GuildFi’s New V2 Staking Program: A Step-by-Step Guide
We’re excited to announce that our new V2 staking program has launched on 10 January 2023. The new V2 staking proposal was designed, put up for discussion with the community, and then 3 proposals put up for voting for a week from 7 to 13 December 2022.
The results of the vote are as follows:
- Proposal 1: Launching V2 staking, with a reward allocation of 30m GF tokens split 30:70 amongst GF single and LP staking (57.21% voted in favour)
- Proposal 2: GF-ETH liquidity pool for staking (79.73% voted in favour)
- Proposal 3: A maximum lock period for staking to be 52 weeks (87.55% voted in favour)
This article will explain how GuildFiers can stake their GF tokens in the new V2 staking program.
- Section 1: Where to get the GF token?
- Section 2: How to Stake in the GF Single-Staking Pool
- Section 3: How-To Stake with GF-ETH Liquidity Pool
- Section 4: FAQs
Section 1: Where to get the GF token?
GuildFiers are able to acquire GF tokens for staking via decentralized exchanges (DEX) and centralized exchanges (CEX) as below:
Note: The list above is not exhaustive, and there may be other platforms that you can acquire GF.
Section 2: How to stake in the GF Single-Staking Pool
Below is a step-by-step guide to stake your GF tokens in our GF Single-Staking Pool.
Step 1: Enter GuildFi’s Staking page
You will see two staking pools, i.e. the GF Single-Staking Pool and GF-ETH Liquidity Pool. For this section we will be covering the steps for the GF Single-Staking Pool.
Step 2: Connect your wallet
Connect with a compatible wallet.
Step 3: Start Staking
Click on the ‘Stake Now’ button. A pop-up with your GF balance will appear to enable you to select your preferences.
Step 4: Select Deposit Amount and Lock Period
Enter your preferred deposit amount in the box and choose your locked staking period on the sliding bar. This will ultimately determine the reward you will receive.
You will also be able to customise the amount of GF tokens you want to stake. If you want to stake all your tokens, click the ‘Max’ button. If you want to stake a specific amount, enter the numbers into the text box.
The aforementioned GF tokens will be locked in the chosen period, i.e. you will not be able to access the GF before the period is up. This locked period ranges from 1 to 52 weeks.
Upon selection, the unlock date, an estimated APR based on your lock-up period, and the amount of xGF you will receive during the lock-up period will be displayed.
Once you’re happy with the displayed values, click the ‘Allow GuildFi to use my GF for staking’ to proceed.
Step 5: Approve GF to Use Your GF For Staking
After clicking the ‘Allow GF to use my GF for staking’ button, you will need to confirm this with your connected wallet (i.e. Metamask, WalletConnect, Ledger, Trezor).
Click ‘Confirm’ in the pop-up window to approve the transaction.
Note: This step will incur a small gas fee. Ensure you have sufficient ETH in your wallet for the transaction.
Note: The above pop-up is from using a Metamask wallet. Using a different type of wallet may result in a different interface for the confirmation process.
Step 6: Approve GF Staking
You will be taken back to the pop-up with your pre-selected options for staking. The ‘Allow GF to use my tokens for Staking’ button has been changed to a ‘Stake Now’ button.
Click ‘Stake Now’ to stake your tokens.
The wallet prompt will appear as it did earlier displaying the estimated gas fees associated with the transaction. Click ‘Confirm’ and wait for the transaction to complete.
Note: This step will incur a small gas fee. Ensure you have a sufficient ETH in your wallet for the transaction.
Note: The above pop-up is from using a Metamask wallet. Using a different type of wallet may result in a different interface for the confirmation process.
Staking Complete!
Congratulations, you’ve now successfully staked your GF tokens! This will be confirmed by a pop-up on the top right of your browser. You will receive an equivalent number of xGF tokens inside your wallet as proof of stake.
