Launching SAND Liquidity Mining Phase 3 with #NFT (LAND) Multipliers and 1,500,000 SAND rewards

The more LANDS you own, the more SAND you earn!

The Sandbox

Published in

The Sandbox

6 min readOct 27, 2020

TLDR

In Phase 1, we introduced our SAND Liquidity Mining program with 1,500,000 SAND in monthly rewards.
In Phase 2, we are introducing a yield multiplier based on LAND ownership with 1,500,000 SAND in monthly rewards for stakers.
The program has been extended to phase 3. Miners will continue to earn $SAND rewards.
As of January 2022, 250,000 $SAND has been added to the pool for this month.

Following the introduction of the SAND utility token on Binance Launchpad, The Sandbox community seeded a liquidity pool for SAND/ETH on Uniswap.

Traders who provide liquidity to the SAND/ETH pair starting today, October 27th will be eligible to share a monthly allocation of 1.5M SAND, currently worth ~$60k at the time of writing.

Rewards are distributed pro-rata relative to a traders’ percentage of total liquidity over the course of a one month period.

Like in Phase 2, rewards increase relative to the amount of LANDS owned. The more LAND you have, the more SAND rewards you earn!

To qualify for rewards, liquidity providers need to stake their SAND/ETH Uniswap LP tokens via The Sandbox staking dashboard here: http://staking.sandbox.game

For liquidity providers who participated in Phase 1, you’ll need to unstake your SAND/ETH LP tokens and stake them again on http://staking.sandbox.game to benefit from phase 2 rewards and the LAND multiplier. This is done so that we can take LANDS holdings into account when distributing this month’s rewards.

To enter phase 3 from phase 2, there is no actions to be taken. You will be automatically be reconducted with no need to unstake your $SAND.

You will be able to claim Phase 1 rewards for the whole duration of Phase 2

Phase 2 will feature 1.5M SAND in rewards for the next 30 days.
Here’s a step-by-step tutorial on how to participate.

To sum up follow these steps if you’ve participated in phase one of the Liquidity Mining:

1. Click on “Claim & Unstake — Phase 1” at the bottom (blue button) so you can recover what you did stake in Phase 1

2. Once done, you can click on the “Approve UNI-V2”

That way you will be able to receive your rewards from phase 1, then re-stake again for phase 2.

Why Phase 2?

Liquidity mining incentives seeds deep liquidity, offering a strong trading venue for those who wish to trade and use SAND in a non-custodial manner.

Given that Phase 1 saw the SAND/ETH pair reach over $2M worth of liquidity, we believe continuing this program will allow SAND to have a prolific presence on DEXs like Uniswap — a key component of the wider DeFi ecosystem.
*Phase 1 and Phase 2 both incentivise liquidity providing on the same SAND/ETH Uniswap pool.

With the introduction of a LAND multiplier, community members will now be able to compose various components of The Sandbox Metaverse. This marks the first step in an ongoing plan to combine tokens to stack rewards in The Sandbox.

Increase SAND rewards with LANDS

Yield will be proportionally increased relative to the number of LANDS owned; connecting virtual real estate and SAND liquidity.

LANDS are ERC-721 non-fungible tokens (NFTs) that represent unique digital locations in The Sandbox universe, allowing players to build and monetize games.

While LANDS act as a critical mechanism for Game Creators to monetize their creations in SAND, we are excited to kick off the offering incentives that combine NFTs and SAND applying a yield multiplier based on the number of LANDS you own.

The multiplier will be calculated as a function of the number of LANDS owned at the time of staking SAND.

The more LANDS you own, the bigger the multiplier becomes:

Table of LAND multipliers on SAND rewards

Added rewards multipliers are based on the following curve. This means that holding 1 LAND will allow you to earn 1.1x the SAND rewards and 100 LANDS allows you to earn 1.5x the SAND rewards.

*https://www.desmos.com/calculator/rb58jmfxyy*

*Note that the graph is not 100% accurate: the code implementation diverges slightly as you zoom on the curve bifurcation around x=100 y =0.5. You’ll notice that on the graph, the bifurcation happen slightly above 0.5, while in the code it happens exactly at 0.5.

How to participate in SAND liquidity mining

Acquire SAND either on Binance, Uniswap or Simplex (via Credit Card)
Store SAND in a non-custodial web3 wallet like MetaMask or WalletConnect

3. Head to the SAND/ETH pool on Uniswap.info and select “Add Liquidity”

4. Approve SAND transfers to add your desired amount of liquidity.
*Please note that for Uniswap liquidity, traders must provide an equal amount of ETH and SAND.

5. Deposit liquidity by confirming the transaction in your wallet.
*Watch out for gas prices!

6. Head over to The Sandbox staking dashboard and deposit the UNI liquidity tokens representing your SAND/ETH Uniswap liquidity position.

7. Sit back and relax! You will start accruing SAND rewards in real-time which can be claimed at your convenience.

*Uniswap liquidity provisions may be subject to impermanent loss. This means that if the price of one token outperforms the other, the underlying liquidity position will rebalance, resulting in fewer tokens of the asset which increased in value, and more tokens of the other side of the pair.

Next Steps

Phase 2 yield multipliers serves as the first of many benefits LAND holders receive for owning digital real estate in the growing Sandbox world.

Outside of SAND liquidity mining, The Sandbox is working closely with other NFT creators to curate a suite of incentives and crossovers to give SAND holders rewards outside of Sandbox-native assets.

We encourage all SAND holders to reach out about any questions regarding liquidity mining on Discord, as well as joining the wider discussion around liquidity mining, asset mining and the journey ahead!

If you missed previous LAND sales, be on the lookout for details about the upcoming round(s)! Coming soon…

In the meantime, be sure to keep a close eye on our community channels (below) for plenty of exciting updates to come.