In Brief
- Illuvium ILV $3.04 ▼ -7.5% Staking V3 Launch: Illuvium has launched Staking V3 on the Base network, transitioning from Ethereum. This new system is designed for enhanced performance and user accessibility.
- Dual-Reward Model: Staking V3 introduces a new dual-reward model, offering both ILV tokens through revenue distribution and Shards as seasonal loyalty points, with specifics on utility to follow.
- Seasonal and Multiplier Systems: Users can now enjoy a structured reward system with variable lock periods and multipliers, including an OG Boost for early supporters, across different vault types and seasonal formats.
Introduction to Illuvium Staking V3
Illuvium, a blockchain-based gaming universe, has recently transitioned its staking system to a new version, Staking V3, now operating on the Base network rather than Ethereum. This move is aimed at enhancing the staking interaction, reducing transaction costs, and improving overall performance and reliability.
Detailed Features of Staking V3
At the core of the new staking system is a dual-reward model where participants gain ILV tokens by way of the RevDis protocol following each accumulation of 150 ETH in revenue. Additionally, participants now earn Shards daily, a form of seasonal loyalty points, with further details on their utility forthcoming. The staking operates through two main vaults where the amount of Shards earned depends on the vault chosen, the amount staked, the duration of the lock-in, and eligible multipliers.
The system embraces a seasonal approach, each lasting six months, with Shard emissions and calculations resetting at the end of each cycle. A significant feature of this model is the decrement of Shard emission by 2.97% every Monday, ensuring a predictable and diminishing distribution pattern across the season.
Multiplier and Vault Dynamics
The multipliers in Staking V3 are designed to incentivize both long-term commitment and early participation. The lock-in multipliers range from 1x to 2x, depending on the lock period chosen between 30 and 365 days, while the OG Boost gives early stakers additional multipliers based on their previous interactions with the system on Ethereum.
The combined multipliers from locking and the OG Boost are capped at a maximum of 3x to balance the system and provide equal opportunities for both new and long-term stakers. This cap ensures a structured approach to rewarding commitment while maintaining fairness.
Transitional Mechanics and User Interaction
To facilitate the transition of staked funds from Ethereum to Base, Illuvium utilizes the ILV Bridge, powered by LayerZero, which ensures a trustless migration of assets suitable for integration into the new staking platform. Users looking to engage with Staking V3 must first transfer their ILV tokens to the Base network using this bridge. Once transferred, participants can choose their preferred vault and lock period through the Illuvium website’s staking interface, which also allows for daily claims or the accrual of rewards.
