Illuvium has officially rolled out Staking V3 on the Base network, signaling a move away from Ethereum. This revamped staking system aims to enhance accessibility, lower transaction fees, and create a more seamless experience for both new stakers and existing ILV holders. A key feature of this transition is the ILV Bridge, powered by LayerZero, which facilitates the migration of tokens from Ethereum to Base without any interruptions.
Illuvium Transitions Staking to the Base Network
The updated staking model introduces an innovative dual-reward system, allowing participants to earn ILV through revenue distribution via the RevDis protocol, which activates once Illuvium’s revenue reaches 150 ETH. In addition to ILV, users can accrue Shards, which serve as seasonal loyalty points. The calculation of Shard rewards is conducted daily, influenced by factors such as the chosen vault type, the total amount staked, the length of the lock period, and any applicable multipliers. Each staking season operates independently, featuring its own Shard configuration and leaderboard, with the inaugural season set to distribute 15% of the total Shard supply.
Details of the Staking Model
Staking V3 offers two vault options. The ILV vault yields 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 locking their tokens for periods ranging from 30 to 365 days, with a linear multiplier that increases from 1x to 2x. Additionally, early supporters benefit from an OG Boost multiplier, which ranges from 1x to 2x based on their staking history. The overall maximum multiplier is capped at 3x, ensuring structured rewards for both newcomers and long-term participants.
Staking V3’s Seasonal Framework
Staking V3 operates on a six-month seasonal cycle, with each season independently tracking Shard emissions. The rate of Shard distribution is designed to decrease by 2.97% weekly, fostering predictability and encouraging consistent engagement. Participants can keep tabs on their progress through seasonal leaderboards, which refresh at the end of each six-month cycle. Daily Shard rewards are determined by the staked value, vault rate, lock period, and combined multipliers.
Enhancements with Base Network
The transition to Base addresses previous challenges faced on Ethereum, such as high gas fees and slower transaction speeds. Base allows for quicker deposits, withdrawals, and compounding, streamlining the staking process. The system effectively combines both on-chain and off-chain components to oversee Shards, multipliers, and seasonal calculations, thereby ensuring a reliable and transparent rewards distribution framework.
Token Migration and Staking Process
To begin staking on Base, users must first acquire ILV on the Base network or migrate their tokens from Ethereum using the ILV Bridge. After transferring, they can access the Staking V3 interface on the Illuvium website and connect a wallet that supports Base. Users can then deposit ILV or a combination of ILV and ETH into their chosen vault and select a lock period to maximize their rewards. The interface provides essential metrics, including Shard output, vault rates, and multiplier values.
Overview of Revenue Distribution
Revenue distribution occurs automatically when the 150 ETH threshold is reached, provided that the Safety Pool under ICCP-22 is adequately funded. Stakers have the option to claim their Shards daily or allow them to accumulate. Withdrawals are subject to the rules of the selected lock period, while compounding is available for positions without a lock or after a lock period has concluded.
Conclusion on Illuvium’s Ecosystem
Illuvium represents a web3 gaming ecosystem that emphasizes on-chain asset ownership and progression across its titles. The project encompasses four distinct games: Arena, a strategic auto-battler; Overworld, a creature-collecting MMO; Zero, an industrial builder simulation; and Beyond, an NFT collectible and social platform. Assets and progression are transferable across all titles, enabling players to store, trade, and manage items on-chain. The launch of Staking V3 on Base strengthens Illuvium’s broader ecosystem by enhancing reward distribution and creating a staking framework that benefits both new users and longstanding holders.
Frequently Asked Questions (FAQs)
What is Illuvium Staking V3?
Illuvium Staking V3 is the latest iteration of the project’s staking system, now functioning on the Base network. It features dual rewards in ILV and Shards, seasonal leaderboards, and reduced fees compared to the prior Ethereum-based model.
Why did Illuvium move staking to Base?
The shift to Base aims to lower gas fees, enhance transaction speeds, and enable more efficient reward distribution, facilitating smoother staking operations and better scalability for the long term.
How are Shards calculated in Staking V3?
Shard rewards are calculated daily based on the type of vault, the total staked amount, the lock period, and any multipliers, including the OG Boost for early participants. Seasonal Shard emissions decrease gradually over the six-month cycle.
What is the OG Boost?
The OG Boost is a multiplier granted to early or long-term stakers based on their prior participation in Staking V1 and V2 on Ethereum. This boost ranges from 1x to 2x and lasts 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 transfer ILV from Ethereum to Base securely and trustlessly. After migration, tokens can be staked through the Staking V3 interface.
Can I withdraw my staked tokens at any time?
Withdrawals depend on the lock period selected. Tokens without a lock can be withdrawn anytime, while locked tokens can only be accessed once the designated lock period concludes.
Where can I play Illuvium games?
Arena, Overworld, and Zero are available as free-to-play titles on the Epic Games Store, with Zero also accessible on Android and iOS. Beyond serves as a browser-based platform focused on NFT collecting and social engagement.
