🥩〕staking

[broken herald]

what do you mean, the claiming doesn't work and you still pay gas?

[brisk surge]

But each time went through eventually, this time is different.

[solar lintel]

how to stake sers?

[vital frigate]

!staking

[woven ibex]

When holding ILV, staking is a way to gain additional rewards from yield farming and revenue distribution. The process for staking is the following:

• You acquire either some ILV or some Sushi LP tokens
• You go to: https://staking.illuvium.io/staking/core
• You enter the right pool according to the tokens you acquired
• You decide whether to lock your deposit or not (if locked, you will receive more rewards from yield farming and revenue distribution, but you cannot withdraw your deposit until the chosen locking period is over)
• After approving the contract (if this is your first interaction with it) you confirm the staking of the desired tokens

You can find an in-depth video for staking here: https://www.youtube.com/watch?v=C6YugU4zZr4&t=1s

[brisk surge]

It's weird because as I process it came up as failed transaction but then passed through was what I was meaning. This time though it's failed altogether. I tried twice as well, so have forked out 2 transaction fees.... I know it's dumb and won't do that again

[solar lintel]

why ilv staking apy so low

[broken herald]

i think i am not gonna claim any reward before revenue distribution for the land sale is about to happen

doesn't make sense to pay 100$+ in fee since the token still appreciate while i don't claim

[brisk surge]

Hope we aren't relying on immutable for the land sale. Just did a nft whitelist drop that ended up a complete mess with superrfarm and cost me loads in gas fees.

[broken herald]

Highrise?

[brisk surge]

Yeah. Bought 1000 SF to qualify for the WL, then the transferring to imx wallet then out again. The drop was a shambles

[broken herald]

i got whitelisted so i minted without problem

[brisk surge]

You must have not done on a HW wallet

[broken herald]

the gas to transfer to IMX wasnt that bad

right, it was not hardware wallet

[brisk surge]

200 for the SF, then 2 wallets to imx and back out again

[broken herald]

sucks for sure, you should've considered leaving your ETH on IMX

[brisk surge]

True true. I have a load invested in imx too so wasn't impressed. But anyways let's hope illuvium don't have similar issues.

Not a expert on it, but immutable is built on starkware which currently is focused on eth chain but starkware could eventually be used for other layer one. I'm not sure how that fits in with imx though.

[atomic lagoon]

Almost 40% is not tiny. And you have less risk compare to SLP, no impermanent loss.

[solar lintel]

https://tenor.com/view/pepe-laugh-kek-intensifies-kek_intensifies-gif-10111909

[gentle axle]

I see it that way: if I bought 7 ILV worth of SLP ( as in 3 ILV + other half ETH + fees) and in only 3-4 months staking it gave me nearly close to the value of my initial investment, then there are no more risks of impermanent loss. Impermanent loss WILL happen to the ILV within my SLP, but it is no longer a risk to me, as I made back my initial investment in raw ILV which will now be vesting. If that makes sense. As a result, to me, SLP isn't exactly a big risk at this point in time. In 1 year or something, it might, but for now I don't think so

[atomic lagoon]

I am all for SLP. Just explaining why ILV APY is lower. 🙂

[gentle axle]

Oh yes I know! I just wanted to add that on top of what you said, for anyone to see

[brave marsh]

revdis is applicable for slp as well?

[gloomy gazelle]

Yes. But only the ILV half of the SLP

[brave marsh]

oh then we would benefit more from slp if we stake the same amount of ilv in ilv pool?

[gloomy gazelle]

!lp

[woven ibex]

Providing liquidity for ILV is done via an ILV/ETH Pool on SushiSwap and requires a few different steps compared to staking only ILV. These steps are the following:

• You acquire a 50/50 ratio of both ILV and ETH (in $)
• You go to: https://app.sushi.com/add/ETH/0x767FE9EDC9E0dF98E07454847909b5E959D7ca0E
• After approving the contract (if this is your first interaction with it), you stake your 50/50 ratio of ETH and ILV in the pool
• You receive SLP tokens (To see them, add the SLP contract address to your wallet: 0x6a091a3406e0073c3cd6340122143009adac0eda)
• You go to: https://staking.illuvium.io/staking/core
• You can now stake your SLP Tokens in the Sushi LP pool just like ILV is staked in the ILV pool.

If you never provided LP before though, make sure to understand IL: https://academy.binance.com/en/articles/impermanent-loss-explained

[gloomy gazelle]

No. 1 ILV will be counted as 1 ILV. (Unless you’ve locked your deposit, then your ILV gets counted at increased weight up to 2x)

[brave marsh]

okay, then revdis is not dependent on APY? its solely on ilv?

[gloomy gazelle]

If you have 1ilv and then use that 1 ILV and an equal value of ETH to add liquid to the sushi liquidity pool then you get SLP that contains 1 ILV. Until divergent/impermanent loss kicks I.

[gloomy gazelle]

Solely ilv. Not the yield farming apy. Correct.

There’s around 7m ILV tokens eligible for revdis.

!read it’s not just the tokens on the market that is eligible

[woven ibex]

Some important sources of information that everyone interested in and/or new to Illuvium should take a careful look at are:

https://docs.illuvium.io/
https://medium.com/illuvium/9-tokenomics-launchpad-and-reward-details-5894c3b356be
https://medium.com/illuvium/28-everything-you-need-to-know-about-staking-ilv-6669594b2fac
https://medium.com/illuvium/29-governance-yield-farming-and-vault-distribution-faq-7327ae7eb507

[brave marsh]

okay, thanks for clarification.
One last thing would you recommend investing on ilv or slp pool?
I got 3 ilv i want to lock it for 12 months. what would u recommend?

[gloomy gazelle]

Do you have eth to pair with it?

[brave marsh]

yeah.

[gloomy gazelle]

SLP should be worth it then. The fees are higher. But should be worth it with that much. you’ve seen that apy is like 10x for SLP pool

[brave marsh]

Yeah, thanks will go with the SLP then.

[gloomy gazelle]

Here’s a good tool for calculating fees… copy it and put the right numbers in. https://docs.google.com/spreadsheets/d/1-yorrLEO7051B8ELI7eBtAOohYn8DME4peMPavxcUuw/edit?usp=sharing

[gloomy gazelle]

https://tenor.com/view/nfa-illuvium-wink-ilv-discord-gif-23282501

[brave marsh]

sure will check.

[gloomy gazelle]

Good luck. Don’t trust DMs.

[gloomy gazelle]

Remember there’s gonna be v2 staking soonish. So you’ll need to upgrade your stake at that point.

Don’t just set it and forget it.

[brave marsh]

Yeah, will wait for the v2. i think it probably out in 2 weeks.

[gloomy gazelle]

You could get the SLP tokens now though. Or not.

[brave marsh]

oh yeah, good idea to get the slp now. Thanks

[delicate plaza]

Does anyone here currently stake from a cold wallet like ledger? To do so did you need to migrate a metamask wallet onto the ledger or can you send your ILV/SLP tokens to your Ledger address and access it by linking through metamask? hope that makes sense

[gloomy gazelle]

Don’t trust DMs.

Linking through metamask should be the way. https://www.ledger.com/academy/security/the-safest-way-to-use-metamask

[white plover]

when we swap to v2, will we have to pay eth for every rewards claim and every staked tokens.? i have 4 separate lp and 1 ilv locked. and about 10 claimed vested rewards. this will get expnsive if i have to pay eth for everyone?

[cunning perch]

today @ripe steppe is streaming everything you need to know about V2. I suggest you watch it cuz it will be comprehensive. if you had any more questions, you can ask as well.

[white plover]

thanks

[weak notch]

Do we know if there will be a big dump in ILV prices when ppl staking rewards start to unlock?

[cunning perch]

Lots of ppl are staking long term to get RevDis. Sell-offs will always happen even with the best tokenomics, but the more they exit the pools, the more stakers will receive YF rewards and RevDis. So, it is still a win.

[weak notch]

Cool I might put in more then

When v2 staking contract comes out, the 2.0 weighting will be 2 years instead of 1 right?

[cunning perch]

no. It will still be 1 year. The 2 year-lock was revoked.

[weak notch]

So is it better to stake in V1 or wait until V2?

[cunning perch]

That's your choice. If you have a big batch you wanna put in, maybe it's worth staking now. If not, maybe wait till V2. We'll be streaming everything you need to know about V2 on YouTube today so you can watch it and ask questions live.

[weak notch]

Thank you ser

ILV is gonna make me so rich in 2 years 🤑

[keen burrow]

When is the stream and where can we watch it?

[opal tulip]

@cunning perch I'm sorry I still need to clarify again. With regards to rewards (ILV) that were auto locked, do they get RevDis too? And also, how will they be port to V2? That needs to be upgraded also?

[cunning perch]

It will be 16:00 GMT. You can check it here https://www.youtube.com/watch?v=8My8EfI0lYo

[cunning perch]

any claimed ILV will receive RevDis. They will port to V2 after you upgrade the pool you are in. Try watching the vid I sent above. We will go deep in it and you can ask your questions live.

[glad gale]

Hi guys, ILV reward only able to restack back and lock for vesting ? Unable@to withdraw completely to exchange ?

[cunning perch]

ILV rewards will be locked for one year AFTER you claim them, yes. no withdrawal

[glad gale]

Now I have 2 pool, ILV and Slp pool, was planing to provide another liquidity for my earned reward but I only able to claim@it and restack back . How does this works actually .

[cunning perch]

!claim

[woven ibex]

Rewards from staking have to be manually claimed and GAS fees for those transactions have to be paid:

• When you stake ILV yield farming rewards start piling up for you
• You claim those rewards whenever you deem the pile to be big enough to justify gas fees
• If you claim sILV you have it unlocked right away (sILV is only usable in game as a substitute currency for ETH outside the marketplace and the Leviathan Arena)
• If you claim ILV then that batch of ILV gets locked for 12 months and automatically staked in the ILV pool with a token weight of 2.0 for compounding effect
• New rewards start piling up....rinse and repeat

NB: ILV paid out as part of Illuvium’s Revenue Distribution have to be claimed as well but are not subject to a locking period.

[glad gale]

SO ILV only able to turn to cash after 12 month ?

[cunning perch]

AFTER you claim them, yes. you will pay gas and withdraw to your wallet

[glad gale]

What if I claim SILV instead of ILV, the SILV is another form of ILV but it only able to use when the game is launch correct ?

[cunning perch]

yes sILV will be released to your wallet to be used in game/land sale

[glad gale]

Alright

[potent flare]

I cant remember, but - if I wish to unstake some of my ILV, will i need to do 2 transactions to claim or just 1?

[cunning perch]

depends if you are doing it pre-V2 or post-V2. After upgrading to V2, you will have to withdraw all unlocked ILV in one go. before that, you will have to claim and then withdraw the batch you want afaik.

[potent flare]

v2 wen? (:

[cunning perch]

you know that I'm allergic to that word right? 😄

[potent flare]

https://tenor.com/view/when-wen-naru-yummi-yummi-universe-gif-23030317

wanna buy my whole family ledgers for xmas, need that dough

[cunning perch]

Ledger will thank you haha 😄

[soft lagoon]

Hi guys, question: If I stake ILV for 12 months and than claim my rewards in ILV. Do I have to wait another 12 months?

[cunning perch]

each ILV claim will need a 12-month vesting period and each will have its own AFTER you claim them.

[soft lagoon]

Ah ok thanks. I'm happy that I didnt put a lot of money into this yet. Because this really sucks.

[civic bay]

i consider to restake, but if im already staked in slp then waiting for v2 doesnt really save any fees right, since i would be in both v1 and v2 then?

[cunning perch]

I wouldn't use the word sux here cuz each lock is a guarantee that there will not be a major dump. Besides, you are getting a compounding effect with a weight of 2X and RevDis as well, which is great and why many happily lock their tokens.

[cunning perch]

you will benefit from V2 when you upgrade even if you are staked on V1.

[chilly solar]

Question for chat

[soft lagoon]

Yeah maybe in two years I'll be very happy. I hope a lot of people will go the sILV route. The less ILV there are the better.

[chilly solar]

If I have 5k to put into sushi eth pool for silv is it better to do that or put 5k into strong nodes to recycle rewards for ILV

[jovial root]

If you are looking to cash-in on your staking rewards, then it may be better to wait for the Main game to Launch (or even around Landsale time)
Because the price of sILV should have raised a lot by then and may even get within 90% of the ILV price.

This would then allow you to claim your rewards as sILV and sell it immediately, rather than waiting 12 months again.

NFA

[cunning perch]

Sushi/ETH pool for sILV? I don't think I get that questions tbh (there is no such pool out there)

[chilly solar]

iLV / Eth

[civic bay]

im still staked on v1 for a long time, isnt it even bad to restake on v2, since i have to claim on v1 anyways?

[cunning perch]

I think you might have misunderstood V2 cuz by V2, V1 will be rendered obsolete, so only V2 remains and you will have to upgrade anyway.

[chilly solar]

Converting silv into eth then swapping and staking again is alot of gas.

[cunning perch]

well that's a personal choice, but I wouldn't do that with $5k tbh. swapping sILv for SLP is a whale thing in my eyes who don't care for gas

[chilly solar]

I guess a better question would be what is your rewards per day if you put 5k into the 450 apy pool

[cunning perch]

you can try the calculators pinned in the channel and they will help you.

[chilly solar]

Thx

So wait. Everyone is talking about V2 but isn't V2 just forcing people to commit longer? Or are gas prices lower? Because I was gonna stake 5k tomorrow . Or is it better to wait for v2

[junior nacelle]

Hello all... What do you think the likelihood is of the possibility of getting hacked and losing all ones coins while staking between now and when staking ends (3 years from now)? I want to stake, with a hard wallet if possible, but staking with a hard wallet seems SO complicated, and I would much rather prefer to stake without a wallet if you all think there would be a low possibility of a hack sometime between now and when staking ends... Thanks all

[cunning perch]

V2 is fixing all sorts of issue on V1 and def not forcing anyone, but to do an upgrade or migrate. If you don't want to pay gas to upgrade, then you can wait for it to be implemented and stake directly on it.

[jovial root]

I just did a post on #💰〕token about this.
Rough calcs but give an idea

[cunning perch]

the only way you can get hacked is to click on malicious links and/or compromise your SEED. Other than that, you should be safe.

[chilly solar]

I was considering putting my 5k into SLP but recycling silv back into SLP takes alot of gas. I'm researching if it's better to put 5k into strong node and just using the ETH rewards to put into SLP

[civic bay]

ok i see, i can migrate my locked slp to v2 i guess
i save some fees to restake when i wait for v2 then?

[cunning perch]

Migration is only possible if you have upgraded the pool you have staked in and WHEN your tokens are unlocked 🙂 you can watch this vid today and we'll cover all V2 stuff https://www.youtube.com/watch?v=8My8EfI0lYo

[junior nacelle]

Oh, really? I thought it would have been possible for illuviums pool of staked tokens to get hacked, as a whole (kind of similar to when exchanges get hacked, and everyone holding tokens on the exchange loses their tokens)... Am I maybe misunderstanding something? Thanks so much

[cunning perch]

Anything can be hacked too, even HOT wallets (that's why many use cold wallets). Sometimes People don't get hacked, but they might not pay attention to token allowance and lose funds even with a cold wallet. But all in all, a hack for a wallet is when you click on a malicious link or something or someone compromises your SEED. (the latter is the most common one than a pool hack)

[rich seal]

hi, so when I claim my ILV reward is automate staked on?

[cunning perch]

AFTER you claim them, if it is claimed in form of ILV, it will be locked for one year while compounding with a weight of 2X generating more rewards. Ad if claimed in form of sILV, they it will be released to your wallet to be used in the game(s) or Land Sale

[rich seal]

I claimed as ILV - so i will have 2x SLP reward or 2x ILV reward?

[junior nacelle]

Ah ok, thanks so much for the explanation... So do you think a hack compromising the entirety of EVERYONES money in any staking pool is not really likely? It's more likely to get hacked on a wallet-to-wallet basis? Thanks so much

[cunning perch]

then it's locked and holds a 2X weight and compounds to your stake

[rich seal]

2X for SLP or ILV ?

