Illuvium is a fantasy role-playing game set on a majestic land full of wonder, mystery, and fascinating magical creatures that roam the land known as Illuvials. You will start your journey upon crashing onto this unknown planet, accompanied by your critter-bot assistant, as you discover various lands and biomes.
Aside from selling NFTs, there are also different ways to earn extra money. By staking Illuvium’s governance token, known as ILV, you’ll be able to make money on the side.
What is an $ILV token?
ILV is Illuvium’s ERC-20 token that runs on the Ethereum blockchain. It’s also the currency that represents the game on the crypto market. So if one decides to invest in Illuvium, hoping that it would achieve massive success and get a slice of the profit. So willing investors who believe and want to support the game just need to purchase ILV tokens and hope that it would appreciate over time.
ILV can’t be used for in-game transactions, but it serves as the game’s governance token. This means that the ILV token allows holders to vote for the game’s path and future decisions for its development. Moreover, it can also be staked to receive additional passive income.
How to stake ILV?
To stake ILV, you must first acquire $ILV tokens from their official website or from any crypto market that has them. Once done, just follow the steps below:
1. First, you need to visit Illuvium’s website for staking (https://staking.illuvium.io/) and connect your wallet. Then choose the wallet type you have.
2. After connecting your wallet, click on “Stake” and choose your desired pool. You’ll be given an option to either stake with ILV or ILV with ETH.
3. When staking, you can opt-in for either flexible or locked options. Note that the flexible option won’t have multiplier rewards like the locked option.
4. You’ll then be prompted to confirm your transaction with your crypto wallet. Just click on “Confirm” to proceed.
5. Once the blockchain confirms the transaction. You’re good to go. You can also monitor your staked assets by clicking the “Vesting” tab. And the same tab gives you the option to withdraw your funds as ILV (rewards will be locked for 12 months) or sILV (rewards can be claimed immediately).
A Friendly Reminder
Staking ILV or other assets might seem intimidating for beginners, but it’s not as hard as it looks. You’ll just need to follow the steps, and you should be on your way.
Also, note that fake websites and wallets are out there aiming to steal your credentials and money. So extreme caution is a must, and always check the links you’re about to visit to avoid falling victim to phishing schemes.
This article is not financial advice. Our purpose is to give useful information and guide to help you stake your ILV tokens. And we discourage you from taking such financial actions without doing thorough research yourself or without a professional’s advice.