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How to Use Illuvium
Illuvium, the first game in development, promises to become the first AAA blockchain-based game, offering high-resolution graphics and captivating gameplay. But how do you use Illuvium (ILV)? Here is a simple guide:
The Game Concept
Illuvium is set in a strangely fragmented world, full of mysteries and challenging to traverse. As a hunter, you work with other stranded colonists to unravel the secret of this planet. You hunt and capture the native creatures - divine beings that rule the realm with their elemental powers, to reveal the story of this lost world.
The ILV and sILV Token
Illuvium utilizes the Ethereum network and the hyper-scalable ImmutableX Layer Two protocol. $ILV is the token used for governance. Anyone holding the token can vote on proposals to improve the game. Additionally, $ILV token holders can participate in the protocol and receive their share of the gaming revenue - currently set at 100%.
sILV is a synthetic ILV token that can be used as an in-game currency. It can be used to purchase upgrades, skins, and emotes and can be earned by staking $ILV tokens in the protocol.
The game's governance is overseen by the Illuvinati Council, a group of representatives elected by the $ILV token holders. Much of the governance framework was inspired by the Synthetix protocol. $ILV holders can elect council members as delegates and use a quadratic voting process to vote on proposals.
Can You Stake ILV Token?
The Illuvium project allows the staking of ILV directly on their platform. To do this, you must first go to the staking section on the official website and then connect a digital wallet such as MetaMask or Trust Wallet.
Illuvium has two primary pools within its protocol. The project’s staking page has a dedicated pool card for each active pool. These cards provide users with valuable details about the respective pool, including the total value of assets deposited in the pool (TVL), the current effective annual interest rate, and the APY value. Users can start the staking process directly on this page.
The two main pools, the ILV Pool and the ILV/ETH Pool offer a minimum staking duration of one month and a maximum of twelve months. The rule is that the longer the staking period, the greater the rewards distributed.
For each active pool, the Illuvium protocol provides a Pending Rewards Card. Users can choose whether to receive their rewards in sILV2 or ILV. Another convenient option is that users can claim rewards from all active pools simultaneously. So, the choice is yours: claim your rewards in ILV or sILV2.
What Are Illuvium's Tokenomics?
The token economy of the ILV token used on the Illuvium platform is both complex and well-thought-out. It was designed to ensure the stability and growth of the Illuvium ecosystem while providing value and utility to its holders. Here are the main elements of the ILV token economy:
Dual Purpose of $ILV Token
$ILV serves as a governance token, allowing holders to participate in the decentralized governance of Illuvium and influence the project. Additionally, $ILV is a tradable token that can be bought, held, or exchanged.
Pre-Seed and Seed Sale
These sales were crucial for funding the growth of Illuvium's main contributors and accelerating project development. Early investors purchased 500,000 ILV tokens for $1 each in the Pre-Seed Sale, while 1,500,000 ILV tokens were distributed for $3 each in the Seed Sale.
Balancer Liquidity Bootstrapping Pool (BLBP)
This pool was used for the initial public sale of $ILV. By utilizing Balancer's Smart Pools, Illuvium could distribute up to 1,000,000 $ILV tokens without a lock-up period and initially list them for $50 per token.
The Treasury represents the collective interests and decision-making powers of the token holders. It can initiate and oversee various actions, such as allocating funds to Illuvium Labs for game development.
The Vault acts as a central repository where all game-generated revenues are collected. The ILV tokens purchased in the open market are then distributed among the token holders, ensuring the transparency and fairness of the game's profit distribution.
Yield farming is a mechanism to reward staked token holders for their contribution to the Illuvium ecosystem. The rewards that token holders receive are determined by a combination of factors, including the lock-up duration, the number of staked tokens, and the specific pool in which the tokens are staked.
Distributions are the means provided to token holders through the actions of the Vault by converting game-generated revenues into ILV tokens. These distributions ensure token holders are fairly compensated for participating in the game.
Illuvium (ILV) Price Analysis
Live PriceThe live price of ILV is 40.86 USD, representing an increase of 1.96% in the past 7 days and -0.1% decrease in the past 24 hours.
Historical TrendsThe all-time high of ILV was 2,868.946 USD on 05-29, 2021, from which the coin is now down -98.58%.
The all-time low of ILV was 29.76 USD, from which the coin is now up 27.16%.