[cunning perch]

you can check in the "vesting section" on the staking website and see what you have

[cunning perch]

It's usually easier to trick ppl to steal their wallet SEED than go into the trouble of hacking a well-protected pool. That is my opinion and that's what it's been so far in the crypto world. Also some Pools would do a Rug pull and steal your funds all together. That's why you have to be careful where you are investing your $

[rich seal]

ok, i will, tnx

[junior nacelle]

Ah ok, got it, thanks so much... I was under the impression that an entire pool could be hacked, and everyone's funds stolen

[cunning perch]

Anything is possible, however unlikely. 🙂

[junior nacelle]

Appreciate all the help

[lapis niche]

hey guys, would appreciate somebody helping shine light on what happens once I claimed my rewards in ILV - I have ILV staked and SLP staked for the maximum time period - I just tried to claim my rewards while gas fees were a little lower, and while the transactions seem to have gone through according to my metamask, I'm not seeing where the rewards went - is it that it takes 12 months for them to be reflected?

[warm knoll]

your reward goes into the vesting tab for another 12 months yes

[lapis niche]

perfect, thanks!

[cyan rampart]

Holy shemona gas is cheap right now... making me second guess waiting for V2 to claim rn lol

[coral pike]

don't tempt my resolve with your wavering 😆 i was thinking the same thing lol

https://tenor.com/view/control-freak-control-i-need-control-doctor-strange-benedict-cumberbatch-gif-11191866

[silent cedar]

I claimed and staked a week ago, I will have made more in the waiting time until v2 than the gas I paid for it at the time . . .

[coral pike]

https://tenor.com/view/shhh-shush-quiet-ryn-dean-kathryn-dean-gif-20960526

[silent cedar]

[atomic lagoon]

If you have any questions about the v2 staking the AMA will start soon in 2hrs!
https://www.youtube.com/watch?v=8My8EfI0lYo

[delicate cloak]

When I open the premiere it says it's not for 2 hours? Wrong timezone?

[atomic lagoon]

sorry my bad! i will edit it.

[delicate cloak]

All good! I thought I had the time wrong because I saw it on my list earlier and then saw your post and had to double check

[rapid kestrel]

why did the slp yield drop so much recently?

[delicate cloak]

It did?

Do you mean the APY numbers?

[rapid kestrel]

I meant the ilv rewards payout for staking

[delicate cloak]

I didn't notice a significant change but I haven't been looking too closely. The total ILV distributed decreases by 3% every 2 weeks and the pool has increased in size.

[tepid jolt]

If i want to unstake my current flexible stake and restake for a longer lock and higher apy, can i just leave my accumulated rewards as is, or do i need to claim them prior to unstaking/restaking?

[cunning perch]

on V1, you will have to claim. When you press "withdraw" it will force you to claim first.

[tepid jolt]

Ok thanks!

[cyan river]

[gloomy gazelle]

The SLP APY numbers certainly would have gone down as ILV dipped from 1800+ to 1400ish. APY numbers are based on usd value of tokens deposits versus usd value of paid rewards. Since it’s comparing eth/ILV to just ILV the apy numbers change when there is enough price movement.

The actual amount of ILV paid as rewards is not changing as significantly as the numbers make it seem.

This is why the community has made a variety of calculators that are now pinned in this channel.

[worldly heron]

Hey guys when does staking v2 start

[atomic lagoon]

probably in 2-3 weeks

[worldly heron]

Thanks

[fickle widget]

Hi

[supple meadow]

when they take a 2 week break on rewards for V2 upgrade, if my stake is locked in V1, do i get the bonus when they start back up

[atomic lagoon]

if you upgrade it during the 2 weeks, yes.

[strong forge]

When does v2 upgrade start

[atomic lagoon]

in 2 - 3 weeks, no confirmed date yet.

[strong forge]

What’s the bonus

[atomic lagoon]

no one knows. 🙂

[strong forge]

How do we get this bonus

[supple meadow]

they gonna give people the missed rewards or something at least

[supple meadow]

sweet thank you!

[atomic lagoon]

the team will announce it in due time as they announce the v2 date

[strong forge]

Ok. What is gonna be different about this upgrade

[quiet hatch]

Hey I'm trying to understand upgrading vs migration, and what the benefits of migration are, this is my understanding so far:

**Upgrade: **Needs to be done for both pools (allows V2 contract to read from V1 pools)
**Migrate: ** Moves my stake(s) from V1 to V2. Optional, to be done for every time I have staked (claimed and unclaimed rewards automatically migrate)

Update: Allows me to continue receiving Yield and RevDis and reduces gas cost for future claims?
**Migrate: ** What happens if I don't migrate my stake(s)? What happens it I do? Aren't I already getting "cheaper gas" on reward claims from upgrading already?

[supple meadow]

so when upgrading is the gas fee going to be an approval fee or a transaction fee? because there is a big price difference

[atomic lagoon]

you should check this out for more information
https://www.youtube.com/watch?v=8My8EfI0lYo

[cunning perch]

this is the PDF. guys all the questions you are asking have been answered in the vid and in this doc.

[brisk surge]

Unlocked rewards wont earn anything until they are migrated. So you basically have to migrate once they unlock

[quiet hatch]

Right, damn that's what I needed to know xD! That was so unclear and I read the PDF and watched the video haha

[brisk surge]

I had to read it like 3 or 4 times over a couple days before I was able to totally wrap my head around it

[quiet hatch]

So once my stakes unlock, if I don't migrate, I won't be getting RevDis or yield anymore from them (only the stuff that's already been upgraded to V2 basically)

[supple meadow]

for sure, a little confusing..

[brisk surge]

Yes, any new rewards you get after upgrading should go to the v2 pool. So about 1 year after you claim when upgrading you will be completely out of v1 and into v2.

[quiet hatch]

So the "cheaper gas" from migrating isn't really the critical part. It's the fact that once your stake(s) unlock, you won't be getting rewards (RevDis or Yield) from them anymore (until you migrate them)?

[supple meadow]

but when upgrading is the gas fee going to be an approval fee or a transaction fee?

[brisk surge]

Cheaper gas among a couple other things are the reason for doing the upgrade. The lack of rewards once unlocked is just to motivate people to move their stuff to v2 so the old contract can be eventually eliminated.

[cunning perch]

The first unlocked rewards will be in July 2022. by then, you will have upgraded your stakes, so migration will not be necessary. Rewards should move to V2 automatically after the upgrade just like the SEED/team

[cunning perch]

the fee for transaction not approval.

[quiet hatch]

Cheaper gas on what though? As I won't be getting any rewards to claim if I don't migrate the stake(s) 😅?

[cunning perch]

you will get everything by upgrading. I literally explained it 20 times 😄 Migration is not a MUST. it's an option haha (will minimize the gas fee further)

[brisk surge]

Ok I was wrong. According to the proposal you will continue to get rewards as long as you upgrade even after unlocks. The only thing you would be required to migrate would be anything you currently have staked flexible.

[cunning perch]

That is correct. There should be a way to lock flexible (migrate) directly. That remains to be seen.

[quiet hatch]

Okay lets do a scenario 😂

• I upgrade my SLP and ILV pools
• So I continue to get yield + RevDis on everything, and cheaper gas on all future claims

A few months out, my stake(s) unlock:

Scenario A: I don't migrate my stake(s)

• I continue to get yield and Revdis on my unlocked stake(s), gas is already cheaper because I have upgraded already

Scenario B: I migrate my stake(s)

• I continue to get yield and Revdis on my unlocked stake(s) gas is already cheaper because I have upgraded already AND because I migrate gas is even more cheap?

[tired cosmos]

what is staking v2? How is it different from v1?

[cunning perch]

Scenario A: Yes
Scenario B: also YES

[cunning perch]

read this plz #🥩〕staking message

[tired cosmos]

Maybe I missed something, but in that PDF it just says "in order to benefit from v2, you have to upgrade from v1", but that doesn't necessarily explain what the benefits of v2 are.

[cunning perch]

I have said it many times in the vid: better gas options, no forced reward claim upon staking/withdrawing/claiming SLP rewards, and REVDIS and wallet change (later = upon migration)

[quiet hatch]

My Staking V2 TLDR:

• You must upgrade for each pool that you're staked in (ILV and SLP), to gain ALL the benefits of V2 (continue receiving yield, RevDis, cheaper gas, etc.)
• When your stake(s) unlock in the future, you can choose to **migrate ** them. If you have already done the upgrade, then the only benefit from migration is slightly cheaper gas, on top of the already cheaper gas that you have already got from the upgrade.

[cunning perch]

yeah you just confirmed what I said haha

[quiet hatch]

Just writing it in case it helps anyone else struggling ^^

[cunning perch]

This is mostly going to help SLP stakers. Which is one of the best options of V2

[quiet hatch]

Yeah the gas fees have been seriously draining my ETH lol

[cunning perch]

it's still not gonna do miracle. It will still be GWEI dependent, but the fact that you will not be forced to double claim is very helpful to SLP stakers. (and ofc when staking/withdrawing)

[quiet hatch]

Yeah the single claim alone is pretty huge. Then if the gas limit is lowered too, that's just awesome.

[cunning perch]

That's the plan. we will see how it works out. For now I just covered the proposal

[brisk surge]

Thank god for that, Ive burned 5 gas fees in the last couple days trying to claim SLP with no luck.

[cunning perch]

good thing I'm not in SLP haha 😄 but I regret it tbh

[wheat kestrel]

So once a person upgrades to v2 staking, they will perform all their claiming on v2 (even if they have funds locked in v1)?

[cunning perch]

yeah it should be like that. As said by the proposal, Team/SEED will migrate automatically, then rewards should move too cuz they are not vested yet.

[brisk surge]

The rewards make it worth it, but Im worried im gonna have to go get a job to cover the gas fees for my claims until my rewards start to unlock 🤣 I cant keep losing $500 a claim without cashing out some other investments.

[cunning perch]

yeah losing $500 is "DAAAAAAAAMN FRUSTRATING" 😄

[quiet hatch]

Right I'm going to go cast my vote

[brisk surge]

Carlos is probably the best person to talk to if im having issues right? I already tried all the normal stuff... Clearing caches, disconnecting wallet.
And then I bought a new laptop and Ipad and tried on totally clean systems and it still didnt work so I think I need professional help at this point...

[cunning perch]

what is the issue you face? why is it not successful? any errors?

also do you use a Cold Wallet??

and updating, changing browser, clearing cache, using enough gas and raised limit didn't help you? still a fail?

[brisk surge]

Tried all that

[cunning perch]

Then It is Carlos time 😄 Hey @hexed bough could you please help @brisk surge and see why his attempts fail? thx a million

[brisk surge]

But I wanted to check if there was another solution before I went and did something crazy

[cunning perch]

I would not do anything on any other wallet tbh. Let Carlos help you. When he gets online he'll tag you here

[silk meteor]

Probably Your first claim gas was set too low so the second one keeps failing. I had this similar issue with my mm wallet previously when I was claiming XYZ tokens. I couldn’t manually speed up or even cancel the first tx so I ended up refreshing or restoring my wallet and it canceled the first one. From there it was fine. Idk if the same problem, I hope this helps

[white plover]

Ok I’ve listened to the staking ama and I’m still confused.
Upgrade is easy you do it twice, once for each pool no matter how many different stakes.
Migration, not required for locked deposits or vested rewards , ok
Migration for unlocked stakes ? What is the advantage ? Is it less gas when claiming future rewards or future withdrawals or both.
Or are withdrawals always the same gas regardless of v1 or v2?
When all your vested rewards finally unlock after a year do you need to migrate each one? I have about 15

[cunning perch]

Migration = even cheaper gas (whatever gas you need to pay for whatever reason) how much cheaper? time will tell
Everything will still fluctuate with gas until we move on L2.
and I guess I explained it both in the Doc and in the vid and in the comment here #🥩〕staking message that that rewards will supposedly move on V2 the same way SEED/TEAM will.

[white plover]

So will I have to migrate each vested rewards as it unlocks in 12 months

[cunning perch]

if vested rewards are on V2, then you will not need to do any migration for them. You will only be required to migrate unlocked stakes. and that is IF and ONLY IF you want to.

[white plover]

Great thanks

[pale trellis]

What are we looking at for migration from ILV and SLP pools. Just hit a migrate button for each and pay gas fees and done?

[onyx stone]

Hi guys. How is it possible to enter the liquidity pool?

[cunning perch]

@shrewd pine As it is mentioned by the Proposal, V2 is to help change wallets, but will mostly help the ones wishing to change to another wallet (like moving to a Ledger).

Now, to get to the point to be able to migrate, you will have to upgrade first. This is a MUST and there can nothing be done if you don't do it. To upgrade, you will have to pay gas. Now, there is no guarantee that the scammer will not steal the ETH you put as the gas fee in your wallet.

Lets assume the scammer is unaware. (Supposedly) You will have to upgrade first (pay the gas for it), and wait until your tokens are unlocked to be able to migrate and move them to another wallet. This is pretty much possible ONLY IF the scammer doesn't do it first. There is no way anyone can do anything should they try to migrate and change the wallet address themselves.

**Please don't respond to this PM. **I am going to tag @median canyon and ask for his confirmation. Please wait for his response. Thx m8.

[cunning perch]

!lp

[woven ibex]

Providing liquidity for ILV is done via an ILV/ETH Pool on SushiSwap and requires a few different steps compared to staking only ILV. These steps are the following:

• You acquire a 50/50 ratio of both ILV and ETH (in $)
• You go to: https://app.sushi.com/add/ETH/0x767FE9EDC9E0dF98E07454847909b5E959D7ca0E
• After approving the contract (if this is your first interaction with it), you stake your 50/50 ratio of ETH and ILV in the pool
• You receive SLP tokens (To see them, add the SLP contract address to your wallet: 0x6a091a3406e0073c3cd6340122143009adac0eda)
• You go to: https://staking.illuvium.io/staking/core
• You can now stake your SLP Tokens in the Sushi LP pool just like ILV is staked in the ILV pool.

If you never provided LP before though, make sure to understand IL: https://academy.binance.com/en/articles/impermanent-loss-explained

[cunning perch]

the guide and how-to-do will come after the approval of the council

[pale trellis]

Ah ok. Well I hope it’s that easy.

[cunning perch]

it should be a click tbh 🙂

[delicate plaza]

If I were to add more SLP tokens to the SLP pool - does that add to my stake or create a new 2nd stake? Will i be paying two seperate gas fees to claim rewards or just one gas fee for the whole combined staked amount?

[cunning perch]

it creates a secons batch. you can decide how long you want to lock it for. if you stake directly on V2 (in 2-3 weeks) then you won't even need to migrate/upgrade.

[delicate plaza]

If it's a second batch - does that meaning I would need to claim rewards separately on each batch (two gas transactions?) My first batch is due to unlock in a few days - would It be best for me to upgrade to V2, withdraw the unlocked batch and then restake both of them together then?

[cunning perch]

you have staked SLP before. Now there are two scenarios:

1. if you wanna stake on V1 (right now), you will be forced to claim rewards and then stake the second SLP (min 2 gas)

2. if you wait after upgrading to V2 and then stake the new SLP, you will not be forced to claim rewards.

Note: upgrading will need gas too, but how much? no one knows.
Note: you can lock however long you want.

[delicate plaza]

So option 2 - something to note is my current unlocked stake is on a low weighting (only 1.1x) - I'd like that and my new SLP tokens to add to be at 2x. So once i upgrade my initial SLP stake to v2 - do I have to withdraw the stake then restake it to get 2.0x weighting? If so I'll just add the extra SLP i want to add then. Thanks for the help Arash

[cunning perch]

If you wanna stake the new SLP on V2, you will have to lock it for a year. If you wanna change the 1.1X weight of the previous SLP, you will have to withdraw it and then lock it again for a year. if this was what you were asking. Always happy to help. Ask whatever Qs you have.

[surreal loom]

When my staked tokens and vested tokens unlock in July then I must migrate them to v2 to continue getting revdis and yield rewards. If this is the case, do I have to lock my tokens on v2 again or will my tokens stay unlocked at the initial weight of 2 and continue to get revdis and yield?

[cunning perch]

There is **no must **once you upgrade. You can also read this maybe it helps further #🥩〕staking message

[surreal loom]

Cheers brother

[visual folio]

Is polygon not working right now?

[cunning perch]

Polygon? no idea. Wrong channel brother. Actually wrong Discord lol

[delicate plaza]

Thanks - I will withdraw and add them both together for one 2.0x weighting 1 year locked stake. I imagine it will be most beneficial to wait for V2 for this - as if I I won't be able to migrate the stake for cheaper gas fees until my 1 year lock is done if I did it now under V1

[cunning perch]

yeah but if you withdraw now, then you will be forced to claim rewards. If you upgrade to V2 and then withdraw, you won't be forced to claim rewards. I can't tell you which would be more gas-efficient cuz no one knows. you gotta decide. 🙂

[delicate plaza]

I'm a bit confused by this - if I'm on V2 I can withdraw my stake without claiming rewards? So my rewards can just sit there even if I have nothing staked?

