What is an “LP Token Staking Program”?
Article Update (June 22th, 2022): There has been an update on the formula used to calculate the rewards from staking LP tokens. Please note that the LP Token Staking Program previous to this change will stay the same with the old formula but the LP Token Staking Program starting after this date will follow the new formula. The details of the two different formulas are specified in the “Rewards Formula” section.
“LP Token Staking Program” is where you transfer your LP tokens to an “LP Staking Pool” in exchange for rewards of new tokens, C2X in our case. In simple words — you deposit your tokens and receive rewards on top of them, just like how the bank pays you interest on your balance in your savings account!
Where can I get LP tokens from?
First, you must provide liquidity to a paired pool pre-arranged by us on our DeFi Webpage in order to acquire LP tokens. This means you need to have a set of tokens prepared in advance plus the transaction fee. The amount of LP tokens you receive will depend on the number of tokens, or liquidity, you have provided for a given pool.
As shown in the image above, you can check your LP’s share of the pool and the transaction fee required before you click on “Provide”. A pop-up will appear after you press “Provide” with full details of the transaction including how many LP tokens you will receive. If you are happy with the result, go ahead and press “Confirm Providing” to complete the process and you are all set to stake your LP tokens.
* Transaction fee of $UST will occur to process this transaction
Do not worry if you have only one type of token in hand. You can easily swap your token for different tokens under the menu “Swap”.
Most importantly, If you wish to withdraw your liquidity, you can do so through the menu “Withdraw” by giving back the LP tokens you received. (That is if you haven’t staked your LP tokens yet, and if you did, please note that you can’t withdraw them until the lock-up period you selected comes to an end)
How do I stake my LP tokens?
After providing liquidity and receiving the LP tokens, click on “Stake” on top of the window to stake your LP tokens. Put in the amount of LP tokens you wish to stake and select a lock-up period from a minimum of 4 weeks up to 52 weeks. The longer you stake, the more C2X rewards you will receive.
Before you complete the staking, you will be able to see the details of the staking including the end date of the staking, and the estimated number of C2X rewards you will receive at the bottom of the screen. Please make sure all the information there is correct before completing staking LP tokens as it will be irrevocable once they are staked.
※ IMPORTANT: Please note that the “Estimated C2X Rewards” is based on the total amount of LP tokens staked for a given pool at the time, and therefore this number does not guarantee the amount of reward you will receive and can fluctuate until the final date of staking LP tokens.
Rewards Formula
The two formulas below are used to calculate the rewards from staking LP tokens.
1. The formula below is the old formula and will stay the same for the following games released prior to IDLE LUCA: Summoners War: Lost Centuria, Chromatic Souls: AFK Raid, Kritika Global, and Baseball Superstars 2022.
2. The following formula will be applied to all games starting from IDLE LUCA.
Finalizing the process
After you have finished all the process, please note that you always need to open your C2X Station on your phone before completing the staking, or any transactions, using your password!
If you still feel lost, please watch out short guide video on staking LP tokens!
That’s pretty much everything for you to know on how to stake LP tokens like a pro in our “LP Token Staking Program”! We hope you will find this article helpful next time when you try to stake your LP tokens on your own.
Be sure to follow our official channels for the latest news on our LP Token Staking Program and many other great things we are going to do in the future!
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