Introducing YGG Reward Vaults
Since YGG’s inception, we have been seeking ways to deliver more value to our player community and the broader YGG ecosystem. This is why we are proud to announce the launch of YGG Reward Vaults on Thursday, 28 July 2022, as a product designed to benefit active YGG token holders.
Our product team, led by Head of Product Development, KnightAV, has evolved our original concept for the YGG Vaults to focus on a program that will deliver greater value to our core community. The YGG Reward Vaults will bridge our passionate play-to-earn community directly with our extensive network of partners with the intention to form a long-term, sustainable reward program.
“The YGG Reward Vaults are designed to provide meaningful rewards for token holders who are passionate about the play-to-earn ecosystem and who are providing value for YGG. We wanted to offer rewards that would allow our community to benefit from the value they have helped build into our gaming partnerships,” KnightAV said.
Our goal for the YGG Reward Vaults is to further the play-to-earn journey of YGG token holders and expose our community to the best new games and projects in the space. The YGG product development team is also experimenting with different kinds of vaults in order to create a membership incentive plan as part of YGG’s long-term strategy.
The YGG Reward Vaults will be available to all YGG token holders who have a Guild Badge starting July 28. Rewards will begin for all vaults on August 1 and will run for 90 days.
YGG token holders include:
- YGG Community Airdrop recipients.
- Guild Advancement Program Season 1 participants who will receive their rewards on July 28.
- Community members who have purchased YGG tokens on the secondary market from one of the many exchanges that have listed YGG.
YGG token holders who have a YGG Guild Badge can stake their tokens for up to 90 days in either of the two YGG Reward Vaults on Polygon to receive proportional rewards in the form of play-to-earn tokens during the period that YGG is deposited in the reward vault. The two vaults are as follows:
Aavegotchi Vault (GHST rewards)
Aavegotchi is a crypto collectibles game partnered with YGG where NFT avatars can interact within the Aavegotchi Metaverse. Members can stake their YGG tokens in this vault to earn GHST token rewards. GHST (GHOST) is the base ecosystem token that enables players to purchase various assets, vote in the Aavegotchi DAO and stake in the Aavegotchi staking contract.
Crypto Unicorns Vault (RBW rewards)
Crypto Unicorns is a digital pet collection and farming simulation game created by Laguna Games — and another one of YGG’s partners. Staking YGG in this vault will earn rewards in the form of RBW. RBW (RAINBOW) is the value token that lends the ability to vote on DAO governance, breed unicorns, and purchase valuable items and materials.
YGG has opted to launch the Reward Vaults on Polygon, with the objective of decreasing the barrier to entry for participation and enabling participants to keep more of their rewards instead of paying gas fees.
“In the future, expect to see many more YGG gaming partners featured in this program. YGG Reward Vaults may also incorporate game mechanics, modifiers, and eventually, limits, to ensure that the maximum rewards go to the most active and highly engaged YGG community members who participate. The goal of these vaults is to enable YGG guild members to further explore the entire play-to-earn ecosystem,” KnightAV said.
How to Participate in YGG Reward Vaults
- Have an existing YGG Guild Badge (see the guide here to mint your own guild badge).
- Have YGG tokens on the Polygon network.
- Have sufficient ETH tokens to cover two transaction fees (if bridging YGG tokens from Ethereum Mainnet to Polygon network).
- Have sufficient MATIC tokens on Polygon to pay for transaction fees.
See video below for a how-to guide on the YGG Reward Vaults.
If your YGG Tokens are on the Ethereum Mainnet, you need to bridge them into the Polygon network. See below for a guide. You can read more about this here.
- You can use any Polygon Bridge, but this example will use Polygon’s own web wallet: https://wallet.polygon.technology/.
- Click “Connect to Wallet” and log in via the wallet, such as MetaMask, that contains your YGG Guild Badge and YGG tokens. This wallet will also need to contain sufficient ETH to cover two transaction fees.
- Click on “Polygon Bridge.”
- In the “From” section in the bridge, you should see Ethereum selected with a field below it to input which asset on Ethereum you would like to bridge. Click the drop-down arrow to open the token selection modal.
