As one of the top play-to-earn games, Illuvium continues to boast as an AAA-level title. The open-world fantasy battle game features immersive gameplay and an alluring storyline blended with hardcore DeFi. Meanwhile, it provides myriads of earning opportunities, including staking Illuvium tokens to reward players for their participation while enjoying its exciting gameplay.
Illuvium’s ecosystem economy is powered by the $ILV token. Boasting as one of the largest P2E tokens by market cap, the $ILV token functions as the main reward token of the game. Players can also earn $ILV passively by staking to earn yield rewards from the staking pool.
Fortunately, getting started to earn by staking the Illuvium token ($ILV) is simple and straightforward. Read on to learn more about simple steps to earn passively from staking your $ILV token.
You can also watch the video below to learn how to stake with the new Illuvium staking v2 platform.
Illuvium Staking V2 Platform
Illuvium has an all-new cheaper, simpler, and smoother staking v2 platform where stakers can conveniently lock their token to earn rewards. With the new platform, users can enjoy a meager transaction fee and faster processing time. Also, improved features, a smoother interface, and a simple staking process. The newly updated staking platform also features fixes to smart contracts, extended functionality, lower gas expended, and a greater workflow rate.
Starting as a new staker on the Illuvium v2 platform is easy. With just a few clicks, you’re only one step away from earning from locking your token. However, here are a few things to know about the Illuvium staking platform:
- All revenue generated from in-game activities and purchases goes back as rewards to Illuvium stakers.
- Users can claim their reward as $ILV, which comes with a 12-month lock period. Also, they can claim their reward as $sILV2, which is available for immediate use in-game or during auctions.
How to Stake Illuvium Token
Getting started with Staking Illuvium token is simple. However, interested stakers must have enough $ILV tokens in their ETH wallet. Afterward, they can head to the staking site and follow the simple steps below to start earning with staking:
To get started, interested users must visit the Illuvium staking platform. Connect your wallet by clicking CONNECT WALLET in the top right corner of the page.
Afterward, you can choose your preferred wallet type from the option. Typically, you can use the Metamask or WalletConnect for other types.
Select Staking Pool
Once the wallet connection is successful, choose the STAKING option on the navigation tab on your dashboard. Choose your preferred core pools and Stake to confirm the action. Ensure you follow the prompts by approving the contract on your wallet.
For the core pools, there are options for Flexible and Locked Pools. Inflexible pools, there are no multiplier rewards. On the other hand, the Locked pool features a 2x multiplier in pool weight.
Start Staking Illuvium
After choosing the pool, select the amount of $ILV and the duration you wish to lock your tokens.
Meanwhile, the longer the lock period, the greater the yield rewards. However, stakers can lock their tokens for at least one month before yield reward maturation.
Confirm Staking Transaction
Once you’ve confirmed the transaction after filling up the necessary details, a transaction prompt will appear in your wallet.
Double-check the transaction and review the gas fee before proceeding. Approve transaction to finally execute the process.
Once the transaction is complete, a “Transaction Complete” notification will pop up.
To Claim your rewards after staking, stakers can choose the corresponding claim option. In the new staking v2, users can claim all their rewards at the same time.
$ILV staking rewards will be locked for 12 months. However, stakers will have immediate access to their $sILV2 staking rewards.
Confirm claim transaction
After choosing the preferred claim option, a transaction prompt will appear in the wallet. With this, users can review the transaction and the corresponding gas fee.
Users can click CONFIRM after double-checking the transaction.
View your stakings
Users can view their deposits and rewards in the vesting tabs. Only vested rewards will be available for withdrawal from the protocol.