Updated
Mar 5, 2024
43. How to Stake ILV/ETH on Illuvium Staking v2
2024 UPDATE: Flash pools are no longer part of Illuvium's staking strategy. For up to date details on Illuvium staking opportunities see Illuvium.io/staking
Illuvium is not just an incredible AAA blockchain gaming project. As a GameFi project, it is also a powerful DeFi protocol with a native staking platform. Recently, we upgraded our systems to bring the community a more secure and versatile staking platform—Staking v2. This article teaches you how to stake SLP tokens in the ILV/ETH pool.
Intro
There are two primary ILV pools available: ILV and ILV/ETH. Both require two steps for staking:
Acquiring the token
Staking the token in Staking v2
This article focuses on the first step, “Acquiring the token”, since article 42. All You Need To Know About Staking v2 covers staking in general.
What is an SLP Token?
The term “SLP” stands for Sushi Liquidity Provider. Essentially, a user deposits two separate tokens (usually a Base Token like ETH or a Stablecoin like USDC + a Primary Token like ILV) of equal value into the Liquidity Pool, making them available to trade. In return, the user receives SLP tokens.
The SLP holder receives a percentage of all trades in the pool. For more information, please refer to the Sushi’s official documentation: Liquidity Pools.
In the Illuvium Liquidity Pool, the Primary Token is ILV, and the Base Token is ETH. Creating ILV/ETH SLP token via Sushi
To complete this process, you will need an equal value of ETH and ILV. Please make sure you have both in your wallet to proceed. In this tutorial, we use a Metamask wallet and Sushi decentralized exchange.
If you have not set up your wallet, you can find the extension here: The crypto wallet & gateway to Web3 blockchain apps | MetaMask.
Once your wallet is set up and supplied with both tokens, you must:
Navigate to SushiSwap’s “Add Liquidity” Page: https://app.sushi.com/add
Connect your wallet in the top right tab
Once connected, you will need to populate both fields with ETH and ILV. See below for reference: Please keep in mind that creating the SLP requires an equal value of both tokens*
Hit “Approve,” then confirm the transaction in your MetaMask wallet. Confirmation usually takes less than a few minutes with a medium gas fee.
Awesome! Now ensure the SLP tokens are in your wallet. If it does not populate automatically, you need to open Metamask and select “import tokens.”
Navigate to the “Custom Token” tab.
The ILV/ETH SLP token address: 0x6a091a3406E0073C3CD6340122143009aDac0EDa
Once the information for the new SLP populates, click “Add Custom Token”.
You will now be able to see your SLP under “Assets” in your wallet.
Staking Your LP Token in Illuvium v2
Step 1: Go to our official staking V2 dashboard (always verify that you are going to our official website domain): https://staking.illuvium.io
Under the “Stake” section, select “Pools.”
The interface prompts you to connect your wallet:
Once connected, you should see the two primary ILV pools:
Hit the “Stake” button on the “ILV/ETH Pool”
So close!
Finally, select the amount of ILV/ETH SLP token you wish to add, along with the lock duration.
To finish the process, simply hit “Stake” then confirm in your wallet.
Give it a beat, and you should be good to go!
Your SLP token is now staked and you can monitor your rewards on the Illuvium Dashboard.
Hope this helps!
Don’t forget to follow our official links and subscribe for more publications from the Illuvium team in the future.
To learn more about Illuvium’s governance model, how liquidity mining works, vault distributions, and dive deeper into the utility of ILV, head to our Staking FAQ on our official website.
This is not financial advice and is strictly for educational purposes.
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