[cunning perch]

yep. Supposedly V2 can do this. There will be no forced claims (unless you are migrating).

[delicate plaza]

That's great. And i won't need to migrate will I - since I'll be withdrawing my stake on V2 and Restaking with extra SLP on a 2.0x weight? I'll automatically be staking straight into whatever people migrate to?

[cunning perch]

yeah if you stake directly on V2, then no need to upgrade/migrate. V1 will be rendered obsolete and will accept no new stakes

[slim compass]

short question, does coinbase wallet support sILV?

[cunning perch]

if you can add the token address in it then it should. Haven't tried it. you can find the token address in pinned messages in the channel and see for yourself.

[slim compass]

I found it on a youtube channel, but that was for metamask, would it work the same for coinbase wallet?

[cunning perch]

sILV always has one token address. find it here: (add it to the wallet)

[woven ibex]

ILV Token: 0x767fe9edc9e0df98e07454847909b5e959d7ca0e
ETH/ILV SLP Token: 0x6a091a3406e0073c3cd6340122143009adac0eda
sILV Token: 0x398aea1c9ceb7de800284bb399a15e0efe5a9ec2

[dusk minnow]

So I understand we need to upgrade once for each pool. Migration only needs to happen once per time I've staked. for claimed rewards, those will never need to be migrated (since they are unvested). Even once they vest, I don't need to migrate them since they can just be read by V2.

Ex.
I've only staked in the SLP pool, and I've staked twice with maximum lock in that pool. I've claimed rewards 5 times in total.

For staking v2:
I only need to pay gas to upgrade 1 time
Once my stake unlocks, I have the option to migrate (and pay gas up to two times).
For all of my claimed rewards, they do not need to be migrated since they will automatically be in V2 once unlocked.

Is my understanding correct?

[loud anchor]

For stake lock in v1 its impossible to migrate to v2 ?

[cunning perch]

Either I'm a good teacher or you are a good student or both haha 😄 yeah you are correct. (a small addition: Migration will force you to claim your rewards)

[cunning perch]

If you are locked on V1, you will need to upgrade to V2

[solid cape]

Am i right in thinking i dont have to do anything tho as i staked in v1?

[cunning perch]

You are not right. If you are staked and locked on V1, you will have to upgrade to V2

[solid cape]

is there a time limit?

[dusk minnow]

Good teacher 🙂 Great AMA and thanks for people who asked those questions around reward claims. Just wanted to double-confirm though

[cunning perch]

No time limit. There will be a 2-week halt in YF to do it. If you miss it, then you will do it later, but won't get the bonus.

[cunning perch]

Thx m8. Always happy to help 🙂

[solid cape]

Cheers, im guessing we will hjear about when we have to on socials?

[cunning perch]

you mean how to do it? there will be guides though I don't think it would be that complicated.

[solid cape]

cool. I expect it to be pretty obvious and the illuvium.staking.io will just change in appearance?

[cunning perch]

you mistyped the website 🙂 We will all know what happens to he UI together. No one knows about Hows and whens and wheres yet

[solid cape]

sorry for questions just making sure i have it down in my head. Thanks for answers. My bad, been a long weekend 😄

[dusk minnow]

Towards the end, you mentioned that V2 will revoke claiming rewards and nothing will be forced. It still does mean in order for rewards to compound, we still need to claim and V2 doesn't automatically auto-compound rewards for us or anything like that right?

[cunning perch]

Yeah you will have to claim them still, but won't be forced to claim both pools each time you wanna claim ILV. This is what makes it gas-efficient

[dusk minnow]

Nice, the main thing will be only a single transaction to claim both ILV + SLP rewards instead of two.

The IIP mentions that the gas required for the transaction has also been optimized as well. Do these gas optimizations also apply the people with locked deposits that are still in V1 and can't be migrated until vested?

[cunning perch]

if you upgrade, you will benefit from whatever option V2 offers except wallet change cuz you need to migrate for that afaik. 🙂

[reef oriole]

Guys is there a quick tldr for V2 for those of us that have staked in SLP a few times?

[cunning perch]

#🥩〕staking message and the vid above that

[reef oriole]

Thank you kind sir

[hollow trail]

Question

has staking been updated since 23/11?

[broken ivy]

When does the 2 week period start? (sorry if has been asked already)

[delicate plaza]

No dates have been released for V2 Starting

[gentle axle]

Oh god.. am I the only one who - the more I read - the more I am confused? I read the V2 release, the links, saw a few videos, and Arash's comments yet it's getting to my head even more..

[cunning perch]

Ask your Qs and read my Doc and the questions above and we’ll always be here to help you understand

[gentle axle]

Thanks so much for that. Essentially, my take home so far is that: everything is locked for me at the moment. My SLP is locked. It generated some rewards that I claimed - which is now locked (vesting). But now it also has unclaimed rewards. My vesting rewards have generated some more rewards in the ILV pool which is unclaimed. Essentially, there is nothing I can withdraw at the moment (until 1 year from now). Does that mean I don't need to migrate at all? Just upgrade?

[cunning perch]

You have just staked in SLP? (not talking about the rewards)

[gentle axle]

Yes, just have SLP right now locked for 1 year

[cunning perch]

How many stakes? (how many times have you staked?)

[gentle axle]

Twice. Once was flexible, so I withdrew it and re-staked (but this time locked)

[cunning perch]

So you will have to upgrade one time only (since upgrading is pool based) and upon unlock, IF you decided you wanted to migrate (it's not a force), you will have to migrate 2 times (since migration is stake-based) done 🙂

[gentle axle]

Alright, then migration is only for the vesting tab, correct?

[cunning perch]

Migration is only for upgraded and unlocked tokens that were initially locked on V1 and is not necessary. Upgrading on the other hand is necessary. Now HOW-TO-DO of them both will be made clear after council’s approval

[gentle axle]

Alright got that, thanks a lot for your patience! I'll keep reading up on it in the meantime

[cunning perch]

No worries. Ask whatever is on your mind and we'll help. It's actually pretty straightforward.

[young locust]

If you buy your ilv through Coinbase wallet and stake it from there is there still a gas fee or is just going to take a percentage out of the coin you send like with transferring coins out of Coinbase?

[hollow trail]

?

[silent cedar]

I use Coinbase wallet. You will need enough extra ETH in your wallet to pay for gas. Also keep in mind there may be two gas fees since you claim rewards when you add to your stake it is two transactions. The amount you transfer is the actual amount you will transfer, so it is NOT like coinbase exchange which takes the fee out of the amount purchased.

[young locust]

Okay thankyou

[magic laurel]

Have u seen an announcement saying it has been ⁉️

[muted zenith]

Hey guys , Noob question here! .. so i have some BTC on Binance and i want to Stake some ILV or SLP .
whats the best approach here should i exchange BTC to ETH first then buy ILV or just straight away BTC to ILV ?
Considering Gas fee and all that

[tired cosmos]

Can someone explain the pros and cons of staking ILV vs SLP? And is there a way to calculate the returns for the 2-week period before v2? I don’t have any wallet connected so I can’t see any APY’s or numbers.

[next ruin]

The # referenced is out of date, but this does a pretty good job weighing the two pools. It is pinned in this channel along with a lot of useful resources like calculators and such. #🥩〕staking message

[low fern]

1st month of staking complete

[next ruin]

https://tenor.com/view/rave-rave-girls-took-too-much-autobattler-rpg-gif-22413111

[feral olive]

congratulations, until EOY 2022 will be 10x at least

[storm wolf]

Once I upgrade both my locked ilv and slp does that mean I automatically migrate them as well. Why do I have to do both an upgrade and migrate? It seems redundant and could cause problems

[hollow trail]

idk

one thing has changed

[floral surge]

is it worth it to stake and what does it do?

[delicate plaza]

Hey Arash just listened to your video and had another quick question. Say I have 2 ilv in rewards waiting, have upgraded my unlocked SLP to V2 and want to migrate to a new wallet. I have to claim those 2 ilv to migrate - do I now have to pay gas to migrate my SLP and the recently claimed ILV rewards each? Or just one gas fee to migrate both to a new wallet?

[tired cosmos]

If there's any reason why I shouldn't stake into ILV/SLP now if I have the funds? Or should I just wait for v2.

[next ruin]

Depends on how big the investment. Generally the sooner the better, but if saving a couple hundred on gas will be significant to you it is probably better to wait.

[tired cosmos]

1 ILV equivalent and matching ETH value

[next ruin]

Definitely wait till V2 - the gas will be a significant hit right now.

[tired cosmos]

So should I have the ETH/ILV Liquidity ready and then wait for v2 so that gas will be much cheaper I am assuming?

[next ruin]

I would keep an eye on gas prices and try to find a low point to set up your liquidity position as that is also a gas-heavy transaction. No rush, so might as well do that as cheaply as you can find in the meantime and then be prepared to stake as soon as gas is reasonable after V2 is live. That would be my strategy, at least.

[tired cosmos]

Thanks

[mossy lynx]

hi . how work this ?

someone could explain ]

[next ruin]

https://tenor.com/view/hmm-suspect-gif-22611582

[next ruin]

Be super careful about trusting any DMs. Lot of scammers out there.

[mossy lynx]

thank u .

[next ruin]

When holding ILV, staking is a way to gain additional rewards from yield farming and revenue distribution. The process for staking is the following:

• You acquire either some ILV or some Sushi LP tokens
• You go to: https://staking.illuvium.io/staking/core
• You enter the right pool according to the tokens you acquired
• You decide whether to lock your deposit or not (if locked, you will receive more rewards from yield farming and revenue distribution, but you cannot withdraw your deposit until the chosen locking period is over)
• After approving the contract (if this is your first interaction with it) you confirm the staking of the desired tokens

You can find an in-depth video for staking here: https://www.youtube.com/watch?v=C6YugU4zZr4&t=1s

https://medium.com/illuvium/28-everything-you-need-to-know-about-staking-ilv-6669594b2fac

[mossy lynx]

no im talking about the nfts

as i got one called Fried Kukka Emote - Genesis Promo

[next ruin]

This is not the channel to get answers in then. This is for staking the token. As explained in #💬〕general, your NFT has no utility outside of the game which hasn't been released yet.

[mossy lynx]

ah ok , thanks , when will be release the game

[glossy mirage]

Hi is there any announcement when will V2 release?

[next ruin]

Game is estimated to release in March, but no firm dates yet.

[next ruin]

No announcement yet, v2 is going through audit right now and expected to be happening sometime this month, probably in the last half.

[coral pike]

🚨 PSA: It would be in your best interest to turn off DM's in discord setting - Any DM about Illuvium or any offer to "help" by DM is a SCAM🚨
PLEASE READ

[mossy lynx]

thanks a lot . also i didnt understant why if im the owner of Fried Kukka Emote - Genesis Promo is more people having the same nft . and selling . now i had a quick check on their website and i saw was minted 540 of that one

[glossy mirage]

Thank you

[mossy lynx]

i didnt understand that much , as i couldnt join the discord for problems on my discord .

so once the game is release . wich utility could have my nft called Fried Kukka Emote - Genesis Promo

[next ruin]

Burning the NFT enables the use of an emote on the game account. Won't add any power, just a status symbol.

[mossy lynx]

so sure once the game is relase the nfts will skyrocket

[next ruin]

People will be burning NFTs to redeem them in-game and it will become more rare to own the unredeemed NFT. The ones still out there will probably be more in demand and increase in value, yeah.

[mossy lynx]

im new to all of this ... but i was almost to sell it at 0.35 as i bought at 0.22

but now knowing all of this i will hold till after march to see what happens

[next ruin]

I think that's not a bad idea at all. 😉

[cunning perch]

Yep. Everything needs gas. (sorry for the delay. It was 5 am here)

[vital kayak]

Good morning sunshine ☀️

[cunning perch]

Good morning Lori. I think I just slept an hour lol 😆

[vital kayak]

You need your rest! Too many viruses goin around, keep you immunity up! Hope you can get a nap later

[cunning perch]

Thx. I'll do my best 😄

[chrome slate]

How do I track how much silv I have?

[atomic lagoon]

you can check in the wallet or on illuvium.io page. use the sILV address from pinned message in #💰〕token

[keen timber]

Sorry if this has already been asked, but approximately how much will gas be cut by when staking v2 comes into effect?

[chrome slate]

Got it thanks

[atomic lagoon]

Some of the key advantages of v2 are:
it will not force you to claim the rewards when you are restaking.
you can claim from both pools in a single claim.
it will also give you better gas options.
For more information you can check out the document Arash created:

[vast rampart]

i was trying to use this spreadsheet calculator thing, and I assume I messed up, but it's basically telling me if I claim SLP once a month the gas fee is $1800 a month..... this cant be right? lol

[atomic lagoon]

nope. if you claim once a month, the gas fee will be only around $60 - $100 average per month.

[vast rampart]

ok thank you

[hushed spindle]

Hey guys!
If i am staking and earning rewards and some claimed rewards are vesting. How do i migrate everything to a new wallet? is that possible?

[keen timber]

Thank you! And when does v2 come out? Do we still have time to stake in v1 for the 1 year lock?

[atomic lagoon]

V2 will coming in 2 - 3 weeks. If you are not staking significant amount, you can wait for v2. v2 will also have the same 1 year lock option as v1.

[keen timber]

Oh really? I thought I saw that in order to get the same apy as the v1 core ILV pool on v2, we will have to stake for 2 years

[atomic lagoon]

It (2 years lock) has been rejected by the council a few months ago.

[keen timber]

Ah i see. Awesome, thank you so much!! 🙏

[pale trellis]

So I understand upgrading will need to be done once per pool and migration per each separate stake. Migration is only done after a stake has been unlocked. So if I was to wait 2 weeks for V2 to stake again I would technically only be saving the gas for the migration of that particular stake. Considering that I want to migrate the lot.

[pale trellis]

Oh bugger, that would have been good for us early birds.

[next ruin]

Early birds like us have benefitted enough from getting the lion's share of yield distribution - no need to artificially disadvantage newcomers.

[gloomy gazelle]

Yeah growing illuvium is a smarter benefit than sweeter staking.

But it’s hard to turn down a warm cookie now when I could have two cold ones later.

[pale trellis]

I see what you’re saying. But how do you know that’s a disadvantage. Locking for two years might guarantee a much higher return.

[next ruin]

Max token weight achievable was still 2x. Other than a forced HODL there would have been no advantage to staking longer and not having your assets liquid for twice as long is a clear disadvantage.

[pale trellis]

Yeah forced HODL could be big is all I’m saying. I see your point.

[cold bay]

A noob question: how do I stake if I bought ILV on an exchange (like Binance, etc)? How do I move ILV to the MetaMask?

[gloomy gazelle]

!staking check the video at the bottom. Don’t trust anyone DMing you.

[woven ibex]

When holding ILV, staking is a way to gain additional rewards from yield farming and revenue distribution. The process for staking is the following:

• You acquire either some ILV or some Sushi LP tokens
• You go to: https://staking.illuvium.io/staking/core
• You enter the right pool according to the tokens you acquired
• You decide whether to lock your deposit or not (if locked, you will receive more rewards from yield farming and revenue distribution, but you cannot withdraw your deposit until the chosen locking period is over)
• After approving the contract (if this is your first interaction with it) you confirm the staking of the desired tokens

You can find an in-depth video for staking here: https://www.youtube.com/watch?v=C6YugU4zZr4&t=1s

[pale trellis]

Do you have your Metamask set up?

[gloomy gazelle]

Since ILV is an erc20 token it works a lot like the video shows. But no need to swap for ILV on sushi. Since you already have it.

[cold bay]

I do, yes

[cold bay]

Do I just send ilv to the main eth wallet?

[gloomy gazelle]

Yeah

[pale trellis]

Yeah it’s called a withdrawal.

[gloomy gazelle]

So metamask only has the one address. You have complete control over each type of token that is in there.

[cold bay]

Can I do something wrong and loose coins in the process?:)

[gloomy gazelle]

Yes. By sending it to the wrong adddress.

[pale trellis]

Yep ⬆️

[gloomy gazelle]

Are you certain that you have enough ILV to be worth staking at this point?

[cold bay]

So how do I make sure it’s the right one?:) (just copy Eth address displayed in my MetaMask?)

[cold bay]

NO IDEA!