Note: If you wish to stake more than once, V2 will only allow users to choose a lock up period that is the equivalent or longer than their lowest lock up period. This applies to both pools, i.e. the GF Single-Staking pool and the GF-ETH liquidity pool.
Section 3: How-To Stake with GF-ETH Liquidity Pool
Below is a step-by-step guide to stake in the GF-ETH liquidity pool. As a reward for providing liquidity for our project, users will be able to earn rewards
Staking in GF-ETH liquidity pool allows users to use their GF pair up with ETH to receive LP tokens to stake and earn rewards from this pool. The allocation will be more than the GF Single-Staking Pool to compensate for the additional risk of impermanent loss.
Users will need to create the GF-ETH LP tokens on Uniswap v2, by staking an equivalent value of GF and ETH to create GF-ETH LP tokens.
Step 1: Select Pair on Uniswap
Click here to Add Liquidity to the GF-ETH Liquidity Pool.
Add the GF token to your wallet if you have not already done so.
Token Contract Address: 0xaaef88cea01475125522e117bfe45cf32044e238
Token Symbol: GF
Decimals of Precision: 18
Step 2: Connect your wallet
Click ‘Connect to a wallet’ in the top right corner. You will be prompted to unlock your wallet.
Step 3: Enter and Approve the ETH and GF amount
Input the amount you want to add to the pool. You can specify the amount either in GF or in ETH, and Uniswap will automatically calculate the other one at the pool’s current rate.
Click ‘Approve GF’. You will be asked to approve the Ethereum transaction and pay the gas fee.
Step 4: Supply your liquidity
Click ‘Supply’ and ‘Confirm Supply’ to supply your capital to the pool. Once the transaction completes, you will have GF-ETH LP (visible as UNI-V2) tokens inside your wallet. Uniswap will also show you your pool share, indicating you are part of the liquidity pool.
Step 5: Enter GuildFi’s Staking page
You will see two staking pools, i.e. the GF Single-Staking Pool and GF-ETH Liquidity Pool. For this section we will be covering the steps for the GF-ETH Liquidity Pool.
Step 6: Connect your wallet
Connect with the same wallet holding your GF-ETH Liquidity Pool tokens.
Step 7: Start Staking
Click on the ‘Stake Now’ button. A pop-up with your GF-ETH balance will appear to enable you to select your preferences.
Step 8: Select Deposit Amount and Lock Period
Enter your preferred deposit amount in the box and choose your locked staking period on the sliding bar. This will ultimately determine the reward you will receive.
You will also be able to customise the amount of GF-ETH LP tokens you want to stake. If you want to stake all your tokens, click the ‘Max’ button. If you want to stake a specific amount, enter the numbers into the text box.
The aforementioned GF-ETH LP tokens will be locked in the chosen period, i.e. you will not be able to access the GF-ETH LP before the period is up. This locked period ranges from 1 to 52 weeks.
Upon selection, the unlock date, an estimated APR based on your lock-up period, and the amount of xGF-ETH you will receive during the lock-up period will be displayed.
Once you’re happy with the displayed values, click the ‘Allow GuildFi to use my GF-ETH for staking’ to proceed.
Step 9: Approve GF-ETH to Use Your GF For Staking
After clicking the ‘Allow GuildFi to use my GF-ETH for staking’ button, you will need to confirm this with your connected wallet (i.e. Metamask, WalletConnect, Ledger, Trezor).
Click ‘Confirm’ in the pop-up window to approve the transaction.
Note: This step will incur a small gas fee. Ensure you have sufficient ETH in your wallet for the transaction.
Note: The above pop-up is from using a Metamask wallet. Using a different type of wallet may result in a different interface for the confirmation process.
Step 10: Approve GF-ETH Staking
You will be taken back to the pop-up with your pre-selected options for staking. The ‘Allow GuildFi to use my GF-ETH tokens for staking’ button has been changed to a ‘Stake Now’ button.
Click ‘Stake Now’ to stake your tokens.
