approve and stake your $ILV tokens.

How to Stake ILV #

Step 1. #

Start by going to staking.illuvium.io Click “Connect your wallet” at the top right. The next step is to choose your wallet type.

Step 2. #

Once Connected, click on the “Stake” tab and choose Core Pools. Click approve and follow the prompts on your wallet to finish the transaction.

Step 3. #

Choose the pool that you wish to stake in and click “Stake.”

Step 4. #

Flexible or locked options are available. While flexible pools will not receive multiplier rewards, locked pools will receive a 2x increase in pool weighting.

Once you have added the stake amount and clicked the “STAKE” button, the process will be transferred to your wallet for final confirmation.

Step 5. #

A metamask prompt will appear.

Click “Confirm” to send the transaction to the blockchain after reviewing the transaction and associated gas fees (paid in ETH). Let the blockchain confirm the transaction patiently.

Upon approval, a pop-up will appearThe sixth step.

Step 6. #

You can claim your rewards in a variety of ways by clicking the corresponding button. Rewards claimed in $ILV are locked for 12 months, whereas rewards claimed in sILV can be used immediately.

Step 7. #

Metamask will appear as a prompt.

Click “Confirm” to send the transaction to the blockchain after reviewing the transaction and associated gas fees (paid in ETH).

Wait patiently for the blockchain to confirm the transaction.

Step 8. #

You can view your deposits and rewards by clicking the Vesting tab. Reward vested in the protocol can be withdrawn.

Awesome! You should now be able to stake your ILV on the Illuvium Protocol!

References:

https://staking.illuvium.io/

Updated on January 22, 2022
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