Illuvium Launches Staking V3 on Base Network
Illuvium has officially rolled out its Staking V3 on the Base network, transitioning away from the Ethereum blockchain. This new system aims to enhance accessibility, minimize fees, and create a seamless experience for both new participants and existing ILV token holders. The migration is facilitated through an ILV Bridge powered by LayerZero, which enables users to transfer their tokens from Ethereum to Base without any interruptions.
Transitioning Staking to Base Network
The revamped staking model introduces a dual-reward mechanism. Participants can earn ILV through revenue sharing via the RevDis protocol, which triggers whenever Illuvium accumulates 150 ETH in revenue. Alongside ILV, users also accumulate Shards, which serve as seasonal loyalty points. The calculation of Shard rewards occurs daily, influenced by factors such as the chosen vault type, the total amount staked, the lock duration, and any applicable multipliers. Each staking season operates independently, featuring distinct Shard configurations and leaderboards, with the inaugural season distributing 15% of the total Shard supply.
Details of Staking V3’s Vault Options
Staking V3 presents two vault alternatives. The ILV vault offers 20 Shards for every $1,000 staked daily, while the combined ILV and ETH vault provides 80 Shards for the same amount. Users can enhance their Shard earnings by committing their tokens for periods ranging from 30 to 365 days, with a linear multiplier that escalates from 1x to 2x. Additionally, early stakers benefit from an OG Boost multiplier, based on their previous staking history, which ranges from 1x to 2x depending on how long they have been involved. The maximum combined multiplier can reach up to 3x, ensuring that both new and veteran users receive well-structured rewards.
Six-Month Seasonal Cycle for Staking V3
Staking V3 operates on a six-month seasonal cycle, with each season independently tracking Shard emissions. The rate of Shard distribution decreases by 2.97% weekly, creating a predictable environment that encourages ongoing participation. Users can keep track of their performance through seasonal leaderboards, which reset at the conclusion of each six-month cycle. The daily Shard rewards are calculated based on the staked value, vault rate, lock duration, and combined multipliers.
Advantages of Migrating to Base
The move to Base addresses several challenges associated with Ethereum, such as high transaction fees and slower processing times. Base allows for quicker deposits, withdrawals, and compounding, thereby enhancing the efficiency of staking. The system utilizes a combination of on-chain and off-chain elements to manage Shards and multipliers, creating a hybrid framework that ensures a reliable and transparent reward distribution mechanism.
ILV Bridge Facilitates Token Migration
The ILV Bridge, powered by LayerZero, guarantees a secure and trustless transfer of tokens between Ethereum and Base, enabling existing users to continue their staking activities without any interruptions. Additionally, this bridge ensures compatibility with the newly developed staking interface.
Getting Started with Staking on Base
To commence staking on Base, users need to first acquire ILV on the Base network or migrate their tokens from Ethereum using the ILV Bridge. After transferring, users can access the Staking V3 interface on the Illuvium platform and connect a wallet that supports Base. From there, users can deposit ILV or a combination of ILV and ETH into their preferred vault and select a lock period to maximize rewards. The interface provides important metrics, including Shard output, vault rates, and multiplier values.
Automatic Revenue Distribution
Revenue distribution is automated and occurs once the 150 ETH threshold is reached, provided the Safety Pool under ICCP-22 is adequately funded. Stakers have the option to claim their Shards daily or let them accumulate. Withdrawals are subject to the regulations of the selected lock period, while compounding is available for positions that are not locked or after a lock period has completed.
Illuvium’s Broader Ecosystem
Illuvium is a Web3 gaming ecosystem that emphasizes on-chain asset ownership and cross-title progression. It encompasses four distinct titles: Arena, a strategic auto-battler; Overworld, a creature-collecting MMO; Zero, an industrial simulation game; and Beyond, a platform for NFT collecting and social interaction. Players can store, trade, and transfer items seamlessly on-chain, enhancing the gaming experience.
Supporting New and Existing Users with Staking V3
The launch of Staking V3 on Base strengthens Illuvium’s overall ecosystem by refining reward distribution and establishing a staking framework that benefits both newcomers and long-standing participants.
Frequently Asked Questions (FAQs)
What is Illuvium Staking V3?
Illuvium Staking V3 is the latest iteration of the project’s staking system, now operating on the Base network. It features dual rewards in ILV and Shards, seasonal leaderboards, and lower transaction costs compared to the previous Ethereum-based model.
Why did Illuvium move staking to Base?
The transition to Base reduces gas fees, enhances transaction speeds, and facilitates more efficient reward distribution. This shift contributes to smoother staking experiences and better scalability for the long term.
How are Shards calculated in Staking V3?
Shard calculations occur daily, taking into account the vault type, staked amount, lock duration, and any applicable multipliers, including the OG Boost for early participants. Seasonal Shard emissions gradually decrease over the six-month cycle.
What is the OG Boost?
The OG Boost is a multiplier given to early or long-term stakers based on their prior engagement in Staking V1 and V2 on Ethereum. This boost ranges from 1x to 2x and is valid for 120 days following the launch of Staking V3.
How do users migrate ILV from Ethereum?
The ILV Bridge, powered by LayerZero, enables users to securely transfer ILV from Ethereum to Base. Once moved, tokens can be staked through the Staking V3 interface.
Can I withdraw my staked tokens at any time?
Withdrawals depend on the chosen lock period. Tokens without a lock can be withdrawn any time, while locked tokens are only accessible once the lock period has concluded.
Where can I play Illuvium games?
Arena, Overworld, and Zero are available as free titles on the Epic Games Store, with Zero also playable on Android and iOS. Beyond serves as a browser-based platform focused on NFT collecting and social engagement.