[gloomy gazelle]

Taking a look at this document

#🥩〕staking message

And this one may be helpful.

https://docs.google.com/spreadsheets/d/1-yorrLEO7051B8ELI7eBtAOohYn8DME4peMPavxcUuw/edit?usp=sharing

[cold bay]

Could you pls explain?:)

[gloomy gazelle]

Yeah. The video above walks you through it. If you want to be sure.

Ethereum mainnet has significant transaction fees.

Paid in eth.

[pale trellis]

That’s correct. It’s your ETH address.

[gloomy gazelle]

To want to stake now (instead of waiting a couple weeks until v2 staking opens) you’ll need to be able to earn more than about $300 in less than 1 month of staking for it to be with staking now.

!staking @woeful jasper

[woven ibex]

When holding ILV, staking is a way to gain additional rewards from yield farming and revenue distribution. The process for staking is the following:

• You acquire either some ILV or some Sushi LP tokens
• You go to: https://staking.illuvium.io/staking/core
• You enter the right pool according to the tokens you acquired
• You decide whether to lock your deposit or not (if locked, you will receive more rewards from yield farming and revenue distribution, but you cannot withdraw your deposit until the chosen locking period is over)
• After approving the contract (if this is your first interaction with it) you confirm the staking of the desired tokens

You can find an in-depth video for staking here: https://www.youtube.com/watch?v=C6YugU4zZr4&t=1s

[pale trellis]

@gloomy gazelle could you please look at my question? #🥩〕staking message

[woeful jasper]

so i dont makes sense to buy ILV with around 500 $ to Stacke ?

[gloomy gazelle]

This seems close to accurate. Except when staking today you would need to claim pending rewards As part of the new deposit. Thus incurring more and higher gas fees than if you staked again in v2

[gloomy gazelle]

Not at the current gas prices no.

Hold the ILV until gas fees aren’t so wild. Or aren’t an issue for ILV staking.

!gas

[woven ibex]

GAS fees are an important thing to consider when it comes to transactions on the Ethereum Mainnet. Optimal GWEI can be found by checking the Gas tracker bot in the discord member list and by checking historical gas prices here: https://etherscan.io/gastracker#historicaldata

[knotty river]

:fuelpump: Current gas prices

Slow :turtle: | **>10 minutes**

98 Gwei

Average :person_walking: | **3 minutes**

99 Gwei

Fast :zap: | **15 seconds**

100 Gwei

Fetched from etherscan Use !help to get the list of commands

[pale trellis]

Yeah I line up a good time to claim when staking more. I’m wondering having 1 out of 5 stakes migrated (all upgraded) won’t change how I claim will it?

[gloomy gazelle]

All claims will be in v2. They just might cost more for those of us still staked and locked in v1. At least that’s my understanding

[pale trellis]

You know what I might just wait 2 weeks. See how the market fairs around Christmas/ end of year. Looks like profits are being pulled at the moment.

[gloomy gazelle]

Yeah seems like a thing. Some Folks wrap up their tax year.

[gloomy gazelle]

How’s it going? I hope you aren’t DMing with anyone pretending to be me or from illuvium support or something

[delicate plaza]

I'm completely lost on how to secure my ILV/SLP tokens on a ledger for staking - is there a guide for this anywhere?

[pale trellis]

Sorry can’t help ser

[cold bay]

I’ll wait a couple of weeks then!:) thank you❤️

[gloomy gazelle]

Ledger has info on how to set it up through metamask

[cold bay]

But would it make sense just to buy ILV (eg if price goes down) and wait until it make sense to stake?

[gloomy gazelle]

Yeah that’s fine to do. The issue is if you tried to stake now you’d probably be better off using the eth it’d cost to stake to just buy more ILV.

[cold bay]

Do you have to claim (and pay) every time you get a reward/yield (so it doesn’t auto-compaund?)

[gloomy gazelle]

!claim

[woven ibex]

Rewards from staking have to be manually claimed and GAS fees for those transactions have to be paid:

• When you stake ILV yield farming rewards start piling up for you
• You claim those rewards whenever you deem the pile to be big enough to justify gas fees
• If you claim sILV you have it unlocked right away (sILV is only usable in game as a substitute currency for ETH outside the marketplace and the Leviathan Arena)
• If you claim ILV then that batch of ILV gets locked for 12 months and automatically staked in the ILV pool with a token weight of 2.0 for compounding effect
• New rewards start piling up....rinse and repeat

NB: ILV paid out as part of Illuvium’s Revenue Distribution have to be claimed as well but are not subject to a locking period.

[cold bay]

“Rewards from staking have to be manually claimed and GAS fees for those transactions have to be paid” WHY? What I mean is —> what is the financial benefit to the DAO to do it this way? I am comparing it to automatic and “free “ staking in the likes of OlympusDAO… with Illuvium is it a technical constraint or a financial decision?

[delicate plaza]

I've been reading all over their site but I'm getting mixed messages on weather I have to transfer a metamask wallet to the ledger or I can actually send the SLP and ILV tokens to my ledger eth address and access them THROUGH metamask from there

[cold bay]

I mean, you are missing out on your compounding interest on your rewards because you need to wait for them to be high enough to add to the base

[gloomy gazelle]

Probably a contract thing. The whole two options of tokens for claiming and the 12 month vesting… it’s probably not exactly the same as Olympus

[gloomy gazelle]

Either way works. Rahlord mentions it’s doable in his staking video.

[cold bay]

I guess, being so new to everything, and starting my whole crypto journey with Olympus/Wonderland I now wonder why otherDEFI and GameFI DAOs don’t do the same (technically):)))

[gloomy gazelle]

Or you connect your ledger wallet to metamask

[gloomy gazelle]

!read admittedly illuvium staking protocol is not super efficient at the moment. But the tokenomics the led it to be this way are worth it.

[woven ibex]

Some important sources of information that everyone interested in and/or new to Illuvium should take a careful look at are:

https://docs.illuvium.io/
https://medium.com/illuvium/9-tokenomics-launchpad-and-reward-details-5894c3b356be
https://medium.com/illuvium/28-everything-you-need-to-know-about-staking-ilv-6669594b2fac
https://medium.com/illuvium/29-governance-yield-farming-and-vault-distribution-faq-7327ae7eb507

[delicate plaza]

Awesome that's all I need to hear. Will be going for the send to my ledger address as at least that way I'm always 100% confident it hasn't been compromised. Thanks!

[burnt nova]

Hello all, kinda new to this and was curious about something: what determined the apy for sushi staking?

[gloomy gazelle]

How many ILV are being distributed to that pool and how much of that pool you would hold.

And it all gets calculated as USD price.

[gloomy gazelle]

I’d recommend checking out this post or looking up vetemor’s staking video on YouTube #🥩〕staking message

[burnt nova]

Thank you! 🙏

Just a bit confusing and reading people say "this 500% apy is not sustainable" is making me want to find the truth

[next ruin]

This is designed to reward the early adopters and taper over time. It's not expected to be or advertised as "sustainable." 😉

[gloomy gazelle]

It’s not meant to be sustained. But yeah it’s good right now and will be for awhile still.

And then…

!revdis

[woven ibex]

The tokenomics of this DAO include a 100% revenue distribution (could be subject to change - DAO governance). This means that any kind of revenue generated through sales or in-game revenue is distributed back to holders of staked ILV. The same max supply of 10 Million ILV will be used for this purpose regardless of how many games the DAO develops.

Revenue distribution is paid out in the form of unlocked ILV and the payout is done multiple times a week without a fixed schedule. Before paying out revenue distribution, the vault converts ETH spent in-game into ILV by buying it off the market which puts buying pressure on the ILV token and thus supports its price development.

[gloomy gazelle]

!goals

[woven ibex]

Illuvium is not meant to be just a single game but a gaming ecosystem that this DAO wants to develop to such a level that it can compete with gaming juggernauts like Blizzard, EA or Riot.

In 2020 Activision Blizzard's annual revenue was 8 Billion USD. At the time of writing this, their Market Cap is 64 Billion USD with a small dividend yield of 0.50 percent.

Illuvium offers 100% revenue distribution to ILV token holders according to their stake and with a max supply of 10 Million ILV to ever get minted, the revenue per staked ILV will increase with every additional game released.

[burnt nova]

This is the incentive to continue holding as well?

[gloomy gazelle]

And of course SLP stakers get their ILV half counted for revdis calculations

[gloomy gazelle]

This is THE reason to hold ILV at all

[next ruin]

It's like a dividend stock on steroids, but better.

[burnt nova]

Man, ty. I can't stop reading everything. Such excitement!

[gloomy gazelle]

I highly recommend vetemor’s video on revdis and his one on staking as well. Both and other great ones are on this playlist I put together https://youtube.com/playlist?list=PLuTQau_zXjlEV2niELD1mn0lfYlXOkoCr

[burnt nova]

Perfect, i will watch them now.

[gloomy gazelle]

Enjoy. I’m logging off for the night.

[wicked sail]

Hey guys I was kind of confused by the bonus for staking only is you have tokens locked. Does that mean to get the bonus I should lock my tokens for at least 1 month on V1 right now to be elgible?

[cold bay]

A lot of great info about staking for yield but How/when will the profit from the games be distributed? Would it go to the $ILV staked pool only and from when?

[atomic lagoon]

Let's say the APY is 400%, in v1 if you don't lock (flexible), then you would only get around 200% APY. 1yr lock will give you full 400%.
in v2 there will be no (flexible), so you will need to lock at least 1 month for the 200% APY. If you lock for 1 year in v2, it will be the same as v1 and get full 400%.

[atomic lagoon]

RevDis will go to both pools. For ILV pool, you will get full based on number of ILV token and weight. For SLP pool, you will only get for ILV portion of the pool based on the weight. for more info you can check out the videos below:
https://www.youtube.com/watch?v=QY_NQeNVfsI&t=9s
https://www.youtube.com/watch?v=YNKB5uIOWWU&t=314s

[junior nacelle]

Jesus there is so much to understand with staking... Trying to wrap my head around everything... I am watching this video (https://youtu.be/C6YugU4zZr4) and the commentator says at one point to see Aron's pinned message in this discord section, does anyone know where that message is? Can't find it... Thanks so much

[wicked sail]

So what is this bonus that guy is speaking of

[junior nacelle]

And also, another question... If I already have 10 ILV, and want to stake in the sushi pool, must I sell half of my 10 ILV for ETH on an exchange, OR, am I able to swap half of my ILV for ETH from within sushi swap? (To save on gas fees?) Thanks all

[atomic lagoon]

do you meant bonus for V2 upgrade?

[atomic lagoon]

either option is fine as long as you have equal amount of ILV and ETH in value in your wallet to stake. you can choose the option that would save you gas.

[wicked sail]

Yeah I just want to be elgible or find out more information on the bonus. I took it as they're giving you bonus rewards since there will be a 2 week no yield period.

[atomic lagoon]

basically there will be no reward yield during the 2 weeks of upgrading, so as compensation, they are giving out bonus for the 2 weeks to those who stake. We do not know what the bonus will be yet.

[wicked sail]

Yeah but do I qualify for the bonus if my stake is on flexible? Because he said in the video flexible pool will recieve nothing. Then I never heard anything else about that.

[atomic lagoon]

based on what I read from here you will be eligible for the bonus. However after v2, if you do not restake with 1 month lock, you will not receive yield anymore. This is my understanding.

[wicked sail]

Alright thanks man.

[junior nacelle]

Ah ok thank u so much... Do u know also where is Aron's pinned message from the YouTube video I was watching? Thanks so much for your help...

[atomic lagoon]

can you give me the time stamp in the video where it is mentioned?

[junior nacelle]

Oh yes give me just one sec

It's at about 16 minutes and 15 seconds

[atomic lagoon]

#🥩〕staking message

[junior nacelle]

Oh wow thank u so much!

[atomic lagoon]

please also check v2 proposal as there will be changes in v2 staking
#809220563397902346 message
there are also youtube videos on Vetemor youtube channel about this.
v2 will come in 2-3 weeks.

[junior nacelle]

Oh that's amazing man thanks so much

[cunning perch]

Banned

[silent wigeon]

hey fam

just a quick question.. How do you unstake from the ILV core pool? There isnt an option to do so?

[jovial root]

Once you in the ILV cult, you here for life bro... there is no escape muhahahahaha

[silent wigeon]

HAHAHAHHAHAHA

[jovial root]

Check out the VESTING tab I think

[silent wigeon]

AHHHH found it.. lol thanks 🙂

[junior nacelle]

Do u guys recommend we stake now, or wait till v2 comes out?

If we have not staked already?

[surreal loom]

Depends on how much you are staking?

[junior nacelle]

Like 20 ILV? In sushi pool?

[cunning perch]

Depends. If you have a good chunk that is worth the upgrade, stake now if you want. If it's small, wait for V2

[surreal loom]

20 Ilv and equal Eth? Say 50k ish

[junior nacelle]

Oh no sorry, 20 IL total... So 10 ILV, and an equal amount of ETH

[cunning perch]

It's a good chunk, you can stake now if you can manage the upgrade gas. but if it was me, since I have other stakes, this part I would keep to stake directly on V2 cuz I don't wanna be forced to claim rewards by staking a new batch.

[junior nacelle]

Ah ok, thanks so much for your thoughts... The only thing I'm thinking of is, I know that the team is planning to roll out v2 in a few weeks, but in crypto, problems always arrise and that few weeks could become a few months, haha... I think I'll stake it now but hope v2 will come soon :)

[cunning perch]

Sure. That's why it’s always a decision you gotta make by yourself 🙂

[junior nacelle]

Yes, true... Thanks so much for ur help man

Oh and just to confirm... If I have 20 ILV, but no ETH, am I able to swap half of my ILV for ETH from within sushi swap? Or must I do that on an exchange? Thanks so much!

[surreal loom]

You should earn around 1k in rewards per week with that stake. At this apy

[cunning perch]

You don't have ETH if you wanna use Sushi. And ETH if you wanna send it back to a CEX

[junior nacelle]

Holy crap... Really?? 1k USD?

[surreal loom]

You can swap your Ilv for Eth on sushi but it will cost gas fees, make sure you have plenty of Eth for gas fees

[surreal loom]

I think that is an underestimation but hey, quick math my man

[junior nacelle]

Oh ok, so, I can swap ILV for ETH on sushi, but, in order to do so, I'll need a little bit of ETH to cover the cost of gas? I cannot cover the cost of gas with my existing ILV? Thank you

[junior nacelle]

Oh I'm sorry, I don't understand... Are you saying that, if I don't have any ETH, I have to use an exchange to sell ILV for ETH? I cannot swap ILV for ETH from within sushi swap? Thanks so much...

[cunning perch]

Yeah to swap withing Sushi you need to pay ETH for gas ofc.

[fresh grail]

With 10 SLP you get around .5 ILV, which equates to $600ish per day

[junior nacelle]

Ohhh ok didn't know that, thanks so much for the info

[junior nacelle]

Woah really? But wait, sorry what's SLP? Is that "Sushi Liquidity Pool"?

[surreal loom]

That’s right, you need Eth for gas and it’s not a little, gas is $95 right now and you will have to do multiple transactions to stake. I would make sure you have $1000 of Eth set aside for gas just to be safe

[fresh grail]

That is correct

[junior nacelle]

OMG... A thousand dollars in transaction fees... I'm dead ☠️

[junior nacelle]

Ah got it, so Sushi Liquidity Pool is a token? SLP?

[surreal loom]

Haha it probably won’t be but I don’t skimp with eth.

[brisk surge]

So last week I put some binance coin into stacking illuvium said I had pending rewards but I went on this week , same wallet connected and now it says I have not
nothing no binance or rewards , can someone explain why its disappeared or a support number I could call

[surreal loom]

Here’s the reality of gas, it’s at $78 right now and that’s bloody cheap these days

[fresh grail]

Yep. When you go into the Pool with half ILV and ETH as the underlying tokens. You get given SLP for staking.

[surreal loom]

Sounds like you got scammed, where did you stake it?

[brisk surge]

Illuvium

[jovial root]

Illuvium.io??

[junior nacelle]

Ohhhh got it... This whole time, I thought the staking rewards in the sushi pool were just only paid out in ILV and sILV

[jovial root]

The rewards ARE only in ILV or sILV.

What he means is that when you stake ILV/ETH in the liquidity pool, they give you SLP tokens to represent your staking.

You then take those SLP tokens and Stake Those on the illuvium.io website.

It does seem complicated, and it gas multiple transactions and approvals.
But once done, it gives good rewards.

