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Wednesday, August 10, 2022

Solice Genesis Staking

The Solice Genesis Staking is now live!

Stake in the genesis pools to receive rewards that you will only get through genesis staking. These rewards will never be minted again after the genesis staking window is over. The Solice Genesis Staking will only be available for 21 days, from January 10 until the end of the month January 31.

The Genesis pool consists of ‘Epic’, ‘Legendary’, and ‘Mythic’ three different pools with different rewards, different APY, and different lock-up times. The exact rewards can be found on the pool page.

The Solice Genesis Staking only accepts Solice token ($SLC) or SLC/USDC-LP which you can get from providing liquidity on Orca or Raydium (see below for information about providing liquidity). The NFT rewards will be automatically distributed to your wallet 1 month after the pool has been closed (Except for LAND rewards. this will be distributed later when the actual LAND NFT’s are being generated). The staked tokens + APY reward will be distributed back to the staker’s original wallet after the lockup period ends.

Please follow the following steps to stake your tokens for amazing rewards:

1. Click on the following link staking.solice.io

2. Connect your phantom or another compatible wallet

3. Choose the pool you want to stake in

3. Make sure there is at least 0.01 SOL balance for fees

4. Input the amount of $SLC and/or SLC/USDC-LP you want to stake. Select Orca or Raydium depending on the type of SLC/USDC-LP tokens you have.

5. Press “Stake”

6. Done!

  • SLP-LP tokens have a multiplier applied to them. The multiplier is shown on the calculator. ORCA SLC/USDC-LP tokens have a multiplier of 1.5 and Raydium SLC/USDC-LP tokens have a multiplier of 2.
  • All amounts the user stakes are final. It is not possible to swap staked amounts between pools or to withdraw them before the lockup period has ended.
  • The user is able to add to their total amount per pool as long as the genesis pool is open.
Orca and Raydium has a different ratio for LP thus have different multiplier

Adding liquidity is very important to all protocols. It usually carries great rewards for both the liquidity provider and the token protocol, but it also adds to the general appeal of trading the token, which helps the price. The rewards for providing liquidity can vary, but in most cases, the protocol will pay the liquidity provider extra tokens over the period of time that the liquidity is made available. There is also a risk of permanent loss that goes with all liquidity providing, which we will touch on as well.

Impermanent loss is a loss of funds that a user will incur when they provide liquidity. It happens when the price of one asset (SLC) differs relative to another (USDC) and doesn’t return, which often happens. There will always be some impermanent loss, the second the pricing between the pairs shifts too much. Most commonly, the compensation comes from trading fees & staking incentives. Will go into the rewards at the end.

Liquidity can currently be provided on Raydium or Orca.

To begin adding liquidity to the SLC-USDC pool, you must have enough USDC in your wallet to match the amount of SLC token value that you wish to provide.

1. Choose to add liquidity for your desired pair on Raydium or Orca.

2. Use the interface to add the desired amount of liquidity and Raydium will give you LP tokens for that specific pair.

3. When done correctly, the LP tokens will show up in your wallet balance and you will be able to use the token to stake with a multiplier on the Solice Genesis staking page.

About Solice

Solice is an open 3D world with limitless possibilities: a VR metaverse where users can play, build, own, socialize, and monetize their virtual experiences in an immersive way on the Solana blockchain. Solice is the interconnected metaverse of virtual worlds, NFTs, and communities. With the aim to improve the overall user experience, connecting them through interoperability across the metaverse.

Follow Solice on social media to stay up to date with all the latest developments.

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