This post was originally published on polkamon
Stake your $PMON to earn $PMLG and start your journey to owning your very own Genesis Island
If you’ve been keeping up to date with some of our more recent announcements, you might recall the introduction of our upcoming Play-to-Earn game Polychain Islands, and a core mechanic within its universe — land ownership.
Land is one of the most valuable assets in Polychain Islands — and thus the Polychain Monsters ecosystem. Land is divided into islands, each of which are backed by an NFT, which makes them tradable, sellable and otherwise freely accessible, similar to the rest of the elements in the current Polychain Monsters universe. The first iteration of these islands are known as Genesis Islands and are hard-capped to 1,000 instances per archipelago.
Community members can own their own Genesis Island through a new token called $PMLG (Polychain Monsters Land Genesis). Exchanging 1,000,000 $PMLG will enable a person to claim to one of these extremely limited Genesis Islands directly.
As there are a variety of ways our community members interact within the Polychain Monsters ecosystem, we designed $PMLG to recognize and reward these different types of collecting methods. That being said, we will ultimately include three distinct ways to earn $PMLG tokens:
- Part of the total $PMLG supply can be claimed weekly by our collector stakers in accordance with their collector scores.
- Part of the total $PMLG supply can be obtained by staking $PMON on Ethereum, BSC and Polygon.
- Part of the total $PMLG supply will be available in our Polymon booster packs.
Today we are happy to announce that you can now stake your $PMON in return for $PMLG tokens in our new $PMON-$PMLG farm.
You can find the new farm on our farming page here: https://polychainmonsters.com/defi/farming.
The way it works is fairly simple: Stake your $PMON on the $PMON-$PMLG farm, and in return, you will be awarded $PMLG tokens in relation to the amount of $PMON you are staking compared to the total amount of $PMON in the farming pool.
The overall $PMLG Staking Rewards are distributed on Ethereum, BNB Smart Chain and Polygon as followed:
- 50% Staking Rewards BNB Smart Chain
- 30% Staking Rewards Polygon
- 20% Staking Rewards Ethereum
The Staking Reward Distribution decreases by 10% per month, which leads to ~70% being minted after 1 year.
You may withdraw your $PMON from the pool at any time, but withdrawing too quickly from when you first stake comes with a few limitations.
If you withdraw your $PMON within 30 days of staking, a 20% withdrawal fee (of the withdrawn $PMON) will be given to a Wild Polymon fund (e.g. funding for Polychain Islands rewards).
Example: You stake 20 $PMON, withdraw it immediately, and get only 16 PMON back; 4 $PMON were paid into Wild Polymon fund
If you withdraw your $PMON after more than 30 days but within 90 days of staking, a 2.5% withdrawal fee (of the withdrawn $PMON) will be given to a Wild Polymon fund.
After 90 days of staking, your withdrawal is completely free.
While we already enabled the staking functionality for the $PMON-$PMLG farm, the reward generation will begin on Monday, 7th of March, at 8.00 AM UTC. This gives everyone a chance to stake their $PMON in advance in order to receive the earliest (and biggest) rewards at the time of inception. As the amount of $PMLG generated by the farm decreases over time, the earlier you stake, the greater the rewards you can earn.
We provided initial liquidity for PMLG on both PancakeSwap and QuickSwap. This means you can start trading PMLG as of today.
The official contract address of PMLG is:
0xa14c04DEa16798Aa8F25b1Da583cd5fBBFd6579E
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By: Alexander Ogloza
nftnewstoday.com
