🌱Staking

Introduction to Staking in Lovely Legends

What is Staking?

Staking is a feature that allows players to lock up their game points (LOVELY Coins) for a specific period. In return, players receive benefits and rewards. It's a way to encourage long-term engagement and provide additional value to active players.

How Staking Works in Lovely Legends:

  1. Staking Pools: Players can choose from three staking pools:

    • 60 Days Pool with 3% APY (Annual Percentage Yield)

    • 120 Days Pool with 5% APY

    • 240 Days Pool with 10% APY

  2. Locking Period: The chosen pool determines how long your LOVELY Coins will be locked. During this time, you cannot use or transfer these coins.

  3. Benefits: Staking provides eligibility to participate in Initial Liquidity Offerings (ILOs) for new tokens. The amount you can use for purchases depends on your staking pool:

    • 60 Days Pool: 1% of staked amount

    • 120 Days Pool: 2% of staked amount

    • 240 Days Pool: 5% of staked amount

Example: If you stake 1000 LOVELY Coins:

  • In the 60 Days Pool, you can use 10 coins (1%) for ILO purchases

  • In the 120 Days Pool, you can use 20 coins (2%) for ILO purchases

  • In the 240 Days Pool, you can use 50 coins (5%) for ILO purchases

Why Stake?

  1. Access to ILOs: Get early access to new token offerings in the Lovely Legends ecosystem.

  2. Potential Rewards: While not guaranteed, many games offer additional rewards for staking.

  3. Community Engagement: Staking shows your commitment to the game and may unlock special features or status.

Tutorial: How to Stake in Lovely Legends

  1. Accessing the Staking Feature

  • Open the Lovely Legends game on Telegram

  • Select the 'Earn' button:

  • Navigate to the 'Staking' section:

  1. Choosing Your Staking Pool

  • Review the available staking pools (60, 120, 240 days). The pools scroll horizontally, so take a close look at every pool. Compare APY rates and benefits:

  1. Selecting the Amount to Stake

  • Enter the amount of LOVELY Coins you wish to stake.

  • Note, instead of entering the desired amount, you can select 25-100% of your coins, using the percentage Bar:

  • The system will show you potential rewards based on your input:

  1. Confirming Your Stake

  • Review the details of your stake (amount, pool, lock period, potential rewards)

  • Click the 'Stake' button:

  • The system will show your active stake and remaining Coin balance:

  1. Monitoring Your Stake

  • Scroll down to the 'My Stakes' section to view your active stakes:

You can see your staked amount, chosen pool, lock starting date, time left, and total reward.

  1. Unstaking Process (After Lock Period)

  • Once your lock period is over, you can unstake your LOVELY Coins and claim your reward

  • Navigate to the 'My Stakes' section and select the stake you wish to end

  • Click on the 'Claim reward' button:

Remember:

  • You cannot unstake before the lock period ends

  • Staked coins cannot be used for other purposes during the lock period

  • Always ensure you're comfortable with the lock period before staking

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