UFO gaming
Blockchain Games Editor's picks

UFO Gaming Launches its Staking dApp

UFO Gaming, a fully decentralized intergalactic social gaming platform, unveils its Staking dApp today, July 29, with details and tutorials on how to participate. According to the gaming metaverse, the Staking dApp will function on the Polygon Mainnet to enhance transaction speed and reduce gas fees

That means users need to have Matic in their designated Staking wallets. Using the Staking dApp will offer participants the opportunity to earn Plasma Points. In addition, they will also be able to earn UFO rewards through the dual-staking mechanism. 

Why You Should Stake

UFO Gaming highlights two primary reasons users should stake their UFO tokens. First, by staking, users can leverage the early adoption benefit, which lets them earn Plasma Points for minting Genesis NFTs. Second, when users stake UFO – ETH LP tokens or UFO tokens, they become eligible for Dual Rewards – $UFO and Plasma Points.

UFO gaming

Details of Staking

There are two pathways for depositing tokens to earn rewards in the UFO Gaming Staking dApp. These are UFO tokens and UFO – ETH LP tokens.

Users need to deposit a specific ratio of Eth or UFO into a specified liquidity pool on the Uniswap V2 portal to get the UFO-ETH LP tokens. Irrespective of the tokens deposited into the staking dApp, users will receive rewards in both Plasma Points and UFO

Since UFO-ETH LP and UFO tokens are designated on the Ethereum Network, users must first bridge their token to the Polygon Network from Ethereum Networks using the bridge widget available on the staking dApp site. To do this, follow the steps below:

  • Select between LP staking and $UFO single-staking. Note that the lock duration determines the weight of rewards and you can choose between one to fifty-two weeks. The longer you lock, the higher the APY return. 75% of the rewards from the pool are for LP Staking and 25% is for UFO pool.
  • Users get Plasma Point Rewards and UFO in lower weight with single-staking and they get higher weight rewards of Plasma Point and UFO rewards with UFO-ETH LP tokens’ staking.
  • You can choose between Locked and No Lock staking. Note that Locked staking offers more rewards. For No Lock, you get 1x rewards and with Locked for 0-52 weeks, you get 1-2x rewards. It is worth mentioning that users can un-stake at any time by selecting “No Lock/Flexible Staking.”

More details on how to stake, including how to buy UFO, provide liquidity, bridge, get Matic, stake, and use Trust Wallet can be found on the tutorial page.

Related posts

Chainz Arena: MOBOX EDITION S1 Launches on January 25th

Ochuko

How to Convert Digital Arts into NFTs and Sell It

Umair Khan

Moverse IDO to Hold on Enjinstarter

Ochuko

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More