- You can type “Yield Guild Games” into the search box. If this returns no results, click on “Manage Token Lists” and ensure both “Default Polygon List” and “Polygon Token List” are selected.
- Once you have selected the YGG token, you can enter the amount of tokens you wish to bridge to the Polygon Network.
- Click “Transfer” and review each notice before proceeding. These notifications should also include the approximate gas cost for the transaction.
- The first transaction will require you to approve Polygon to interact with your wallet. You will need to “Approve” via the Polygon interface and then sign the transaction via your chosen wallet (e.g. MetaMask).
- The second transaction will actually bridge your tokens between the two chains. You will need to “Approve” the transaction via the Polygon interface and then “Confirm” the transaction via your chosen wallet.
- The bridging process can take up to 10 minutes to finalize, at which point the transaction should appear on https://polygonscan.com and also be reflected in your wallet.
On which network will I be able to stake my tokens? What are the fees?
You will be able to stake your tokens on Polygon. This is to lessen gas fees so that more people within the YGG ecosystem will be able to participate. Polygon is one of the leading blockchain platforms for play-to-earn games.
What are the minimum requirements to stake?
- You must have a YGG Guild Badge to prove you are part of the community. You can mint yours here, if you haven’t already.
- Have sufficient ETH tokens to cover two transaction fees (bridging YGG tokens to Polygon).
- You can stake as little as 1 YGG token, but be sure to understand the transaction fees as there is likely a lower limit where staking may not be viable for you.
- Have sufficient MATIC tokens to cover the transaction fees. This is typically around US$0.20 per transaction, or often considerably less.
What rewards can I receive for staking?
The first YGG Reward Vaults on Polygon are a selection of game tokens from two YGG gaming partners.
There is an Aavegotchi Vault where community members who stake YGG will receive GHST, the governance token for Aavegotchi.
The other vault is the Crypto Unicorns Vault where community members are rewarded with RBW, the Crypto Unicorns governance token, which is also used in-game.
How do I unstake my YGG tokens?
More information will be provided at the end of the reward period, but the basic process will simply be the reverse of the staking process. Log in to the console, select the vault, claim any outstanding rewards, click “Withdraw” and confirm via your wallet.
Which games will be added to the staking vaults in the future?
The initial YGG Reward Vaults are: Aavegotchi Vault (GHST token reward) and Crypto Unicorns Vault (RBW token reward).
In the future, expect to see many more YGG gaming partners to be featured. The goal of these vaults is to enable YGG guild members to further explore the entire play-to-earn ecosystem.
We are already working on lots of ideas for one-off/promotional vaults for fractionalized assets, merch, opportunities, or other competitions so that we can create more unique and interesting ways for our community to be rewarded.
Are the rewards for the vaults fixed? How are they calculated?
Each vault’s rewards are fixed at the time of creation, and the individual rewards are calculated based on the individual contribution as a percentage of the total pool. Additional vaults will be added over time with different rewards, different rates and different games. The goal will be to ensure there is something that appeals to every member of the YGG community.
For how long will I be able to stake and earn rewards?
The initial two YGG Reward Vaults will run for a period of 90 days. During that time, participants can stake, accrue rewards and withdraw whenever they wish. This will vary for different vaults in the future as we explore what resonates best with our community.
When will I be able to claim rewards?
Rewards accrue on a per-block basis (new blocks are added to Polygon on average every 2.0–2.5 seconds). Rewards will be claimable as they accrue and users can claim as often as they like. It should be noted that each claim will incur Polygon gas fees.
What happens if I don’t manually claim my rewards at the given deadline?
At the end of the 90-day staking period, rewards will need to be claimed if they have not been claimed during the staking period. Each user will also be required to log in to the YGG dapp to withdraw the YGG tokens that are staked. The vault will transition to a closed or archived state within the YGG interface; however, users will still be able to claim their rewards from a closed vault.
Is it safe to stake my YGG? What are the risks, if any?
Which wallets will be supported on the staking site?
- MetaMask or MetaMask-compatible browser wallet.
- WalletConnect-supporting wallets.
- WalletLink-supporting wallets.