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.
🎉STAKING DAPP RELEASE — DETAILS AND TUTORIAL
We are excited to unveil our Staking dApp tomorrow, the 29th of July.
We will announce when the dApp is live following the conclusion of the Metaverse Party tomorrow.https://t.co/IXbxHwzyID pic.twitter.com/gA3uNYkehI
— UFO Gaming (@TheUFOtoken) July 28, 2022
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.
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.