But I don't agree with the reward rate mentioned of $600/day for that amount maybe it is...

[fresh grail]

Nah the rate is about right. I hold close to that amount

[jovial root]

20 ILV =$25000 or 10SLP = $50000

[jovial root]

What I was trying to say was that 20 ILV won't get him 10SLP.
It would be more likely 5SLP

[fresh grail]

lol I think there was a miss understanding from both ends. I was just giving an example of what 10SLP would yield...my bad

[junior nacelle]

Ohhh ok got it... Wow, very complicated!! Lol! Can I ask you all if this process is correct for the process of staking ILV, being that I have about 20 ILV but no ETH? Thank you all so much for your support, I really appreciate it!

---

The Process

1. First, buy 1k USD of ETH on Coinbase
2. Then, send the ETH to sushi swap
3. Then, use that ETH to cover the gas fees to swap half of my ILV into ETH (within sushi swap)
4. THEN, stake BOTH the ILV and ETH in the sushi core pool for 52 weeks

ETH Gas Fee Events (7 total):
-when buying ETH with USD on coinbase
-when sending a little bit of ETH from coinbase to metamask as a "test" amount
-when sending the REST of my ETH from coinbase to metamask
-when sending a little bit of ETH from metamask to sushi swap as a "test" amount
-when sending the REST of my ETH from metamask to sushi swap
-when converting a little bit of my ILV into ETH on sushi swap as a "test" amount
-when converting the REST of half of my ILV into ETH on sushi swap

[fresh grail]

After 3. It would go. Both ilv and eth into the pool on sushiswap, then go to Illuvium staking site and choose staking and core pool of up to 52 weeks

[jovial root]

Keep in mind you would send it from Coinbase to your Metamask, and then connect your Metamask wallet to Sushiswap. You don't actually send it to Sushiswap.

Also I personally buy USDT or USDC from exchanges and send that to my Metamask, and then exchange that for ETH on Sushiswap. It saves 1 GAS fee, and I get a better rate on the ETH purchase.

[fresh grail]

You will have to accept contracts on sushiswap, but no sending of eth to sushiswap.

[junior nacelle]

Ohhh ok, got it, thank u so much

[junior nacelle]

Oh that's smart!! Ok, I will buy USDT instead of ETH on Coinbase, send that USDT to metamask, and then swap that USDT into ETH in sushi swap to save 1 gas fee transaction... WOW!! Very confusing! Lol!

[jovial root]

You want even more confusing... sometimes you can swap directly through Metamask!

But I find that is more expensive and worse slippage than on Sushiswap

But yeah, main advice I can give. Watch lots of videos on it.
And really understand before you do it.

Otherwise wasted $500 in fees minimum

[primal zodiac]

What exactly is the benefit of V2 staking?

[warm knoll]

I advice you all to read again a great article from @elder dawn on the subject. https://www.publish0x.com/ilvfi/illuvium-staking-v2-what-do-you-need-to-do-xxypjew
As for all the other article it clearly explain everything you need to know.

Could be pinned to avoid X times the same question @cunning perch ? (same for the IIP discussion that often overlap with this channel)

[cunning perch]

3 pinned

[warm knoll]

Never saw someone pinned so many messages so quickly. Gunslinger Arash

[cunning perch]

No worries everything regarding V2 is here and in Polemos now so all should be clear

[primal zodiac]

So I think I understand. I staked in SLP pool twice. I have to upgrade but I cannot migrate because I locked for a year. So for the following year I have to continue paying crazy gas to claim rewards, whilst those on V2 don't? Kinda sucks for those of us who are locked to V1 for a year?

[warm knoll]

it's suppose to be a bit less still in the V1 (gas fee). But it will decrease even more in V2.

[primal zodiac]

It's annoying because when the original proposal came out, it was going to be a 2 year lock in V2, so I staked more in V1 specifically to only have the 1 year lock, now its changed and I'm getting punished for it. Oh well 😄

[surreal loom]

It will be cheaper anyway because you don’t have to claim both pools at the same time like we do now.

[crimson cipher]

Awesome article by @elder dawn as always

[cunning perch]

that's why I pinned it on top. He's def a professional.

[junior nacelle]

Hi all sorry I was just eating pizza... Oh wait, regarding the v2 migration, is it correct to say that if you had already staked and locked up your tokens for 1 year, you'd be stuck unlocking your APY rewards at a higher gas fee price for an entire year compared to those who staked for a year AFTER v2 came out? In other words, anyone who staked in v1 is stuck with high gas fees until their lock up period ends (even if v2 arrives before then)?

[primal zodiac]

Yeah this is my understanding. I think there was a mention of a "bonus" in the AMA but don't have much information on it, perhaps that is for those who are stuck

[cunning perch]

when you upgrade your locked pool, you will benefit from what V2 offers as if you have staked on V2. If you upgraed in the 2-week-halt period, you will get a bonus as well.

[primal zodiac]

Now I'm even more confused. What is the purpose of migrating then?

[cunning perch]

migrating gives you even cheaper gas. Upgrading lowers gas, Migrating even lowers that already-lowered gas. V3 will even lower it further. You all have to bare in mind that Migration is not necessary.

[primal zodiac]

Got it, thanks

[cunning perch]

@primal zodiac the most important perk that V2 offers is the fact that you won't have to claim 2 pools each time you wanna claim SLP reweds. This in itself is a massive bonus

[primal zodiac]

And this applies simply from upgrading yeah?

[cunning perch]

yeah.

[primal zodiac]

So essentially everyone benefits, those who are locked in V1 for a year benefit the least, but its still great for everyone

[cunning perch]

everyone benefits ofc. V1 stakers have already received tons of rewards and RevDis will further it.

[primal zodiac]

True true. I understand it all now, thanks for your help 🙂

[junior nacelle]

Ok wait sorry I'm so confused lol... What is the difference between upgrading and migrating? If I have a ton of ILV that's sitting on an exchange right now, and I begin staking them for 52 weeks now (in v1), will I be able to avail the lower gas fees that are a part of v2 when v2 rolls around in a few weeks, or, must I wait until my contract expires 52 weeks from now on order to avail the lower gas fees in v2?

[cunning perch]

anytime 🙂

[cunning perch]

Have you staked anything so far? if so, how many times and in which pools? (not talking about rewards)

[primal zodiac]

Its my understanding that at this point its probably better to wait for V2 unless you are staking a significant amount (so that the yield generated from now until V2 launches outweighs the benefits of V2)

[junior nacelle]

Nope, I have not staked anything as of now :) all my 20 ILV is on an exchange

[junior nacelle]

Ah ok... Would you consider 20 ILV a significant amount?

[cunning perch]

So, you have 2 options: (I believe you wanna stake in SLP)

1. wait and directly stake on V2 (you might lose some rewards but will not have to pay any extra gas to upgrade/migrate (later)

2. stake before V2 (you will get some more rewards, but you will pay for upgrade/migration (if you want the latter)

Now you can decide

[primal zodiac]

Would you stake in SLP, and would you match 20 ILV with equal eth? or would you sell half to do 10 ILV + equal eth?

I have about 10 ILV + equal eth staked in SLP and I make around 0.25 ILV per day. so if V2 is 2 weeks ago, you'll probably make around 3 ILV from staking now, question is how much is the gas saving going to be by waiting for V2

^ that is based on 52 week lock

[junior nacelle]

Ohhh ok so in that case then if I stake right now on v1 I will be able to fully upgrade and migrate to v2 once it comes out? As if I staked on v2 to begin with? Is that right?

The only concern I have is that if I choose to stake now, I will "lose" something or not be able to gain the full benefits of v2 once v2 comes out until my 52 week contract expires... Does that make sense?

[primal zodiac]

You will only be able to migrate if you use the flexible staking option I believe

[cunning perch]

upgrade yes, migration after your staked tokens get unlocked. I gave you all the consequences in my previous PM 🙂

[junior nacelle]

Yes I would stake in SLP, and 20 ILV is my total, so really I'd be staking 10 ILV + equivalent USD amount in ETH :)

WOW, a quarter of ILV a day?? That's insane! Surely those gains won't be around forever, as more people enter the SLP pool...

[primal zodiac]

Yeah they decrease over time, been going strong for some months now though!

[cunning perch]

migration keeps the weight so there is no point to migrate with 1X weight and get no YF rewards and RevDis. You will have to withdraw or if you can lock to get a weight.

[junior nacelle]

Ahh ok... So then, I guess my question is, what's the difference between migration and upgrading? Since we can upgrade from v1 to v2, but cannot migrate from v1 to v2 (until contract expiry)? If that's correct?

[cunning perch]

please read the previous PMs. All have been explained already 😄 #🥩〕staking message

[junior nacelle]

Oh ok sorry lol reading now

Sooo confusing to me.....

[cunning perch]

the simplest version: Upgrading already gives you everything. Migration will only give you the option to have a better gas and the possibility to change wallet. That's it. It's not a MUST

[primal zodiac]

V1 = Gas price X
V1 upgraded to V2 = Gas Price Y
V2 = Gas Price Z

X is most expensive, Z is cheapest, Y is somewhere in between

[junior nacelle]

OH this is such an easy way of understanding it... Can u confirm Arash if this description is correct? Thanks all

[cunning perch]

V1 = Gas X
Upgrad to V2 = Gas Y (necessary)
Migrate to V2 = Gas Z + the possibility to change wallet (not necessary)

X= high gas - Y = mid gas - Z = low gas

I adjusted your formula a bit

[primal zodiac]

I think that in diagram form would help a lot of people 😄

[cunning perch]

Vetemor is already coming up with another diagramed vid. We are one step ahead of ppl's questions 😄 we got you covered

[junior nacelle]

Ah ok... And, is it correct to say, that, if you stake for 52 weeks in v1, and v2 comes out next month, then, you can UPGRADE from v1 to v2 as soon as v2 rolls out (next month), however, you must wait until AFTER your contract expires (52 weeks) in order to MIGRATE from v1 to v2? Is that all correct?

[cunning perch]

yes. But there is no word "expire" it just unlocks. your tokens will remain in the contract until you decide to withdraw them

[junior nacelle]

Ahh right that's right I remember that you don't HAVE to withdraw your tokens when they unlock, you can still leave them in for as long as u want... Ok amazing, thank u so much for the info!! In that case, I'll surely be waiting to stake in v2, since I've got a lot to stake (10 ILV + equal amount in ETH) and really want to avail the cheapest gas fees possible for the entire 52 week lock in period... I think anybody considering staking a large amount around this time would surely be better off waiting for v2, right? In order to lock in the cheapest gas fees possible for the entirety of their lock in period?

[primal zodiac]

I knocked up a quick super basic diagram to help those who were confused like me

[primal zodiac]

It depends, you'll make around 3 ILV between now and V2, will you spend more than 3 ILV in gas over the course of a year, thats what you have to ask yourself 🙂 Depends really on how frequently you intend to claim rewards

[cunning perch]

doing so depends on you and your plans as @primal zodiac said

[junior nacelle]

OMG dude thanks so much! You're awesome 😎

[cunning perch]

that's nice Dan. 🙂

[junior nacelle]

Ah, but, we can't answer that question, because we don't yet know precisely how much cheaper gas will be for those in the [v1 upgraded to v2] camp vs those in the [v2] camp, right? The numbers are all speculation at the moment?

[primal zodiac]

Right now its about $120 for me to claim my SLP pool and $80 for me to claim my ILV pool (both required with SLP), so $200 per claim.

With the upgrade I believe it will be just the $120 transaction for both?

With the migration I don't know how much its going to be

Gwei is reasonable right now too, eth crash doing us some favours at least..

[cunning perch]

no one knows the prices cuz they are still gas based. But now that you are in SLP, you can decide when to claim SLP rewards and When to claim ILV rewards and when/if you want to claim both at the same time. V2 gives you uptions

[primal zodiac]

That makes sense. The yield from ILV is very low for me at least so I'd happily ignore that one for some time whilst it builds up

[cunning perch]

That's one of the main goals of V2: to give you options 🙂

[junior nacelle]

Oh wait, I saw in a YouTube video from the illuvium community that by claiming your SLP pool rewards, it automatically (and freely) claims your ILV rewards too... Maybe I misunderstood?

[cunning perch]

Nope. There is no "free" or "automatic" claiming anywhere 🙂 V2 will revoke any forced claims.

[junior nacelle]

Oh ok... Then I must have misunderstood the video... Right now I am watching this video, it's a new one I've never seen before- https://youtu.be/8My8EfI0lYo

[cunning perch]

That's the one Vetemor and I made. you can find the PDF in pinned messages.

[junior nacelle]

That's awesome, thank u

WOW staking is so very complicated... Reminds me of something like a senior level economics course... Lol

[tacit cedar]

One thing I'm unsure of - do you need to upgrade each of your vesting/locked tokens separately, or is it an account wide upgrade when you move to V2 (just thinking about gas fees)

[silent arrow]

answered already few message up !

you need to upgrade by pool where YOU stacked !
so if you stake in silv pool, even if you staked 200 different time, you ll nee only to upgrade slp pool. (1tx, one time gas)
the ilv vesting (reward) that are in ilv pool doesn t count as YOU, stacking so no need to upgrade in this case.

If YOU stacked also in ilv pool, then you ll need to upgrade this one too*

[tacit cedar]

Amazing, thank you. Got to admit I only skim read the chat to try and find an answer. I'm staked into both, but had a tonne of early claims back when gas was cheap, so that's a relief!

[silent arrow]

then you ll need only 2 tx to upgrade both 😉

[tacit cedar]

That's great news, thank you

[junior nacelle]

hello all... ive been taking a lot of notes and research today about staking v1 vs v2 and id love it if you guys could take a look at a little note I made and tell me what you think, and if everything Ive jotted down is correct... thanks so much and here is the note-

and would be especially curious to hear what @cunning perch thinks of it, haha...

[cunning perch]

1. Upgrade is only for locked tokens.
2. Yes
3. Yes. staking directly on V2 doesn't require any upgrading/migration
4. Yes. No way to tell how much cheaper gas will be
5. It's def a personal preference and no one can help you there
6. I kinda got what you want to say, but I'll clarify anyway:
   6') Stake on V1, if your gains on V1 will be worth the upgrade/migrate
   6'') Don't stake on V1, if your gains on V1 are not worth the gas you pay to upgrade/migrate

[junior nacelle]

Ah ok... But the important thing to me, is, that for as long as our tokens are locked for (in my case, I will be choosing to lock them for 52 weeks), the gas fee for scenario C (people who staked directly on v2, no migrate/upgrade) will ALWAYS and for the whole entire 52 weeks be cheaper than scenario B (people who originally staked on v1 and then migrated/upgraded to v2), is that correct?

[cunning perch]

It's gonna be cheaper, but not THAT cheaper that would make THAT much difference and make a loss than profit. You are thinking so hard on this. The only way gas will be massively reduced is when V3 is out

[sharp trout]

@cunning perchis the pairs to be stacked ETH / ILV?

or can be USDT/ILV?

[cunning perch]

wen providing liquidity, yes. If staking directly in ILV pool, No
USDT pair can be found in DEXs and CEXs too if you wanna buy, not stake

[junior nacelle]

Ahh ok... That's a huge help for me... If it will not be so much cheaper, then I think I will just stake it now... Yes I know, I'm thinking so hard about it because I'm putting in a large amount of money for a whole year, it's worth it to me to think about, lol... Thanks so much

[cunning perch]

No worries my friend. 🙂 you are thinking on cheap gas while we V1 stakers have paid thousands of $ on gas already. So V2 is a massive help in itself

[junior nacelle]

Is there any way you can estimate how much cheaper the gas would be in scenario C compared to scenario A? 5%? 20%? 50%? I know it's impossible to say exactly how much cheaper it will be, but if you could just give a rough estimation, it would help me tremendously...

[cunning perch]

No way to tell. Gas varies by the second.

[junior nacelle]

ok, no worries and thank u... i might stake a little bit now and a little bit after v2, to get the best of both worlds

oh, do u know approximately when v3 will roll out?

[cunning perch]

It will def take time. So don't count on it just yet.

[atomic lagoon]

I doubt it is a good idea. It will double your gas or more. Isn’t it?

[junior nacelle]

got it, thanks!

[junior nacelle]

oh, i didnt think of that...

[atomic lagoon]

Just to share my view, if you are staking in SLP, 1 SLP will give you very roughly about 0.05 ILV per day so about 0.7 ilv ($840) in 2 weeks.
So IMO if you are staking at least 1 SLP it is worth staking now. NFA.

