Illuvium v2 staking officially goes live on 24 March! Accordingly, the v2 staking platform is smoother, cheaper, and simpler to use. Without further ado, let’s review the new features and benefits that come with it!
Illuvium v2 staking: What you need to know
Starting 31st March 2022, 13:00 (UTC), v2 staking rewards will be distributed in the form of $ILV or $sILV2 tokens (more on that later). Hence, existing staking v1 users must upgrade to v2 before they can continue receiving rewards.
From the latest staking platform, there are several noticeable changes:
- Enhanced user interface: Now users are able to stake, view their rewards, check out $ILV token price, market cap, and emission schedule all in a single dashboard as shown above.
- Claim rewards from multiple pools: This feature is now available for two core pools which are ILV single staking pool and ILV/ETH LP pool. Upon staking, users can choose from 1 month to 12 months of staking duration. The longer the duration, the higher is the APR. At the time of writing, the estimated APR for a 12-month ILV single-token staking pool is well above 2000%. What a juicy return isn’t it?
- Vesting on $ILV staking rewards: As mentioned earlier, staking rewards can be claimed in the form of $ILV or $sILV2 tokens. Here, an additional 12-month vesting period is applicable if you claim the rewards in $ILV. This mechanism ultimately helps reduce the selling pressure of $ILV. As for $sILV2, the tokens are available upon claiming them. However, $sILV2 has limited in-game usage and it is not usable for player-to-player transactions such as trading Illuvial.
To summarize, those are some of the features of Illuvium’s v2 staking platform. To know more, you can always refer to Illuvium’s video guidelines on how to get started.