Staking SAND, sand mining, sand staking, SAND Liquidity Mining, Liquidity Mining
Introducing: Staking SAND and Get Rewards
This artile about staking SAND and receive Sand rewards by SAND Liquidity Mining
- In Phase 1, today, we are launching our SAND Liquidity Mining program with 1,500,000 SAND fixed amount per month distributed in Rewards
- In Phase 2, in coming weeks, we will introduce Yield multipliers based on LAND NFTs ownership.
How to participate in SAND liquidity mining
Step 1: Acquire SAND either on Binance
Step 2 Store SAND in a non-custodial web3 wallet like MetaMask or WalletConnect (Buy Sand on Binance and withdraw via Metamask Connect or Wallet Connect)
Step 4. Approve SAND transfers to add your desired amount of liquidity.
Step 5. Deposit liquidity by confirming the transaction in your wallet. *Watch out for gas prices!
Step 6. Head over to the Sandbox staking dashboard and deposit your UNI liquidity token representing your SAND/ETH Uniswap liquidity position.
Step 7. Sit back and relax! You will start accruing SAND rewards in real-time which can be claimed at your convenience.
Claim Sand reaward in realtime
*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.
More about SANDBOX:
Decentralized Exchanges (DEXs) like Uniswap have played a fundamental role in the incubation of new tokens over the past year. Outside of listing on premier centralized exchanges (Binance, WazirX, Upbit, Crypto.com…) , The Sandbox wants to ensure SAND has deep market liquidity for permissionless, non-custodial trading. In the spirit of DeFi, The Sandbox virtual gaming world looks to further encourage liquidity on DEXs through a SAND liquidity mining program.
Traders who provide liquidity to the SAND/ETH pair starting today, September 25th will be eligible to share a monthly allocation of 1.5M SAND, currently worth ~$70k 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.
To qualify for rewards, liquidity providers will need to stake their SAND/ETH Uniswap LP tokens via The Sandbox staking dashboard at http://staking.sandbox.game
This program will run at a fixed rate of 1.5M SAND per month for the next two months. Following the end of the initial trial, the program will be assessed by The Sandbox team and continued in line with community feedback and SAND governance.
Read on for a step-by-step tutorial on how to participate.
Why Liquidity Mining?
NFTs meets DeFi
While the SAND/ETH pair currently has ~$200k in liquidity, adding liquidity mining incentives will further seed deep liquidity, offering a strong trading venue for those who wish to trade and use SAND in a non-custodial manner.
While SAND/ETH Is the first pair being incentivized through the liquidity mining program, Sandbox will assess other viable liquidity protocols such as Balancer for future incentives.
Outside of SAND rewards, The Sandbox is exploring other creative opportunities to offer unique incentives that align with the wider NFT ecosystem.
Yield should be proportionally increased relative to the number of LANDS owned; connecting virtual real estate and SAND liquidity.
The Sandbox will offer a persistent, interactive virtual metaverse — a 3D unique virtual world where players can build, own, and monetize their gaming experiences through the use of Non-Fungible Tokens (NFTs) and the $SAND utility token (the ERC-20 fungible token that serves as the main utility token of the platform).
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 will also be offering incentives that combine NFTs and SAND in a second phase of liquidity mining to apply a yield multiplier based on the number of LANDS owned.
The second phase will commence following smart contract audits for security and a native Dashboard to connect LANDS acquired on our Metaverse and during our LAND presales!