IG | IGG/MATIC Dfyn Liquidity Pool Reward Details: 21 November - 5 December

News > IGG/MATIC Dfyn Liquidity Pool Reward Details: 21 November - 5 December

IGG/MATIC Dfyn Liquidity Pool Reward Details: 21 November - 5 December
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Naeem

IGG/MATIC Dfyn Liquidity Pool Reward Details: 21 November - 5 December

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.

More recently, we announced that IGG/MATIC trading was now available on Dfyn. We have injected an initial liquidity of approximately 300,000 MATIC, and equivalent amount of IGG based on the price of IGG (on UniSwap) in relation to MATIC at the time.

Dfyn offers a fork of UniSwap that exists on Matic Network; unlike UniSwap, however, you will not need to initially swap your IGG tokens cross-chain to trade. In comparison, Dfyn offers far quicker transactions at much lower costs!

Today, we are pleased to share details of the latest addition to IGGalaxy’s Liquidity Pool (LP) Incentive Program. For those that missed it, this incentive program provides IGG and ORB tokens as rewards for those who support deeper liquidity for specified trading pairs.

IGGalaxy Liquidity Pool Incentive ProgramIGGalaxy Liquidity Pool Incentive Program

21 November to 5 December Reward Period for Dfyn Exchange

The amount of rewards you receive from this pool will be based on the amount of liquidity you provide and the duration that you leave the liquidity over this reward period.

All eligible liquidity providers will share a pool of 5m IGG and 50,000 ORB! Simply add sufficient liquidity and leave it in over the reward period to earn from this incentive program.

Liquidity rewards for Dfyn!Liquidity rewards for Dfyn!

This pool is in addition to our UniSwap incentive program for the IGG/ETH trading pair.

How to connect your wallet to Dfyn exchange

In order to begin trading your IGG tokens on Dfyn, you will first need to ensure you have MetaMask set up. MetaMask is a market leading multi-chain web-3.0 wallet that is available via browser extensions and a mobile app, allowing you to seamlessly interact with your wallet on DApps and websites of your choosing.

If you’d like a hand getting started with MetaMask, you can follow our simple guide.

Once you have set up your MetaMask, you can import your Matic IGWallet using your private key or recovery phrase. You will then need to add MATIC as a “custom network”. Once done, you will be able to use MetaMask’s in-app browser or your MetaMask browser extension to connect to Dfyn!

To add Matic as a network on MetaMask, go to your settings, select “Network” and then Add Custom RPC to add the Matic Mainnet. You will then be required to enter the following details:

The “Chain ID” has recently updated from ‘137’ to ‘0x89’, so you will need to update this before you use MetaMask to connect with Dfyn if you have not done so already.

Once you are connected with Dfyn exchange, you can find IGG on the default lists and begin swapping your tokens or adding liquidity to the pool!

How to Add Liquidity to Dfyn Exchange

Anyone who provides IGG/MATIC liquidity on Dfyn exchange, who also meet the eligibility requirements, will receive a share of rewards allocated for the Dfyn incentive pool.

The process of adding liquidity on Dfyn is the same as UniSwap, where you will require a web3 wallet, such as MetaMask. Once you have a MetaMask set up with Matic Network added, alongside IGG and MATIC tokens in your Matic Wallet, you can follow the these instructions:

  1. Click “Pool”
  2. “Add Liquidity”
  3. “Select a Token”
  4. Find IG Gold (IGG) in the default list
  5. Enter the amount of IGG and MATIC you want to add to the liquidity pool
  6. Then “Supply”
  7. And finally, check the details provided and then click “Confirm Supply”

Please remember you must supply both sides of the pair at equivalent value. For example, if you provide 100,0000 IGG to the liquidity pool, you must add the equivalent amount of MATIC at the current price.

How the IGGalaxy LP incentive program will work:

For each Automated Market Maker (AMM) Decentralised Exchange that we list in this program, we will provide rewards for those who support the IGG token economy by providing liquidity.

