LGCY Pre-Staking Details!
In this article we will describe the staking details for LGCY.
How does this work?
We are offering 3 different options for our holders — a 3 month, 6 month, or 12 month contract. Pre-stakers have the option to lock for any of these 3 periods for different payouts.
A 3 month stake will payout 12%, 6 month for 24%, or 12 months for 56%!
At the end of the contract period, the holder will receive their percentage worth of LGCY in USDL. So, for example, if a person stakes LGCY that is worth $10,000 at the end of a 12-month contract, they will receive $5,600 worth of LFUEL.
How is this beneficial for LGCY and LGCY holders?
A pre-staking round has a number of benefits. By incentivizing the freezing of tokens, overall sell pressure is reduced on the market. This allows the chance for growth in the token’s early stages. In addition to this, by offering a high yield on the longest term we are encouraging buy pressure — the more LGCY staked, the more USDL can be paid out.
The best part of the 12 month option is that once the contract ends mainnet and our dex — MyriaDex — will be up and running. USDL can then be used to buy any tokens available there, including LGCY! Therefore, our holders are given the option between diversifying their dividends among other tokens or investing back into the LGCY ecosystem. In either case, the issue of inflation and sell pressure is removed and the ecosystem is encouraged to grow in a healthy, steady manner.
What else does the Ferrum partnership include?
The Ferrum staking will make use of the UniFyre Wallet. UniFyre’s unique platform will allow LGCY users to send LGCY over any medium (Telegram, What’s App, Twitter, FaceBook, email, etc.) by the use of Link Drops. Also included are Pool Drops — allowing users to send LGCY to hundreds of people at once with a single link — and Swap Drops — risk free OTC trades powered by smart contracts.
In addition, UniFyre includes a fiat gateway for ETH which will allow another medium for purchasing LGCY tokens.
Through this partnership with Ferrum, not only are we giving our users a valuable platform for staking their tokens, but also bringing extra functionality and awareness to the LGCY Network while we continue with our development!