New Tier Requirement & Changes to the Staking Mechanism on Infinite Launch
Greetings from Infinite Launch team,
We are excited to share all the important updates regarding Tier Membership requirements to participate in IDO & Staking program on Infinite Launch,
We listened and decided to merge Staking Pools & Tier systems, to allow tier members to join IDOs while getting the best interests out of their staked ILA.
With the mission of providing the maximum benefits to our investors, we have worked hard and come up with a new mechanism for staking on Infinite Launch. The new staking mechanism will bring additional benefits to investors and support for the growth of our project in the future. Without further ado, let’s dive in and hope you will find this article packed with important updates!!!
The Previous Staking and Farming Pool will be closed on 19 Apr 2022. Due to this change, all users are required to unstake all ILA tokens from those pools before 19 Apr 2022. Note: During this time, users can unstake without losing 3% fee.
The new Staking Pool and Farming Pool will publicly go live on 21 Apr 2022.
With this new Staking mechanism, users only need to lock ILA to receive APR and join IDO rather than taking two separate steps like previously.
New APR & ILA requirements applied for IDO & staking pool will be as below:
- All current ILA tier members will hold their status even after the Tier system and Staking pool are updated.
- Snapshot time for ILA Current tiers: 12:00pm UTC 19 Apr 2022
- When the new staking pool goes live on 21 Apr 2022, all users who own ILA tier before snapshot time will need to unlock their ILA token from your profile (without any fee) and lock them in new ILA pool in order to receive new APR.
- After the snapshot point, new users must have the ILA amount as specified in the table above in order to be entitled to the corresponding tiers and APRs. Therefore, you can only become a Tier member with an affordable rate until 12:00 PM 19th April, UTC.
- Bony Bastard NFTs will not be used to increase staking percentage in the new staking pool, new benefits for Bony NFTs will be announced soon.
- If you lock more than the required amount of ILA for the corresponding tier, you will receive the respective APR of that tier.
- If you unlock ILA 60 days ahead of time, you will be fined up to 30% the amount of ILA to receive that tier.
- For pool LP farming, new APR will be fixed 200% for all tier & non-tier users
If Bob locks 20000 ILA, Bob will receive Bronze-tier and receive a 10% APR.
If Jenny locks 150.000 ILA, Jenny will receive Silver-tier and receive 20% APR for 150.000 ILA locked.
The instructions provided above are intended to guarantee a seamless transition to the new staking mechanism, which will help in simplifying user experience and bring about extra benefits to investors in the long term.
Thank you all for your support and we hope that latest updates in rules & mechanisms will bring the best interests to our beloved members.