Please see below the key components to this incentive program that will apply to current and future pools:

Reward Period:

  • This is currently set at 2 weeks (14 days)
  • During this period, all liquidity provided is recorded in terms of amount and duration left in pool
  • At the end of this period, the allocated pool of rewards will be distributed to eligible wallets

Allocated Pool of Rewards

  • Prior to each reward period, we will provide the total allocated rewards available to eligible liquidity providers. This pool of rewards will be proportionately distributed to eligible wallets.

Eligible Wallets - Minimum Liquidity Requirement

  • Anyone can participate in the LP Incentive Program
  • However, for each reward period, there will be a requirement set for a minimum amount of liquidity that must be added to become eligible for that Pool.

Distribution of Rewards

  • Rewards will be distributed proportionately to eligible wallets, based on the amount of liquidity added and duration left in the pool over this period in comparison to others.
  • ALL rewards will be distributed to liquidity providers via the Matic network - the rewards will be sent to the corresponding Matic wallet of the liquidity providing wallet within 3 days of the reward period concluding.

Minimum Liquidity Threshold

  • Prior to each Reward Period, we will provide the minimum required ‘added liquidity’ in order for the rewards pool to be maintained at 100%.
  • For subsequent reward periods, the Minimum Liquidity Threshold will need to be maintained for the rewards pool to remain at 100%
  • If this threshold is not reached, the rewards pool will be adjusted accordingly.

What are IG Gold (IGG) & IG ORB (ORB) Tokens?

IG Gold (IGG) is the operational token of IGGalaxy. We have provided an extensive but non-exhaustive list of use cases for IGG in our recently released LitePaper v2.0. This includes the requirement of IGG for entry fees/deposits for particular tournaments, premium subscriptions, team creation, team-player contracts and much more!

ORB tokens will play the role of a governance token for IGGalaxy and operational token for IGLabs. ORB can always be sold to IGLabs (at a current guaranteed rate of 5 IGG per ORB). 50% of all ORB tokens sold to IGLabs is burned from existence, effectively reducing the total supply, making it a highly deflationary token.

IGLabs now exists on Matic network, where Capsule creation is incredibly cheap! To start earning ORB tokens for storing your IGG in IGLabs Power Capsules, you can check out our guide on getting started with IGLabs to earn ORB.


FAQs

What is the risks of providing liquidity?

  • There are two risks you should be aware of:
    1. Cryptocurrencies are volatile - if the whole market were to decrease in price, including Ethereum, this would impact the value of the liquidity you have added.
    2. Impermanent loss - Swaps are facilitated by the tokens within the liquidity pool. This can lead to impermanent loss of your tokens, which we highly recommend reading up on prior to participating.
  • There are risks of ‘rug pulls’ with projects with ghost teams and no intention to build anything meaningful. This is not a risk with ourselves as we have demonstrated our intention and commitment to building IGGalaxy as the home for social competitive gaming and esports.

If I add more liquidity over a reward period, will it count?

  • Yes! We will continuously capture the data of amount of liquidity added by individual wallets and the duration of time that the liquidity has remained

Will IG’s added liquidity count toward the program?

  • No - the initial liquidity we provided for Uniswap or other pools will not count toward the reward program. This ensures the rewards go to the community that are supporting deeper liquidity!

When will my rewards be sent out?

  • For now, all rewards for the Liquidity Pool Incentive Program will be sent up to three days after it has concluded. We expect this to be reduced to sending rewards within 24 hours of the period concluding.

Where are my rewards? I haven’t received them

  • ALL rewards from this incentive program will be distributed via the MATIC network
  • Therefore, if you have added liquidity to Dfyn, you will receive your rewards in the same wallet. If you add liquidity on UniSwap (Ethereum based), then you will receive your rewards in the corresponding MATIC wallet.
  • To access your corresponding MATIC wallet, you can use the same private key you use to login to your Ethereum wallet. You will just need to have your wallet selecting the Matic mainchain (see MetaMask guide for setting up custom network).

How do I collect the fees I have earned from providing liquidity?

  • Swapping fees are immediately deposited into liquidity reserves.
  • This increases the value of liquidity tokens, functioning as a payout to all liquidity providers proportional to their share of the pool.
  • Fees are collected by burning liquidity tokens to remove a proportional share of the underlying reserves - ie withdrawing your liquidity.

Useful IGGalaxy resources

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