Everything You Need to Know to Stake Play It Forward’s Utility Token
Now that Play It Forward’s token sale is complete, all of those new $PIF holders will have the opportunity to stake their tokens in exchange for rewards, access to premium guild management tools, and more. Once our staking portal is complete, holders will be able to log in, stake as many $PIF tokens as they want, and begin taking full advantage of Play It Forward’s incredible platform.
Keep reading to learn everything you need to know to start staking $PIF.
Here’s a quick rundown of what you’ll need to know to start staking your $PIF.
· You can start staking your $PIF on 4 March 2022 — we will share the details of the live staking site closer to the date
· You can provide PIF-ETH liquidity via Uniswap V2 here
$PIF Token Staking Options
We’re committed to the long-term health and success of Play It Forward’s platform. That’s why we offer $PIF token stakers the ability to earn greater rewards for longer term staking thanks to our time-weighted calculations.
Token holders will have the opportunity to stake their tokens via either the single-sided staking pool ($PIF only) or a double-sided liquidity pool (ETH-PIF) via Uniswap v2. The single-sided pool will be allocated 20% of staking reward supply while the double-sided liquidity pool will receive the remaining 80%.
When you stake your tokens, you’ll have the choice of leaving them locked up for the period of your choice, from 0 months to 24 months. You’ll receive a higher percentage of rewards based on the length of time you commit your tokens, with longer lockups corresponding to larger rewards.
Do note that for the locked pools, there will be an unstaking penalty if users withdraw their tokens from the pool before the locked period ends. The penalty for unstaking ahead of time will be up to 75% of your staked amount, proportional to the remaining time left before the end of the locked period.
For the first year, liquidity rewards will be drawn from a pool of 3% of the total supply of $PIF, equivalent to 30,000,000 $PIF tokens. Note that the Play It Forward team may alter the reward pool as the situation requires.
How to Stake Your $PIF Tokens
Staking your $PIF tokens is an easy process that won’t take more than a few minutes. Simply follow these steps to get started…
Step 1: Connect your crypto wallet
Before staking any tokens, you’ll need to log into our staking portal (link to be updated later)
Once you’ve logged into the Play It Forward staking portal, you’ll want to ensure that you have your crypto wallet connected. Click ‘Connect Wallet’ at the top right of the browser window. You’ll be given a list of compatible wallet options that you can choose to connect to the portal. Pick the wallet of your choice to get started.
Step 2: View Staking Dashboard
Once there, you’ll find an overview of $PIF’s current total staked amount as well as how much you have staked and the amount of your unclaimed rewards, etc.
Step 3: Choose your staking pool
You are now ready to begin staking your $PIF tokens! You should see a large ‘Stake’ button on your dashboard. Click that to see the staking pools currently available.
Make sure that you’re familiar with providing liquidity on Uniswap V2 since only those using it will receive rewards.
If you’d like to learn more about each staking pool before making your choice, click on ‘Details’ to get a helpful overview.
Once you’re ready to move forward, click the ‘Stake’ button.
Step 4: Approve for staking
After you’ve chosen your staking pool, you’ll be able to determine how much you’d like to stake along with the length of the period you want to lock them for. Your crypto wallet will give you the opportunity to confirm the transaction.
After you’ve approved the transaction, you’ll have to wait for the Ethereum blockchain to process and confirm it.
Step 5: Stake your $PIF tokens
Once you’ve approved your transaction, you’ll see a screen that provides a summary of the transaction and includes a simple button that says ‘Stake.’ Click that to finalize the staking transaction.
At this point, your crypto wallet will prompt you to confirm the transaction. Make sure to review the whole transaction, including the gas fees before confirming it.
Once the transaction has been confirmed, you should see a notification that it has been successfully completed.
At this point, your $PIF tokens will be officially staked — and you’ll begin collecting rewards.
You’ll see the total amount of staked $PIF tokens as well as any rewards you’ve earned on your Play It Forward staking portal dashboard.
Claiming Your $PIF Token Rewards
Once you’ve begun earning rewards, claiming them is just as simple as staking them.
Simply visit your Play It Forward staking portal dashboard and click on ‘Claim’ under the ‘Unclaimed Rewards’ section. This will send you to your Rewards dashboard where you can click ‘Claim’ on the staking pool of your choice.
At this point, your crypto wallet will prompt you to confirm the transaction. Review the total amount including the gas fees before clicking ‘Confirm.’ Once you’re satisfied, click the button and you should see a ‘Transaction Successful!’ notification.
There are a couple of important things to be aware of when it comes to retrieving your staked tokens. For one thing, there is a cooldown period that kicks in for the claiming of your $PIF token rewards — this cooldown period will be finalized when we launch the staking pools.
About Play It Forward DAO
Play It Forward DAO is a metaverse eco-system builder with a focus on Web3 game investment and a large-scale guild of 3,000+ gamers (Railings University) across the Philippines, Indonesia, and Vietnam.
The company is positioned to provide broad access to play-to-earn gaming by educating, empowering, and integrating underprivileged communities into the P2E industry. PIF DAO is positioned to be the growth engine of a Plug-and-Play metaverse by allowing its members to invest, play, learn and earn.
Play It Forward DAO Social Media Links:
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