- ILV Broke Above $630.
- Staking V2 arrive this Thursday.
- New staking dashboard compatible with MetaMask and custom selection wallets.
Illuvium (ILV) entered a new stage as it reinstated its V2 staking mechanism. The announcement had an immediate effect on the market price of ILV, sending the token to a short-term peak of $632.37.
The chief idea was to make ILV staking easier and cheaper, while reviving the major source of income for Illuvium. Since the game is still in its early design stage, its P2E proposition is still to use GameFi. A growing ILV market price can only help the game regain its appeal.
As a tradable asset, ILV is showing signs of recovery, possibly returning as a high-priced play to earn token.
How Staking 2.0 Will Work
Staking 2.0 is available through a dedicated dashboard, and will begin on March 31. Rewards will be available immediately after the staking period starts. The dashboard is accessible by connecting a browser extension wallet, with MetaMask, TrustWallet and custom options. Lockup periods are available for an ILV pool and an ILV/ETH pool, with periods ranging between 1 and 12 months. Higher earnings match longer lockup periods.
ILV itself will enter a period of rapidly diminishing production and scarcity, with each two-week production epoch diminishing the number of tokens minted. Staking also has the option of flexible deposits with no lockup period.
Stakers can also upgrade to the new pools if they still have assets on V1, also unlocking their rewards.
Illuvium is also putting a focus on improved security after its smart tokens were exploited, leading to the closing of V1 staking in early 2022. No user funds were affected because the Illuvium team locked the assets to save them from a potentially serious exploit.
When is Illuvium Beta Coming
Illuvium opened up whitelisting for the limited beta launch at the end of January. The Illuvium public beta launch still has no fixed date, and there will probably be delay from the previous milestone of launching in Q1 2022.
ILV will become a reward token, initially in a PvE environment. However, ILV will be kept at a low supply, and have additional staking incentives to avoid rapid selling after the active game seasons start.