The wallet prompt will appear as it did earlier displaying the estimated gas fees associated with the transaction. Click ‘Confirm’ and wait for the transaction to complete.
Note: This step will incur a small gas fee. Ensure you have sufficient ETH in your wallet for the transaction.
Note: The above pop-up is from using a Metamask wallet. Using a different type of wallet may result in a different interface for the confirmation process.
Staking Complete!
Congratulations, you’ve now successfully staked your GF-ETH tokens! This will be confirmed by a pop-up on the top right of your browser. You will receive an equivalent number of xGF-ETH tokens inside your wallet as proof of stake.
Note: If you wish to stake more than once, V2 will only allow users to choose a lock up period that is the equivalent or longer than their lowest lock up period. This applies to both pools, i.e. the GF Single-Staking pool and the GF-ETH Liquidity Pool.
Section 4: FAQs
1. What are the main differences between Staking V1 and V2?
2. If I choose to stake with a lock-up period of 52 weeks in Staking V1 before December 2022, what would happen to my GF tokens? Can I withdraw or cancel the stake?
Answer: Users cannot cancel or withdraw their stake before the contract ends. If you had chosen to stake for 52 weeks, you will have to wait for 52 weeks, and will continue to receive rewards even when Staking V2 starts distributing rewards on 11 January 2023. The APR % for both V1 and V2 pools are dynamic depending on the Total Value Locked (TVL), and will be expected to have a more sustainable APR, with rewards for V1 converging towards V2.
We will be introducing features later to enable early withdrawal before the locked period ends. However, this will incur a penalty fee.
3. Can I claim my rewards daily as in the V1 Staking program? How often are rewards in V2 released?
Answer: No, moving forward, for both V1 and V2 Staking programs, users will not be able to claim their rewards daily. Users will be able to claim rewards at the same time as your initial deposit when the lock period ends, i.e. if you choose to stake for 4 weeks, you will be able to claim rewards and withdraw your initial capital after the 4 week period ends.
The rewards in both staking V1 and V2 are distributed and auto-compounded every 7 days, with the first snapshot taken on 11 January 2023, 11:55 PM (UTC), and the first reward distribution and second snapshot on 18 January 2023, 11:55 PM (UTC), second reward distribution and third snapshot on 27 January 2023, 11:55 PM (UTC) and so on.
Note: There is no 90-day (3-month) rewards lock-in period for GuildFi Staking V2 program.
4. When can I start staking for V2?
Answer: You can start staking from 10 January 2023 until the last day of the staking program. In order to be entitled for the first batch of rewards, you will need to start staking, or migrate your tokens (if available for withdrawal) from V1 to V2 by 11 January 2023, 11:55 PM (UTC).
5. How can I migrate my GF in the Single-Staking Pool from V1 to V2?
Answer: You can start migrating from V1 to V2 on 11 January 2023 onwards. Go to the V1 Staking page and ‘Migrate all positions to V2’ to save on gas fees, or you can choose to selectively migrate each tranche by using the respective ‘Migrate to V2’ buttons.
Click ‘Start Withdrawal’ and ‘Confirm’ the transaction in your wallet. Each withdrawal will require 1 confirmation, e.g. if you have 10 withdrawals for 10 tranches, you will need to confirm 10 transactions.
6. How much is the reward allocated for the V2 Staking program? Is it still 60M GF tokens?
Answer: No, the total reward for the V2 Staking program is 30 million GF tokens. The amount of rewards will also be updated visually on the dashboard weekly (tentatively every Wednesday). However, the rewards are locked, auto-compounded and only available for withdrawal once the initial stake is unlocked (refer to FAQ Question 2).
7. How many staking pools are there for the V2 Staking Program?
Answer: They are 2 pools of staking in the V2 Staking Program, which the total GF rewards will be allocated to. The Single-Staking Pool will be allocated 30% of the total rewards, whereas the GF-ETH Liquidity Pool will be allocated the remaining 70%.
8. What will be the % APR for the GF Single-Staking pool? Will it still be around 190%-200% like the first staking program?