[junior nacelle]

oh ok, thats interesting... I will be staking a total of 20 ILV in the sushi pool for 52 weeks (so, 10 ILV, and the equivalent amount of USD in ETH)

[thorny grotto]

if you are staking a Flexible ILV and you wanted to shift to LOCKED, do you need to pay Gas Fees?

[cunning perch]

If you have the option to lock directly, then you gotta pay 1 gas (I doubt this is an option). On V1, the likely option is you have to withdraw (1 gas to claim rewards + 1 gas to withraw) and then re-stake (1 gas to stake) (in case of staking SLP you will pay another gas to claim rewards when re-staking)

[atomic lagoon]

that's about 5.2 SLP so definitely worth to stake now! you will get about 3.5 - 3.9 ILV in 2 weeks!

[junior nacelle]

ohhh shoot ok! damn haha i was trying to over analyze the crap out of this, lol... this is SO confusing to me and i have never done anything like this before... ill stake it now in that case 🙂

wait... ill really get THAT much ILV?? like almost 4 in two weeks?? that sounds nuts, is that for real?

[atomic lagoon]

you can wait for gwei to be below 85 if you want a cheaper gas. you can see gwei on the right side at gas tracker. it is about 95 now

[junior nacelle]

oh by the way, I responded to your comments in the Report A Scammer channel, haha...

[atomic lagoon]

yeah. I am also in SLP myself.. 🙂 there is a risk of impermanent loss ofc. so make sure you understand what it is. and then DYOR.

[junior nacelle]

ah yes, I know about the impermanent loss... not too worried about it... i just wish i heard about this project sooner, i was in OMI (ecomi) for 9 months, and i sold at breakeven recently because i got SO fed up with the project's constant delays... switched to this project because im equally bullish on it and see it going to the moon over the next 5 years

[clever horizon]

Any way to get passed processing rewards to actually withdraw SUSHI LP?

[final steppe]

No, in order to withdraw your SLP tokens from the Illuvium Staking site, you'll automatically claim any pending rewards you have

[clever horizon]

@final steppe I selected the option to claim all the rewards in ILV and the transaction processed on Metamask. But the SLP is still locked lol. So i paid to claim pending rewards after just claiming my rewards??

I have 3 process rewards transactions

[silent arrow]

for how long have you locked your slp token ?

bcause if they are locked, well locked means locked ... you can t withdraw it till the end of your lock period

[final steppe]

What Hiroo said above.
If you staked your SLP with a lock period (say 12 months), you will not be able to withdraw the SLP tokens until 12 months have passed.
Did you lock your SLP tokens when you staked? (You can check this in the Vesting tab and see how many days remain until your SLP unlocks)

Also-- please know that no mod or member of the team will DM you first!
If you receive DMs offering to help and requesting wallet information, they are SCAMS and should be reported in #🚨❗〕report-scammers

[sick pasture]

Hi, I dont really get how the liquidity of the sushi pool works. Which brings me questions: I have two ILVs tokens, so when add liquidity (2 ILV + equal amount in ETH) I will get SLP token with the value of 4 ILV tokens? And that is what I stake in the pool later?

[mental saddle]

one doubt that just occured me....the yeld on SLP (and ILV for that matter) is APY or APR? Since it is a fixed non compounding rate?

[atomic lagoon]

Yes you will get SLP token with the value of 4 ILVs but when you withdraw the amount of ILV and ETH will change due to impermanent loss.
Yes, you stake the SLP token into the SLP pool.

[cyan rampart]

It's APR (doesn't factor in compounding).

[mental saddle]

Ahhhh well though so

[cyan rampart]

You get SLP tokens worth the same as the ILV + ETH you provide as liquidity.

[mental saddle]

In a (theorical) gasless daily compounding, you could get xxx.xxx% APYs... 😛

[cyan rampart]

You can see the price of an SLP token here: https://app.zerion.io/invest/asset/SLP-0x6a091a3406e0073c3cd6340122143009adac0eda

[slate scroll]

Did anyone here already got some unlocked ILV I have some that I will get released in few days when I'm taking them out back to my wallet do I need to claim rewards

I don't want to be an idiot to claim my rewards just few days before if I'm forced to do that again :)

[thorny lantern]

What exactly happens to SLP when your staking time is up? Does it just go into your wallet? Do you have to manually take it out? Do you have to pay gas fees to get it back?

[atomic lagoon]

withdraw (pay gas)
swap back to ILV and ETH (pay gas)

[thorny lantern]

Can I withdraw and restake for the same gas or will that be two separate?

[slate scroll]

And my question was when we are withdrawing are we forced to claim rewards

[atomic lagoon]

You will have to do as below
withdraw (pay gas)
restake (pay gas)
but V3 might change this.

[sick pasture]

Does the SLP token fluctuates based on the ETH and ILV tokens? Is it the regular proportional fluctuation minus the impermanent loss?

[atomic lagoon]

nope. you can withdraw without claiming the reward.

[slate scroll]

Thanks finally one interaction without claim :)

[slate scroll]

No your slp amount is always same

[cyan rampart]

The price of an SLP token fluctuates. The amount of SLP you own does not.

[slate scroll]

But amount of eth and ilv in one slp token is always changing

[cyan rampart]

In the past month, for example, 1 SLP has been anywhere from about $4100 to about $6200, and is currently about $4700. https://app.zerion.io/invest/asset/SLP-0x6a091a3406e0073c3cd6340122143009adac0eda

[sick pasture]

Can I think the token as 50% eth and 50% ilv? So, if the ILV goes up 100%, the SLP should go up around 50%?
And if they diverge too much from the time the pool was create (not MY liquidity) the impermanent loss will increase, correct?

[thorny lantern]

I love an ETH-ILV LP token, those are two easy long holds. AND earning yield!? yes please

[cyan rampart]

This is kind of right, but not really. If ILV goes up 100%, the SLP token is now made up of more ETH than ILV relative to when you started, so it won't go up by 50%.

[thorny lantern]

IL only refers to the loss of total value you could've had if you hadn't combined the two tokens. You never actually lose any portion of the tokens you have. The real IL risk to me is that ILV has some kind of ceiling but ETH really doesn't have any kind of ceiling.

[slate scroll]

Who doesn't usually 200+ apy is some complete garbage that can lose 90% at any given moment here we have ilv that's constantly outperforming eth

[sick pasture]

Isn't this the current ratio?

[slate scroll]

Ratio is always 50/50

It doesn't matter if ilv goes 10x and eth 2x ratio will be 50/50

[cyan rampart]

The current ratio is a function of the current prices. The ratio will change if one of the 2 tokens pumps or dumps.

[thorny lantern]

Serious Question, stake another $10k or put it into land?

[cyan rampart]

Like, in a hypothetical world, where ILV is $1k and ETH is $1k, and an SLP token is $2k, and you own 1 SLP token.

If ILV goes up 100%, an SLP token is now comprised of .66 ILV and 1.32 ETH, and is worth $2640. So it appreciates when one of the tokens pumps, but not by 50%, because it's reallocating value into the token that isn't pumping.
^This might not be 100% accurate, but it gets the idea across.

[sick pasture]

oh, ok, I think I got what @cyan rampart said now. If one goes up, the weight of the other gets higher....

[cyan rampart]

Now if both tokens pump by 100%, the current ratio is maintained, and the SLP token goes up by 100%.

That balancing of value is part of what leads to IL.

[paper trench]

HI., I have a few ILV coins staked. I havent been as focused over the last two weeks on this as I should. I've seen a few things about staking 2.0 where we might have to move our original ILV to a different coin. Is this true?

[cyan rampart]

No, you don't have to move your ILV to a different coin. You will have to upgrade your stake to interact with the V2 smart contracts to continue generating yield.

This should be a single transaction per pool you're staked in.

[paper trench]

Will it be completed automatically or is there something we have to do

[cyan rampart]

You'll have to do the upgrade transaction, it won't be automatic.

[paper trench]

And our ILV 1.0 becomes worthless if we do not do it

[cyan rampart]

Your stake stops generating rewards. Your ILV is still ILV, and has value.

[paper trench]

Ok, gotcha. And this is all happening over the new few weeks right?

[cyan rampart]

You basically have to approve the staking v2 contracts to read your current staking v1 positions so it can properly distribute rewards to you.

Once staking v2 passes the Quantstamp audit, and the council votes on staking v2, we should have v2 very soon.

[paper trench]

Ok, thank you

[cyan rampart]

I can't give you a timeframe, because something could happen with the audit that needs fixing, in which case those fixes would take time.

ASAP basically.

[kindred moth]

Hey guys, how often should you claim your rewards? As I understood the claimed ILV will count towards your staking pool and generate rewards in the blocked time (vesting). But I don't want to claim to often because of the high gas fees.

[brisk surge]

Nice to see that people try to explain v2 as many times and different ways as possible. Don't really see that in other communities. Thank you for that.

[gloomy gazelle]

Having the gas fees cost about 1%-5% of the value of what you are claiming/vesting is a pretty good estimate.

Have you used any of the tools pinned in this channel?

[kindred moth]

I keep forgetting that there can be pinned messages. Thanks for pointing out! I will look through them

[junior nacelle]

Hello guys, I have a question... I know that upgrading from v1 to v2 will produce "cheaper" gas fees, but that staking directly on v2 without upgrading will give the "cheapest" gas fees... My question is, just how much cheaper will the gas fees be for those who staked directly on v2 versus those who initially staked on v1 and then upgraded to v2? Thanks so much

[cunning perch]

Take it in terms of 1-2-3 with one being V1, 2 being upgraded V1 and 3 being staked V2.

1 is gonna die out and 2 and 3 will remain. Shouldn't make THAT much of a difference. My man you are over-thinking it by miles

The reward you are gonna receive (from the SLP u mentioned earlier) are far more valuable than the gas you pay to claim them

[junior nacelle]

Haha I know I'm overthinking it 😂 I just am trying to find out how much gas gonna be saved in the group that staked directly to v2 vs the group that staked in v1 and then upgraded to v2... But if u think the amount of gas saved between those 2 scenarios is miniscule then I'll just start staking now

[cunning perch]

You will still pay gas. Now let's say you may pay $50 more/less while making $1k a week. It's just an example. The amount you are staking is bigger than many are trying to put in already.

[junior nacelle]

Oh, wait, I just thought of something! Why don't I just stake openly right now (stake without locking myself in to a specific time-frame), and then lock myself in for a year after v2 comes around? That way, I'd be earning at least some yield now, and when v2 comes around, I could lock myself in for a year and earn double... Does that sound like a good idea to you? Thanks so much...

[cunning perch]

You might have to withdraw and relock if you stake on Flexible (lots of gas TX involved) to change the weight.

[junior nacelle]

Oh ok, damn...

Do you think I should just stake now for a year and get it over with? 😂

[cunning perch]

I think by now you should have a pretty good idea about what you wanna do. 🙂

[junior nacelle]

Hahaha fair enough

Do u know what the bonus is gonna be for the 2 weeks that the staked tokens won't be giving out yield before v2? Is that info posted anywhere?

[cunning perch]

No idea. Might be a hug and a big Thank You 🙂

[junior nacelle]

Hahaha

[gentle pumice]

I think Arash has more patience than the Dalai Lama.

[cunning perch]

https://tenor.com/view/laugh-jerry-tom-and-jerry-mouse-lol-gif-17060825

[cunning perch]

Thx man. I just love the community 🙂

[dull harness]

So, I just noticed that my staking rewards are not accumulating anymore and the vesting period isn't moving.

[limpid sparrow]

If i stake ilv as flexible can i take it out whenever i want etc if i stake 1 ilv and want it back in a week can i get it back or do i have to wait the 12 months

[cunning perch]

The reward distribution drops 3% every 2 weeks. What pool have you staked in and when? What do you see in the “vesting” section?

[cunning perch]

Flexible means your tokens are free. In two-three weeks the Flexible pool will be obsolete, so I suggest you don't stake 1 ILV in it. It will not be worth the rewards and the gas you pay.

[limpid sparrow]

But if i want money in the game to spend do i have to stake it for 12 months?

Or can i buy it on a marketplace like binance or swap it on my metamask for silv?

[cunning perch]

To get rewards after V2 (in 2-3 weeks) you will have to at least lock for one month.

[cunning perch]

You can always use ETH in game without being exposed to the tokenomics

[limpid sparrow]

@cunning perch Okey thanks alot mate! but if i buy somthing in the game do i always have to pay gas fees using eth?

Or can i put it in a account so if i put 100$ i can use the 100$ with not paying more than the 1 gas fee i have to transfer it to the acc?

[cunning perch]

Games will be on L2 (IMX) so there won't be gas inside. The only has you pay is when you wanna transfer in-out of the wallet to CEXs to cash in-out

[dull harness]

I staked back in September in the regular ILV pool. I haven't checked in a while and I noticed my pending rewards haven't increased at all. The number of days to unlock is stuck at 123. I should be much further along.

[limpid sparrow]

Thank you so much!

u answerd all my questions in 5 mins way easier than googling around for several hours

[cunning perch]

@hexed bough could you please look into this issue, thx mate.

@dull harness please wait until Carlos tags you here in the channel.

[dull harness]

Thank you!

[cunning perch]

You are welcome mate. Always happy to help 🙂

[steep heron]

I have staked my token in both pools for 12 months. If i upgrade my ILV and SLP pools to v2, do i need to bother after?

[cyan rampart]

You'll still need to claim your rewards (if you want to), but after upgrading you'll continue to generate rewards.

Upgrading basically just makes the V2 contracts able to read your V1 stakes and continue allocating rewards to you.

Migration is optional after you've upgraded, and can only be done after your stakes unlock.

[steep heron]

Thanks for a quick answear! appreciate this community so much! 🙂

[brave marsh]

how many slp will i get if i swap 3 ilv?

[iron vector]

how do i upgrade? im reading the pinned post and watching the video, but i havent come across it or im missing something

[brave marsh]

its not released yet, it will be probably out in 1 - 2weeks.

[iron vector]

ahh ok. im not stoked about having to pay more gas for this considering how expensive it is. was already half an ILV at my buy in price for staking it and another for buying it

[timber brook]

Quick question all. if I upgrade my ILV and SLP will it mean I can claim rewards from SLP without having to claim from the ILV pool at the same time?

[cunning perch]

yes (quick answer lol) 😄

[timber brook]

Awesome. I thought so. Just wanted to double check. Thanks.

[tired cosmos]

Is there a calculator or a way to find out how much ILV I would receive daily (before actually claiming) based on the amount of SLP I am holding?

E: Nvm, I think I may have found a calculator from Deraji in the pinned messages.

[pure moss]

I’ve just checked my dashboard today and all my silv is gone. Etherscan shows it’s gone to Uniswap V3: sILV. Any ideas what’s happened here?

[gloomy gazelle]

Sounds like someone has your keys.

[vocal osprey]

hello. i am new here and i want to stake for now. can anybody tell me how much would be the gas fee for transfering ilv from metamask to the staking pool??

[gloomy gazelle]

Copy this sheet and input the gas information for the types of transactions you want. https://docs.google.com/spreadsheets/d/1-yorrLEO7051B8ELI7eBtAOohYn8DME4peMPavxcUuw/edit?usp=sharing

[gloomy gazelle]

They would have swapped sILV for eth and then done something with that eth.

Or maybe you did that and forgot.

[pure moss]

I can’t see any other transactions (eth) and the exact amount of silv has been removed

Oh I can see 0.035 ether added before it was removed. So this essentially means I’ve been hacked somehow

Can someone advise what’s the best thing to do with a compromised metamask wallet?

[gloomy gazelle]

Remove all assets to a New and secure wallet.

But first…Determine how your keys were stolen… is you device being hacked or did you give someone the keys through a scam.

If you’re stakes are locked you’ll have a chance to transfer them to a new address after they are unlocked.

[pure moss]

They are locked for a year and are accumulating rewards. I’m assuming those rewards are at risk aswell and there’s nothing I can do about rewards?

[final steppe]

It's going to be a race against the scammer, unfortunately. Keep a watch on your vesting periods and as soon as something unlocks (whether it be your initial staked deposit or your rewards), you'll want to try and move those tokens to your new wallet.

