Illuvium Staking V2- Upgrade today or stop earning rewards!

By Deraji | ILVFi | 29 Mar 2022


Hi everyone, just a quick announcement article today and links to a few videos.  Everyone currently staking in Illuvium must take action to continue earning rewards!  As part of the Staking V2 roll-out, existing stakers need to upgrade their stake.  Upgrade before March 31 to avoid any lost rewards.  If you wait until after March 31, you will not earn any new ILV until you complete the upgrade transactions.  The updated staking site is available at staking.illuvium.io.  Always use Illuvium.io for updated information.

UPGRADE BEFORE MARCH 31!

Upgrading will enable two things - first, if you remained staked since the pause, you will collect the calculated or "accumulated rewards" since January 20.  As part of this transaction, you will also claim any "pending rewards" which will be any rewards earned since you last claimed.  All of this will be done in a single transaction.  Note, you must choose either sILV2 or ILV, and all rewards will be claimed as a single reward type.  There is not a way to claim partially as ILV and sILV2.

Secondly, it will enable the new Staking V2 contract to read your existing V1 stake, enabling you to earn rewards once yield farming resumes on March 31.  Until that time, the dashboard will continue to show 0% APY for both pools.  After rewards resume, I expect the ILV pool APY to be around mid 20%, and the SLP to be in the mid 200% range, both for 12-month locked tokens (half of that for the new minimum 1-month lock).

If you are staked in the SLP, you will need to upgrade both the ILV and SLP pools in two separate transactions.  This applies to those who are staked in both pools, and those who have only staked in the SLP pool.  This is a change from earlier Staking V2 information where it was originally said that those who only staked in the SLP would need only a single transaction.  This is not the case and those only in the SLP must upgrade both pools.

Transaction fees seem much lower than staking v1, as upgrading for me only cost around $40 for both transactions at 28 Gwei.    

Once V2 begins, I'll take a deeper dive into the new staking dashboard and share other new features.  Thanks for reading and enjoy your accumulated and pending rewards!

Here's the official videos from the Illuvium team on how to upgrade and how to stake for those new to the DAO.

Guide for existing stakers

Guide for new stakers

 

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Deraji
Deraji

Crypto curious thinker, amateur economist, geriatric millennial gamer passionate about Illuvium. Happy to share my economic and financial assessment of this unique blockchain NFT Play-to-Earn project. patreon.com/ilvfi


ILVFi
ILVFi

ILVFI focuses on the upcoming P2E game, Illuvium, the first proposed AAA-quality video game based on blockchain technology and NFT ownership. We'll focus on both the game play, as well as the in-game and ILV governance token economics.

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