IG | How do I store my IGG in IGLabs 'Power Capsules' to generate ORB tokens?

News > How do I store my IGG in IGLabs 'Power Capsules' to generate ORB tokens?

How do I store my IGG in IGLabs 'Power Capsules' to generate ORB tokens?
Share

IGNews

How do I store my IGG in IGLabs ‘Power Capsules’ to generate ORB tokens?

IGLabs, a core component of IGGalaxy, aims to spearhead the mainstream adoption of crypto for gamers.

First launched in May 2019, IGLabs currently allows IGG holders to store IGG tokens in capsules for a fixed period of time; by doing so, you burn 0.2% of IGG locked in the capsule, but earn ORB tokens as a reward.

For now, ORB tokens can be sold to IGLabs (at a current rate of 5 IGG per ORB), or you can hold on to your ORB tokens for later utility in IGGalaxy! 50% of all ORB tokens sold to IGLabs is burned from existence, effectively reducing the total supply, making it a highly deflationary token.

As for the future utility of ORB tokens, for now we can reveal that ORB will play the role of a governance token for IGGalaxy and operational token for IGLabs.

Want to take part and start generating ORB? Here’s how!

Freeze your IGG tokens for fixed period of time to earn ORB tokens!Freeze your IGG tokens for fixed period of time to earn ORB tokens!

Participate in IGLabs! Start generating ORB now!

  • To access IGLabs, you’ll first need to enter IGGalaxy. Head over to IGGalaxy and sign in, or create an account if you haven’t already!
  • You will also need to create a Matic IGWallet, which you can do by following our simple guide on how to create a wallet by clicking here. (If you are creating an IGWallet for the first time, you can check out our guide on how to use your IGWallet by clicking here.)
  • There is a minimum requirement of 100,000 IGG (ERC20-Matic) tokens per capsule
  • You will need a small amount of MATIC to cover the network fee, which is currently estimated at around 0.0005 MATIC per capsule.

If you would like to purchase your own MATIC for future use, you can use the following third-party exchanges:

At the moment, Binance doesn’t support Matic network, so for now, we recommend buying MATIC tokens from Transak. The MATIC you purchase on Transak is already on the Matic network and can be sent directly to your IGWallet (instead of purchasing MATIC on Ethereum via Binance and having to do a ChainSwap deposit).

In the near future, we will release a feature that allows users to pay for network fees in IGGalaxy with IGG tokens.

Once you’ve entered IGGalaxy, and have a wallet set up with required tokens, click the ‘Capsules’ icon as shown below.

Select the ‘Capsules’ feature in IGLabs to generate ORB!Select the ‘Capsules’ feature in IGLabs to generate ORB!

Great; I’m in IGLabs! Now what?

This is where you can access all ‘Frozen’, ‘Ready’ and ‘Claimed’ capsules.

Each capsule must hold a minimum of 100,000 IGG, and a maximum of 10,000,000 IGG; there is no limit to the amount of capsules you can create, however.

You can view all ‘Frozen’, ‘Ready’ and ‘Claimed’ tokens!You can view all ‘Frozen’, ‘Ready’ and ‘Claimed’ tokens!

All power capsules can be deployed for any period between three to 30 days. We advise you to store your IGG tokens for 30 days, though, to maximise the amount of ORB rewards for any given capsule.

Choose the amount and duration you wish to store your IGG tokens for!Choose the amount and duration you wish to store your IGG tokens for!

Things to note

  • IGLabs operates on a smart contract on Matic Network.
  • 0.2% of the IGG deployed into an IGLabs power capsule is burned from the total IGG circulating supply.
  • After the specified period, once you claim your capsule, the IGG stored in the capsule will be returned, minus the burned amount, and ORB will be rewarded.
  • The rate of ORB generated is determined by the amount and of IGG stored and duration. You will be able to view this prior to deploying the smart contract.
  • ORB tokens can be sold to IGLabs at any time for IGG at a guaranteed rate of 5 IGG per ORB; 50% of all ORB is then subsequently burned from existence.
  • We recommend that you store your IGG in capsules for longer periods to benefit from ORB generation to maximise the ORB you receive.

Please double-check the details before you deploy your IGLabs power capsule. Once the smart contract is in progress, you will not be able to unlock your power capsule until the date set has passed.

Current ORB distribution rate

The amount of ORB you receive is solely based on the amount of IGG and length of time set.

IGLabs will buy your ORB for 5 IGG per ORB token!IGLabs will buy your ORB for 5 IGG per ORB token!

You will be required to hold MATIC to cover the fee set by the Matic Network. This is estimated to be around 0.0005 Matic (~$0.00000885) per IGLabs power capsule.

We would like to inform our community that we intend to reduce the ORB distribution rate early in November! As always, we will provide a minimum of three days notice prior to the rate change.

  • Please note that this is a change to the rate at which you earn ORB for storing IGG, not the current 5 IGG per ORB guaranteed buy rate.
  • As previously outlined, we will provide at least 30 days notice for any change in buy rate (as we did when we increased it from 4 to 5 IGG per ORB).

We are also exploring the possibility of changing the minimum and maximum amount and period for each Capsule.

Need a hand?

Check out some of our IGGalaxy guides in the Help Centre, contact our support team at support@iggalaxy.com, or ask our friendly community members on Telegram if you would like extra support!

To keep up to date with developments, please follow us on our various social media channels:

Twitter Instagram TikTok Facebook Twitch YouTube Discord Telegram LinkedIn Reddit

Relevant News

IGG/ETH UniSwap Liquidity Rewards Period Details: 19 - 29 November

Naeem

IGG/ETH UniSwap Liquidity Rewards Period Details: 19 - 29 November

On Saturday 31 October, we released an article introducing IGGalaxy’s Liquidity Pool (LP) Incentive Program ahead of IGG’s listing on UniSwap. Shortly after, we released the details of IGGalaxy’s UniSwap Liquidity Pool Incentive Program which provided our first reward period of the IGG/ETH trading pair on UniSwap.

November 17, 2020

IGLabs notice: Change in ORB distribution rate from 09/11/2020

IGNews

IGLabs notice: Change in ORB distribution rate from 09/11/2020

IGLabs, initially launched in May 2019, aims to spearhead the mainstream adoption of crypto for gamers. It is currently in phase one — the ORB generation phase — allowing IGG holders the ability to store their tokens for a fixed period of time to generate ORB tokens.

November 6, 2020

Intergalactic Gaming’s Progress Report: October 2020

IGNews

Intergalactic Gaming’s Progress Report: October 2020

Since launching our social competitive gaming platform, IGGalaxy, just 11 months ago, we have witnessed its ability to continue to attract competitive gamers from across the globe!

November 5, 2020

IGGalaxy’s UniSwap Liquidity Pool Incentive Program Launched!

Naeem

IGGalaxy’s UniSwap Liquidity Pool Incentive Program Launched!

On Saturday 31 October, we released an article introducing IGGalaxy’s Liquidity Pool (LP) Incentive Program ahead of IGG’s listing on UniSwap.

November 2, 2020

RESOURCES

IG LitePaper V2.0

Token Economics

Terms of Use

Privacy Policy

Cookies Policy

CONNECT

Contact Us

Media Contact

Copyright © 2020 Intergalactic Gaming

All rights reserved

Our JourneyWho is it for?Features and BenefitsOur IGG TokenLatest News
Enter