[pure moss]

Thanks for the info

[brisk surge]

@cunning perch,
For this scenario, can you confirm if my understanding is correct

Below exists on the same time:
Unlocked Flexible SLP with Unclaimed Rewards
Locked ILV with Unclaimed Rewards

For locked ILV, this needs to be upgraded no question about that

For Unlocked Flexible, since flexible staking is no longer available on V2, so withdrawing and restaking is a must if you wanted to continue earning and here is my options:

OPTION1: WITHDRAW
This will trigger claiming of rewards, and say if I claim rewards as ILV, this reward will be locked for another year and this will also trigger the claiming of rewards from locked staking, even I upgraded it?

OPTION2: UPGRADE AND WITHDRAW
This is to prevent from claiming rewards from locked staking scenario from OPTION1

OPTION3: UPGRADE, MIGRATE, AND WITHDRAW
This is for better gas fees with perks from OPTION2

[cinder dragon]

Is there any good vids for getting SLP for staking because I dont understand how it works

So you have to have both ilv and eth to add to liquidity pool?

[cunning perch]

Option 1: (1 gas) to claim rewards (1 gas) to withdraw and the next step (re-staking) has two options:

Option 1’: you re-stake SLP on V1: (1 gas) to claim rewards again (tiny rewards and (1 gas) to re-stake and lock

Option 1”: you wait to re-stake on V2 and pay just (1 gas) to stake and NOT be forced to claim rewards.

Option 2: if you upgrade, your Flexible SLP won't get rewards cuz the weight is 1x and 1x will not get rewards and to raise it you will again have to withdraw (idk if you will be able to upgrade SLP while you have Flexiblly staked it. It's not clear yet)

Option 3: Migrate and Update shouldn't happen together. Idk if this is possible too. But even it is, you are still paying 4 gas (1 to upgrade, 1 to migrate, 1 to withdraw, 1 to restake assuming that none of them fail)

[cunning perch]

You can check the pinned messages and #🎨〕community-content page

[cinder dragon]

Thanks

[brisk surge]

@cunning perch
Thanks for the info. I only create Option2 because I am not sure if the rewards from locked staking will be claimed as well if I only upgrade Locked Staking and withdraw and claim from flexible staking without upgrading it. Will you confirm?

[cunning perch]

No worries. Withdrawing on V1 will require a reward claim. Upgrading doesn't. Upgrade is reward-claim-free, but idk if there will be an upgrade available if you have only staked flexibly. So, it's speculation here.

[true vector]

1. so im about to stake 20k in ilv/eth pool locked for 1 year, should i do it now or wait for v2? for staking i get rewarded ilv or silv right? and if i claim the ILV they are locked in for 1 year while silv is claimable right away

[cunning perch]

To have a better understanding of V2, I suggest you read and watch the 4 recent pinned messages in the channel.

Then you can decide.

[true vector]

also if i claim the ilv how is it locked for 1 year? lets say in 5 month i claim all me rewards are they then locked in for 1 year from that point?

[cunning perch]

ILV will be locked from the moment your claim it. 5 claims in 5 different times = 5 different 1-year locks

[true vector]

okay thanks that was one of my confusions overall if stake for 1 year now i will get all my rewards in 2 years

[cunning perch]

You will get your rewards one year after you claim them. This does not take sILV into account as it is released to your wallet to be used in the game/land sale

[true vector]

someone just DM'd me pretending to be you right now hes giving me good info, name is Arásh | IIIuvimod#5966

[robust gale]

I understand that you continue getting the staking rewards by upgrading to v2, but let's say I used a wallet for staking in v1 recently, and I would like to deposit more when v2 rolls out (into v2), do I need to stake from a new wallet address? Why?

[cunning perch]

Good info? It's scam my friend and he'll end up stealing all your funds. Please report his full ID in #🚨❗〕report-scammers so I can ban his ass lol

[cunning perch]

You can stake from the same wallet. Your V1 will stop receiving rewards unless you upgrade it. Any new stakes you make will be on V2. Not upgrading will be a financial suicide 🙂 so I suggest you do it the moment it is implemented

[true vector]

yeah i knew that the moment he dmd me just wanted to waste some of his time

[cunning perch]

Well done. You scammed a scammer. I wish you could actually scam him as well lol

Some scammers are actually stupid. Idk how they end up stealing ppl’s money.

I mean one look at your name, they guy should know better you've been here a while and you are aware of them lurking around lol.

[true vector]

im not that familiar with discord i just ignore all dms and try to get info on a public channel only

[burnt hill]

Any close ETA for the V2 staking ? i'm waiting before claiming, but i've got already like 8 tokens to claim, but don't want to do it if V2 is close and around the corner.

[lusty mason]

Not a closed exactly In a couple weeks

[cunning perch]

Upgrading doesn't require a reward-claim. So you can either claim or don't. It's your choice. Migration will require a reward-claim

[burnt hill]

i know that, was just questioning if i should wait for V2 to upgrade and then claim because of the cheaper fees or just claim already since i've got a few ILV to claim. Few weeks could be 1 month

[cunning perch]

Gas has been reasonable lately, so 8 ILV means more than $8k in rewards. So if gas is under 100 Gwei, then it should be a nice time to claim

[burnt hill]

Cheers, thank for the help 😉

[normal tundra]

Hello everyone, Crypto noob here. I’ve been trying to educate myself on the whole staking and liquidity pool thing the last month or so. I’ve used the calculators here but I’m still having trouble trying to decide whether to just stake ILV or try the SLP pool then stake the rewards. I have around 6/7k usd. Any opinions/advice on how you came to your staking decision? NFA I know 😂

[cunning perch]

Hey. Now that you have read and watched all, read and watched the 4 recent pinned messages as well to get an idea 🙂 (and watch out for DMs cuz you just asked for them by saying “crypto noob”. They are scams)

[normal tundra]

Thanks for the reply Arash! Yeah I know not to respond to any of the DM’s. Thanks for the reminder 😁I’ll read through the previous posts here some more

[cyan rampart]

I like the SLP personally, but definitely DYOR. In my estimation, the APY vastly outweighs my expected IL. NFA ofc

Only time will tell if I'm kicking myself when revdis starts rolling in 😉

[true vector]

so whats with the revdis? does the liquidity pool not get them?

[cunning perch]

The ILV part of SLP does. Not the SLP or ETH number

[cyan rampart]

SLP tokens are 50/50 ETH and ILV. Only the ILV portion gets revdis, so you basically halve your revdis earning potential in the short term by staking the SLP.

In the long term, the rewards mean you should end up with more ILV total though.

[true vector]

im also thinking of just getting as much land as possible instead of staking hmmm decisions decisions

[cyan rampart]

It's a serious toss up - Land is definitely an interesting choice. I personally think getting the most ILV will be the most lucrative in the long term, but land could do some crazy things through Fuel/Blueprints/Appreciation.

[true vector]

yeah right now i have 4.66 silv enough for 1 or 2 tier 1 land and now im planning on liquidating my other crypto assets and possibly staking them

ah fk it ill just stake the rest and just get a tier 1 land

[gentle axle]

Unless your rewards are already worth more than your SLP and you send them to vesting 😉

[glossy socket]

Can you elaborate on ILV vs land performance?

[silent cedar]

I would like to hear what @cyan rampart has to say here, but I think in general with land you have an NFT that itself has the potential to grow over time, it can produce fuel which can be sold as it is needed in game, and I'm not solid on blueprints but you need them in order to craft the item I think, like to craft a certain item you need the blueprint for that item of that level.

Staked ILV generates revenue distribution from the proceeds of any interaction with the game, future games, and anything else under the Illuvium DAO umbrella, (not person to person) proportional to the amount of ILV you have staked. ILV also has the capacity to increase in value over time as it is a limited supply governance token for the Illuvium DAO.

[livid light]

Yes you need BP to craft items which you can get from ILVZ or Illuvidex

Question is buying the land vs staking the coins, not knowing the value of fuel yet we cannot figure out the ROI and with RevDis its up in the air as well

T1 land could sell for $3k and produce the ROI in a month or a year... check out the channel I did some videos on it

[cyan rampart]

I can't really give advice (I just don't like to), but ILV has the entirety of Illuvium's tokenomics behind it to increase the token price over time, including the pseudo burn that sILV provides, revdis, yield farm rewards etc.

Land produces Fuel, which is fantastic, as it's used in both titles. It doesn't, however, have anything like yield farm or direct revdis going on.

I personally view Land as a bigger risk, but that's largely just based on my personal opinions.

Ultimately we can't actually compare them yet in real-time because land doesn't exist yet, so talking about comparative performance doesn't make much sense. Fuel should equate to roughly 5% of in-game revenue.

[true vector]

land could become valuable as a resale value, ive been looking at axie and they also started land sale with 0.5 eth and now its going for around 15 - 17k usd

[cyan rampart]

Absolutely, it definitely could go to the moon. And if ILV is performing well, I'm sure a healthy chunk of that investment will end up in land as well. People should make up their own minds on what kinds of investment/purchases they like to make.

[glossy socket]

Thanks mate for the details, I understand about giving advice (been there) just wanted to the infos which you provided

[glossy socket]

Which channel?

[hushed spindle]

is V2 live already?
i entereed the SLP staking on 11/27. Had mine only locked for a weeek so i see it able to withdraw but not sure if V2 or V1 or any migrate options

[silent cedar]

No v2 is not live. You can read the latest proposal in #809220563397902346

[silent cedar]

#🎮〕illuvium-zero

[hushed spindle]

ok yea... i see that. so theres no tentative dates for V2 yet?
reason i ask is because i want to add more to the pool and wonderin if i should wait or just add it now and migrate it when V2 is live. not sure which would be more economical

[silent cedar]

Yah I think that's a lot of ppl consideration. I'm not sure, but I personally staked and claimed a few days ago and am glad I am not missing out on my rewards while I wait for v2. I usually wait for low end gas though regardless. Maybe check out the v2 discussion thread under #809220563397902346

[hushed spindle]

great.. thanks a bunch. i guess the costs are the same to migrate since i will have to do it anyways casue im already in the pool.

[silent cedar]

I guess it really just depends on how much in gas you would save if you staked/claimed after migrating v2 vs the rewards earned between now and then. Depends a lot on how much you are staking/claiming. The more you are staking, the more likely it would be better off to get them rewards accruing.

[potent sable]

Whats the big difference between 'upgrade' and 'migrate'

[cyan rampart]

V2 Staking Quick Guide:
Upgrade:
If you have a locked stake in V1, you will have to upgrade that stake to V2. This will allow the V2 contracts to read your V1 stake and continue generating rewards. If you do not upgrade, you don't continue generating rewards. Each pool (SLP + ILV) requires an upgrade transaction if you have a stake active in it.

Migration:
Migration is optional. Only unlocked tokens/stakes can be migrated to V2. Migrating to V2 lets you take full advantage of the reduced gas fees that are a part of the V2 staking contracts. Migrating to V2 has additional benefits, such as the ability to change the wallet a locked stake belongs to.

[potent sable]

This was my understanding. I guess my only other big question is what sort of gas does each thing have. upgrade gas will be typical gas I suspect. But migrate gas could be cheap gas?? Since I have like 20+ transactions you know. Or do they all migrate with a single gas fee

[cyan rampart]

Migrating will be multiple gas fees unfortunately. Upgrading should be 1 per pool.

Aaron mentioned that if gas fees to migrate are more than the amount of a stake is worth, you can forego that yield.

Like, if you claimed .00001 ILV or something, you can just give that ILV up.

[potent sable]

Is there any way around all of this? Eg if tokens unlock do they get pooled all together for which you can then claim them and restake them on V2 for 1 gas fee??

[cyan rampart]

When tokens unlock, they are still separate. You have to withdraw each one individually (or at least I did, when 2 of my stakes unlocked). After that, you can re-stake them all in V2 with a single transaction. I don't think there is a way to "group" all your unlocked tokens for a single withdraw or migration transaction, if you are staked in V1. Once you've moved your tokens to V2 (i.e. migrated or re-staked in V2), you can unstake all unlocked tokens in a single transaction.

[potent sable]

I had a feeling. I guess the only question is. How much gas is a V2 migration

[cyan rampart]

We don't know that specifically yet.

[potent sable]

Is it standard or is it influenced by their layer 2 improvements?

[cyan rampart]

No part of staking V2 is on Layer 2, so it will be standard (if by standard you mean, ETH mainnet).

The gas optimizations are things like, reducing the complexity of transactions ON the ETH mainnet, so that those transactions cost less gas, allowing you to stake/unstake without claiming rewards, etc. This is all covered in the IIP, which is pinned in this channel. (See: Main Changes Heading).

[unkempt oak]

will V2 be on another network that will need to be configured on metamask. Such as Palm network or Matic network etc....?

[junior nacelle]

Hi guys just wanted to confirm something - it is my understanding that v2 will offer the ability to claim SLP and ILV rewards in one transaction instead of two, which ends up saving one transaction of gas fees, but, is this feature only available to people who MIGRATE (not upgrade) from v1 to v2? Thanks all

[gloomy gazelle]

No. But one day v3 staking will be on IMX.

[delicate plaza]

How good will that be paying next to nothing for claiming rewards

[gloomy gazelle]

Yeah. Insane for sure.

[coral pike]

@gloomy gazelle do you know why i would have 15 cents of ILV in the core pool when i am staked i slp and haven't claimed yet been a moth still waiting for V2 lol

[gloomy gazelle]

Sounds weird. I want to see the vesting page. 😂

[coral pike]

ok ill take screen shot

@gloomy gazelle I lied i only have 14cents Ilv

[gloomy gazelle]

Oh that’s not vesting page. That’s been there the whole time. It’s the dust left in your wallet that didn’t make it into the SLP tokens

Pretty sure.

On etherscan you’d still be marked as an ILV holder.

[coral pike]

the vesting page only has my slp stake atm because i haven't made my first claim

[gloomy gazelle]

Yeah that ILV is not staked.

If it’s not on vesting page it’s not staked.

[coral pike]

ahh ok just found it funny LOL

[gloomy gazelle]

https://tenor.com/view/wallet-money-travolta-gif-12741841

[coral pike]

so basically that is 14 cent that didn't make the 50% cut when i made my slp LOL

[gloomy gazelle]

Exactly

https://tenor.com/view/looking-where-is-everybody-dog-gif-11895038

[junior nacelle]

Hi guys can anyone please confirm about this? Thanks so much

Hi guys just wanted to confirm something - it is my understanding that v2 will offer the ability to claim SLP and ILV rewards in one transaction instead of two, which ends up saving one transaction of gas fees, but, is this feature only available to people who MIGRATE (not upgrade) from v1 to v2? Thanks all

[junior nacelle]

And also, what hardware wallets support ILV? Thanks

[gloomy gazelle]

There are plenty of people that are staked using ledgers through metamask

[alpine glade]

To stake using a ledger I would just need to move my tokens from my original MM wallet to another MM address connected with a ledger and then stake from there right ?

[gloomy gazelle]

Yeah

[keen ridge]

If you have locked in for a year, is it possible to move to ledger before then?

[gloomy gazelle]

No

[gloomy gazelle]

Technically the best thing is to use the ledger address Connected to metamask. A little different than importing a preexisting mm address to a ledger hd

[gloomy gazelle]

Technically you Can import an old seed into a new ledger hd. But it’s just not as secure since the seed was already online.

But it does improve security from that moment on.

[keen ridge]

Great ill do that

[alpine glade]

So for example create my ledger’s address through ledger live and then connecting that to mm?

[gloomy gazelle]

Yeah

[gloomy gazelle]

https://www.google.com/search?q=ledger+metamask&rlz=1CDGOYI_enUS737US738&oq=ledger+meta&aqs=chrome.0.69i59j69i57j0i512l3j69i60.4635j0j7&hl=en-US&sourceid=chrome-mobile&ie=UTF-8 first 4 hits should be helpful

Lol that is an ugly link

[light field]

Not really sure where to ask this question, really noob question, I staked ILV in the core pool and locked it for 24mnths. I know I cant touch it until the 24 mnths has past, but shouldn't I be able to see it? I have a trans log and everything seemed to be done right, just curios as to why I cant see it anywhere. Appreciate any help that can be given.

[gloomy gazelle]

There is no 24 month lockup for the official illuvium staking.

!staking

[woven ibex]

When holding ILV, staking is a way to gain additional rewards from yield farming and revenue distribution. The process for staking is the following:

• You acquire either some ILV or some Sushi LP tokens
• You go to: https://staking.illuvium.io/staking/core
• You enter the right pool according to the tokens you acquired
• You decide whether to lock your deposit or not (if locked, you will receive more rewards from yield farming and revenue distribution, but you cannot withdraw your deposit until the chosen locking period is over)
• After approving the contract (if this is your first interaction with it) you confirm the staking of the desired tokens

You can find an in-depth video for staking here: https://www.youtube.com/watch?v=C6YugU4zZr4&t=1s

[gloomy gazelle]

Were you using the correct site? Did you follow a link sent to you in a DM?

