Everything you need to know about the ILV token
Illuvium is an exciting Ethereum-based project that merges blockchain-based gaming with decentralized finance and cryptocurrencies. To achieve that bridge, Illuvium heavily relies on its native token, ILV.
ILV is a traditional ERC-20 token that performs a wide variety of central functions on the Illuvium platform. In this article, we’ll take a closer look at the staking opportunities Illuvium players can benefit from—through ILV, as well as the governance functions it facilitates.
Staking ILV tokens is one of the easiest ways to earn passive rewards on the Illuvium platform. As all in-game rewards on Illuvium are distributed in ILV, it is very easy to start earning even more by staking your rewards.
To stake Illuvium tokens, all a player needs is an Ethereum-based wallet with some ILV and ETH in it. Staking transactions require ETH to cover the gas fees. Once there’s ETH in your wallet, you can go to the Illuvium Staking page and follow the steps below.
- Connect your wallet to the Illuvium platform
- Click on “Stake” and browse through the available Core Pools. You have a choice between staking ILV only or staking SLP (ETH/ILV token can be found on Sushi.com)
- Click the “Stake” button next to the pool you’ve chosen
- Next, you have to decide whether you’d like your stake to be flexible or locked. You can easily withdraw flexible stakes, however locked stakes offer multiplier rewards.
- You’ll receive a prompt from your wallet detailing the gas fees for the transaction. If you’re happy, approve it. If not, go back and shift around the numbers until you’re happy.
- After that, players need to choose how they want to receive their staking rewards – in ILV or sILV. ILV rewards have a lock-up period of 12 months, while sILV rewards can be withdrawn immediately and used in-game.
- Finally, check out the “Vesting” tab, where you can see when your rewards will become withdrawable.
That’s it. In several easy steps, you can become an ILV stakeholder, allowing you to further boost the monetary value of your in-game rewards.
If you are looking for an easy way to get your hands on some ILV tokens, you can always use the DappRadar Token Swap. There you can exchange any ERC-20 token for ILV and start staking or participating in the governance of the Illuvium platform.
Illuvium Governance Structure
One of the main goals behind the Illuvium platform is to create a gaming experience that is open, transparent, and governed by the community. In order to achieve that, the developers’ team introduced the Illuvinati Council.
ILV holders are the only ones who can elect members of The Illuvinati Council. Suppose, as a player, you have ILV in your wallet. That ILV, no matter how much you have, empowers you to be a voting community member. You can participate in the protocol’s governance in a number of ways. , You get the opportunity to push forward a nomination for the Illuvinati Council. You also can cast votes in the election and pick a community member to serve on the Council. Again, regardless of how much ILV is in your wallet, you have a voice in the direction of this project. Quadratic voting keeps the governance process as fair and transparent as possible. It ensures that whale wallets that have significant amounts of ILV are not favored when voting for the Illuvinati Council happens.
ILV token holders can also put forward formal proposals to change the system configuration and back-end organization of the platform as Illuvium Configuration Change Proposals (ICCPs), or to recommend improvements to the game and DAO as Illuvium Improvement Proposals (IIPs). . Proposals are submitted on the official Illuvium GitHub page and then voted on by ILV holders.
Stay tuned to find out more about the development of the Illuvium ecosystem, and check out their DappRadar page.