Answer: No, the V2 Staking Program % APR has been revised downwards to a more sustainable range, and will vary depending on the number of users and the respective Total Value Locked in the pools. However, the % APR in V2 will be higher than V1 in order to encourage staker migration.
9. What is the lock-up period for the V2 Staking Program?
Answer: Users can choose anywhere between 1 to 52 weeks to lock their GF or GF-ETH LP tokens.
10. If I have only GF tokens valued at $1,200, and no ETH, can I stake on the GF-ETH Liquidity Pool?
Answer: No, users must have the same value in both GF and ETH to stake in the GF-ETH Liquidity Pool. In this case you have 2 choices:
- Buy $1,200 worth of ETH to create the GF-ETH Liquidity Pair. In this case, you will have $1,200 worth of GF and $1,200 worth of ETH totalling $2,400 in the GF-ETH Liquidity Pool.
- Swap half of your GF tokens into ETH to create the GF-ETH Liquidity Pair. In this case, you would swap $600 worth of GF tokens to ETH. So, you will have $600 worth of GF and $600 worth of ETH totalling $1,200 in the GF-ETH Liquidity Pool.
11. What will be the % APR on the GF-ETH Liquidity Pool?
Answer: There is no fixed % APR in the Liquidity Pool. Stakers will receive 2 types of returns, i.e. GF tokens and GF-ETH from swap fees.
GF tokens will be rewarded based on the quantity of GF-ETH LP tokens staked and duration.
GF-ETH from swap fees will be received to more users transact GF tokens on Uniswap. The rewards will only be received when you unstake your initial deposit from the pool. However, take note the amount of GF and ETH tokens you receive when unpairing the tokens, i.e. remove liquidity, will vary from the initial quantity used for pairing due to impermanent loss should the prices of each token move in different % and/or in different directions.
The more users utilizing the GF-ETH Liquidity Pool on Uniswap, the more transaction fees (swap fees) to the pool which results in an increase in % APR. Also, the more users and Total Value Locked providing GF-ETH liquidity, the lower the % APR as the rewards are distributed to more users.
12. How can stake a new amount of GF or GF-ETH LP tokens, or re-stake my tokens when they become unlocked?
Answer: You can click on the ‘Deposit’ button, enter your new GF and/or GF-ETH LP token amount, lock up period, click ‘Stake Now’, and approve the transaction.
If you have an existing staked amount and want to extend the lock up period for a higher % APR, click on ‘Extend Lock Period’, choose the period you would like to extend it to, and approve the transaction. Note that you can only increase the lock-up period and not decrease it.
If you have multiple staked amounts entered at different point in times, the lock-up period for all tranches will be extended to the same new unlocking date.
For example:
Tranche 1 is staked on 1 Feb for 4 weeks so it unlocks on 22 Feb.
Tranche 2 is staked on 8 Feb for 4 weeks so now both Tranches 1 and 2 unlock on 1 Mar.
Tranche 3 is staked on 15 Feb for 8 weeks so now all 3 traches unlock on 5 Apr as it extends all previous tranches for 8 weeks.
13. Does the xGF and xGF-ETH tokens have any utility?
Answer: Currently, these tokens have goveranance voting rights for proposals that will impact the GuildFi product. Also, holders of xGF and xGF-ETH will have additional benefits on our platform, like early access to digital collectible whitelists, airdrops, beta testing of partner products, higher chances of winning prizes in our marketing campaigns etc. We will be building more utility over time. Watch out for more details in our announcements coming soon!
About GuildFi
GuildFi aspires to create an interconnected ecosystem of games, digital collectibles, and communities, to maximise players’ benefits and enable interoperability across the web3 gaming landscape. GuildFi solves the discovery and access problems for players while enhancing their performance and maximising their rewards. Players’ engagement and achievement are no longer discarded and limited to specific guilds or games, but instead, contribute towards their ranks and elevate their benefits in the long run.
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