[woven ibex]

This is a reminder to never give out your private key (12 to 24 word seed phrase) to anyone.
Nobody in the team will ever ask you to send ETH. There has been increasing activity of DMs in this Discord related to scams and fake giveaways.

Any giveaways/promotions will be announced on official channels. Not in Discord DMs. #🚨❗〕report-scammers in the linked section with a screenshot of the message you got in DM's. Also include the "@ username" in text and we will ban them. We are growing fast and there are targeted scams going around. Only trust links from official channels.

[lilac fjord]

Need assistance, new to the game. When you stake and item what does that actually mean your doing?

[light field]

yes sorry for the max 52 weeks. Was trying to go off memory, obvious fail. lol

[gloomy gazelle]

The game is not out. Staking is for the token. Not NFTs

!ilv

[woven ibex]

ILV is not needed for gameplay in any way. Instead it has three main functions:

Governance:
Together, we have the power to shape the future of Illuvium through our community collaboration on game improvement proposals as well as electing the initial model of governance, the Illuvinati Council.

Liquidity Mining:
Here, you will gain more ILV (or sILV). Additional ILV will increase your voting power in governance & increase your share of vault distributions.

Vault Distributions:
When you stake ILV, you share in Illuvium's success and earn a passive income of additional ILV, funded through in-game purchases and fees. Vault distributions will only be available from sales and once the game and Illuvidex are launched.

For further details please read:
https://medium.com/illuvium/9-tokenomics-launchpad-and-reward-details-5894c3b356be
https://medium.com/illuvium/28-everything-you-need-to-know-about-staking-ilv-6669594b2fac
https://medium.com/illuvium/29-governance-yield-farming-and-vault-distribution-faq-7327ae7eb507

[light field]

no link, straight from website.

[gloomy gazelle]

Oh good. Look in the vesting tab

[gloomy gazelle]

Don’t trust people that DM you. You may find the videos on this playlist helpful. https://youtube.com/playlist?list=PLuTQau_zXjlEV2niELD1mn0lfYlXOkoCr

[light field]

ok thank you. i think its a wallet issue.

[lilac fjord]

Thank you!

[light field]

so once I have the right wallet connected it will show up under vesting?

[gloomy gazelle]

Yeah

[boreal cape]

guys, what is cheaper (in terms of gas)? if i'm going to stake in SLP, is it cheaper to buy ILV and ETH in binance then send them both to my MM or buy ETH, send to MM then sushiswap some ILV?

[gloomy gazelle]

Depends on how much you are getting. But since main net fees are so high I’d imagine binance will be cheaper

!fees

[knotty river]

Fast: 85 Standard: 75 Slow: 75
Simple ETH TX: $7.84 (0.0018 Ξ)
Token Approval (ERC20): $18.74 (0.0043 Ξ)
Token Transfer (ERC20): $17.87 (0.0041 Ξ)
Uniswap Trades: $44.45 - $74.09 (0.0102 Ξ - 0.017 Ξ)

[boreal cape]

You mean the gas fee in transferring tokens/coins from binance to MM is different from the gas fee in converting ETH to ILV in sushiswap?

[gloomy gazelle]

Binance does not charge actual gas fees I assume. They probably have a percentage based withdrawal fee.

[true vector]

from binance to transfer ilv to metamask, is there a specific metamask address from ilv? or just use the main metamask address to transfer ilv?

[boreal cape]

Oh I see. I get it now

[gloomy gazelle]

When using metamask you have full control of you address. So any erc20 token can be held there. So yes just the mm address

!contract

[woven ibex]

ILV Token: 0x767fe9edc9e0df98e07454847909b5e959d7ca0e
ETH/ILV SLP Token: 0x6a091a3406e0073c3cd6340122143009adac0eda
sILV Token: 0x398aea1c9ceb7de800284bb399a15e0efe5a9ec2

[gloomy gazelle]

!staking the video talks about some helpful things

[woven ibex]

When holding ILV, staking is a way to gain additional rewards from yield farming and revenue distribution. The process for staking is the following:

• You acquire either some ILV or some Sushi LP tokens
• You go to: https://staking.illuvium.io/staking/core
• You enter the right pool according to the tokens you acquired
• You decide whether to lock your deposit or not (if locked, you will receive more rewards from yield farming and revenue distribution, but you cannot withdraw your deposit until the chosen locking period is over)
• After approving the contract (if this is your first interaction with it) you confirm the staking of the desired tokens

You can find an in-depth video for staking here: https://www.youtube.com/watch?v=C6YugU4zZr4&t=1s

[prime chasm]

Hi guys I was wondering now that my 16 week lock up of my staked ilv is finished do i need to withdraw and re stake it or will it continue to earn rewards where it is? thanks

[silent arrow]

I have a stack that will be unlocked soon.
it s only at 1.2 weight.

My plan is to restake it at 2.0, I ll be waiting v2.

Does any one know if we will still need to claim when stacking ?
because that mean i have to :
-withdraw wich will claim also ....
-restake in v2 (will it claim again ?)

[lilac narwhal]

when I'm staking it, anyone knows why it always saids: User denied transaction signature , even if I have click approve it. I am using coinbase wallet

[opal tulip]

Can a date be firm on the v2 upgrade?

[silent arrow]

not sure if coinbase wallet support, but also check if you have enough eth for the gaz, It could be there is not enough and the wallet cancel it before even sending the tx

[lilac narwhal]

thx, I'm staking 0.4, while my wallet has 0.5x , is that should be ok?

[steep heron]

Should i claim the rewards before upgrading to V2?

[lilac narwhal]

Shall I need to have some ETH on the wallet to pay for the network fee?

[silent arrow]

nop
Upgrade will be kind of a tx wich just allow v2 to read v1, you ll then be able to claim on v2 wich will be cheaper

[cunning perch]

It will continue to earn rewards until V2 is live and then you need to migrate (will be forced to claim rewards)

[prime chasm]

ok thanks

[cunning perch]

You can wait to upgrade and then withdraw and relock to get more weight.

Or

You can just upgrade and keep the wait

Or

You can withdraw now and pay tons of gas and then stake on V2

[cunning perch]

Nope there's no date

[cunning perch]

You don't have to

[silent arrow]

No worries I was there at your ama on polemos, I fully got it, my question was just about the claim, as in V1, when you want to stack, it first claim then stake,.
My question is will in v2 be the same, or will we be able to stake more without it asking to claim first (2tx even if we don t need/want claim)

[cunning perch]

Cool cool. V2 is planning to revoke the force reward claims. So it should be the same regarding withdrawal/SLP claim/adding more stake. So you shouldn't be forced to claim anything.

I hate typos.....lol....lots of misspellings haha

[silent arrow]

perfect !

[fallen kettle]

Hey does anyone know the date and time of v2 staking release?

[cunning perch]

No fixed date. Might be in 2-3 weeks

[raven hound]

Hi there, how much is the minimum amount to stake? Can I stake less than 0.5 ILV? is it worth it?

[cunning perch]

Not now. Maybe after V2. (pinned messages) make sure you understand all about staking and claiming ILV first

[raven hound]

Got it. Thank you kindly sir. Yeap I’m going to go over the video and the docs now. Thanks again.

[hollow vessel]

Hello @cunning perch . I have some question. If I have been staking ILV in flexible pool (1x weight) then I want to continue a reward on V2 staking. I have to change my staking to lock staking with more than one month right? If yes, I should withdrawal and re-stake now to wait for upgrade and then receive bonus on 2 weeks window prior to V2 launch or I should wait to V2 launch first then withdrawal and re-stake it but miss a bonus? Thanks 🙏🏻

[cunning perch]

Yeah you have to lock it for at least one month. The only way to gain weight (afaik) (and not literally lol cuz that would be funny) is to re-stake. So if we follow the proposal, there is no upgrade for Flexible stakes. Therefore you will have to withdraw, claim rewards, re-stake and lock and then upgrade in the 2-week halt.

[jolly rain]

Hello @cunning perch I have plenty of stacks in ILV pool, one of is flexible that I will have to migrate it.. while I have locked ones in v1 that I'll just upgrade.. means I'll have stacks in V2 and V1 .. how that affects me positively and negatively

[unkempt mirage]

So will V2 save on gas fees? $100 just to stake is ridiculous

[cunning perch]

The flexible pool I explaned in the PM above yours. The locked ILV pool needs to be upgraded one time only. And after the upgrade, V2 will read your V1s af if they are staked on V2.

[cunning perch]

It's not gonna do magic, but it will def help, esp SLP stakers

[coral pike]

@junior nacelle found one of my old messages #🥩〕staking message

here is the ledger guide
https://www.ledger.com/academy/security/the-safest-way-to-use-metamask#:~:text= 1 Step 1. Connect your,computer. So%2C to make sure it... More

[jolly rain]

So in this case and later on, when I unstake my upgraded V1 locked stacks, I'll benefit from reduced gas fees? Or since they have not been migrarted still V1 gas fees apply?

[cunning perch]

Migrated V1 (after your tokens are unlocked) will not be on V1 anymore. It will be on V2.

[shadow nimbus]

can anyone explain why the APY of LP staking is keep going low? its 412% now lol
thought I would buy some eth + ilv later when the price is down and stake it

[atomic lagoon]

The more people stake in SLP, the lower the APY drops.

[shadow nimbus]

originally was like 1100% lmao
will it be up again when less people stake?

[atomic lagoon]

Yeap. I have seen it went up from 430 ~ to 490~

[shadow nimbus]

cool thx dude appreciate your time

[atomic lagoon]

Discourage ppl to stake in SLP pool, more rewards for us 😈😈

[grim moth]

Gas pretty low to claim rewards

Only cost 250$ this time

[shadow nimbus]

ofz dude 😆 hope no one will stake lmao I want 1100%
allin to stake

[junior nacelle]

Thanks so much for this! Reading it right now :)

[potent sable]

the iip isnt super clear. Can you migrate V2 locked stakes?

[autumn cloak]

No. Migration can only be done once the stake unlocks. What you can do is upgrade your V1 to V2 (in fact you will have to or you will stop generating yield)

[potent sable]

okay so whats the advantage to migrating? If the gas fee to migrate is small then it helps. But if it isnt then it doesnt really help no?

[autumn cloak]

Still yet to be seen how much migrating helps, but it is supposed to reduce gas for all staking transactions. Whether it is enough of a reduction to justify paying gas to do so, not sure yet

[cunning perch]

Let me ask you this Q: how many stakes have you made? In which pools? (not talking about rewards)

[potent sable]

but dont rewards come under this umbrella?

[cunning perch]

Rewards are not vested and can move to V2 directly just like the SEED/TEAM tokens. The numbers of stakes you made before V2 can be migrated. So if for example you have made 5 stakes on V1, you can migrate only those 5 stakes to V2

[potent sable]

okay so claims that are locked are auto migrated?

Stakes I have initially made I will need to migrate after unlock

[cunning perch]

Nope. Migration is ONLY for unlocked tokens. When you upgrade, you won't ever need to migrate. You can, if you want even better gas options.

[potent sable]

So what rewards are you referring to that are not vested? All my rewards are vested

[cunning perch]

1st ILV rewards will finish their vesting in July 2022. You will have upgraded your pools by then (2-3 weeks from now). Forget about the rewards. They don't matter at all in upgrading/migrating.

[potent sable]

Hmmmm okay cheers man. Mind if I send you a dm

[cunning perch]

no worries. 👍

[stiff aspen]

Hey guys, has it been confirmed if V2 can read two different staked wallets from V1 via upgrading?

[cyan rampart]

Like, 2 wallets combined into one stake? If so, I doubt it - you can always just change wallets to see your other stakes though.

Upgrading is just giving the V2 contracts permission to read your V1 stakes and continue allocating yield to those stakes.

[potent sable]

Sent

[stiff aspen]

Yes, for example I have a hardware wallet and another one that is not. They are both staked in V1 and would like to upgrade both of them to the hardware one for security and less gas when claiming

[cyan rampart]

Oh I see - Once your tokens unlock, you can migrate your stake to V2, at which point you'll be able to move everything onto the hardware wallet.

Before then, there's no way to move locked tokens out of the V1 contracts.

[stiff aspen]

Oh ok. Thanks

[cyan rampart]

You can see #🥩〕staking message for more info, or for maximum info the V2 IIP is pinned in this channel as well.

[stiff aspen]

I see. So changing wallets is actually only on migration not on the upgrade. I thought that maybe V2 reading V1 means that it is also possible to change where the rewards would go. Thanks again

[rancid delta]

Wanna spend £5000 on staking, what return could I expect in a month?

[cunning perch]

as I mentioned, try pinned messages in this channel. There are pinned calculators that can help you.

[jolly rain]

Regarding the Vault after game launch, it will be built on the same staking V2 ?

[cunning perch]

RevDis will happen on V2 and the first time stakers receive it is when they have upgraded to V2 and 1st RevDis will kick in by Land Sale

[jolly rain]

Thank you.

[mental saddle]

I have a big bunch of my SLP staking (about 60%) unlocking in 13 days...what would be me options? keep it as flexible? unstake them and restake them when V2 comes out (nahh...)? unstake thenm restake them more than 30 days and migrate?

[cunning perch]

read this and my answer next to it maybe it helps you #🥩〕staking message

[mental saddle]

thanks arash....Im a bit lost here 😛

[cunning perch]

no worries. read that and I'll help you with any Qs you had 🙂

[mental saddle]

So basically flexible staking will end completely, or will just now give revdis?

[cunning perch]

It will literally get NOTHING after V2 🙂

[mental saddle]

auch....so new decisions in real life lol....

one month minimum now?

[cunning perch]

yep. It's not fair for someone to stake flexibly, get RevDis and dump it the moment he gets it. So, you gotta prove you are worthy of it 😛

yeah 1 month minimum

[mental saddle]

I have like 1/4 locked for 1 year, 1/4 for 3 months and about half flexible...that "no invest more than you can lose" only works for half lololol

[mental saddle]

Ahhhh for the land sale. It makes sense yes!

[cunning perch]

for everything 🙂

[mental saddle]

but the ILV rewards that are vesting are staked, and elegible for revdis right?

[cunning perch]

after upgrading to/staking on V2, yeah they will get YF and RevDis

[mental saddle]

mmmm well....it makes sense, got to admit

when will the migration take place (or decision deadline for that matter)? is it known?

[cunning perch]

have you read the pinned messages? 🙂 It's best to go through all recent 5 pinnend messages and I'm sure aaaaaaaall you Qs will be answered 🙂

[mental saddle]

sorry, been away some days! Ill check it! 😉

Everything changes in 5 days lolol....in crypto looks 5 weeks in conventional business 😛

[pliant ermine]

Anyone knows should I claim my rewards before V2 or I can claim my V1 rewards on V2?

[cunning perch]

you don't have to claim. you can, but it's not a MUST. Upgrading is pool based not reward-based.

[pliant ermine]

Cool. So all I have to do is wait for V2 and claim at V2 right？

[mental saddle]

"Maximum locked period is still 1 year (2.0 weight)"....is this going to change? Heard that it would need 2 years lock for 2.0x weight

[cunning perch]

you can claim whenever you want. Doesn't matter

[cunning perch]

no. You lock for 1 year, you get 2X weight

[mental saddle]

Cool.... 🙂 Could swear that there was some rumour weeks ago at least about 2 years in V2 to get the same weight (2x) than 1 year

[cunning perch]

2 -year lock is revoked

[mental saddle]

Ahhhh! ok then...got to get up to date lol

[cunning perch]

pinned messages 🙂 yeah

[mental saddle]

yes...I took that "Maximum locked period is still 1 year (2.0 weight)" from IIP in pinned, hence my confusion....all clear now! thanks!

THis is becoming a full time job ololol

[cunning perch]

it will be more than a full-time job

[mental saddle]

Im guessing that! 🙂

"Hei do you have the sales report for our admnistration?" "Nah, after im done with staking LP and catching illuvials"

[pliant ermine]

Got it. Thanks man

[potent sable]

I'd love for anyone to give me some love in #🎨〕community-content. Break down illuvium staking V2 very simply and to the point!! I hope you enjoy it. Feel free to leave me criticism in dms or the comments if its still hard to understand

[tired cosmos]

Will you receive RevDis if your staking SLP and is locked 6 months? Or do you need to wait for your tokens to be unlocked?