How you Can Win an Immortal Skin by Staking with League of Ancients
League of Ancients has been a monumental success since even before its release on Sunday 12th December. The NFT version of the prominent Multiplayer Online Battle Arena (MOBA) games, popularised by titles such as League of Legends and Defence of the Ancients 2, has gathered an immense amount of support since its original announcement on September 15th, building a social community of over 420,000 members across its Telegram, Discord and Twitter platforms. This is due in no small part to the tireless work of the team, who consistently over-deliver on every promise, from metaverse collaborations with gaming powerhouses such as Monsta Infinite, partnerships with major private venture capitalists and companies, a meticulous roadmap (of which every milestone has been hit) and constant updates to the community itself, which occur no less than twice a day. The launch itself was one of the most successful in the history of Binance Smart Chain history, raising its initial token price of 0.05c to an all-time high of over $1.90 in a matter of hours (which is still exceptionally low for a project that has the growth opportunity of hitting hundreds of dollars per token). In addition, all NFT presales sold out extremely quickly, with the holy-grail offering of them all — the Immortal Skin — being picked up in under 10 seconds!
Not content to sit on their laurels however, the team have constantly pushed the project forward in the five days since launch, already being listed on centralised exchanges such as Ape Swap, and Bi Swap. This has given the $LOA token a healthy daily volume in the multiple of millions, causing many more exchanges to note their interest in listing. At the same time the project has its sights set on multiple future use-cases, such as metaverse application, development of the game itself (which is set to launch in Q4 2022) and of course staking, which is due to become available imminently. It is the latter of these three elements that is the focus of this article, specifically what staking is, and why it can be so beneficial to those who own either LOA tokens, NFT skins, or a combination of the two.
However, before the benefits of staking can be explored it is first necessary to explain what staking is. Staking is effectively a process that allows the individual to commit their digital assets (in the form of tokens or NFTs) to support a specific blockchain network and confirm any relevant transactions that take place on it. For any cryptocurrency projects that use a proof-of-stake model (like League of Ancients), it therefore becomes a streamlined method of proof-of-work that supplants the original method that required complex computing to solve mathematical equations to mine (as in the case of Bitcoin). By staking a digital asset, the individual loses access to the cryptocurrency itself for a predetermined amount of time (and by extension the ability to transact it) but is rewarded for that commitment by generating passive income of the native token at high interest rates, known as an annual percentage yield. This does not mean that a cryptocurrency must be staked for a year or more to claim the rewards, but rather that this is the method used to calculate the percentage of income received. For example, if an individual staked 10,000 of a specific token at an APY of 10% rate for a month then they would receive 80.33 tokens as a reward for that investment, (10000 x 0.10 / 12 = 80.3) — which is a far higher interest level than the 1% usually offered by most centralised banks. Typically, the longer a token is staked for, the higher the APY it will yield. NFTs work in effectively the same way, in that they are given an initial valuation reflected by the project’s native token. Therefore, if a specific NFT is worth 10,000 tokens, then the staking reward would be identical to the above calculation.
So how does this work with League of Ancients specifically? That is a question that will be answered very soon, as the project prepares to allow full staking on its platform in order to generate passive income. The full percentages that will be offered and the various staking levels are due to be revealed in the coming weeks, something that has both the team and the community very excited. However, in celebration of this upcoming event, League of Ancients is offering an exceptional competition that will see a fabled Immortal Skin up for grabs. All an individual needs to do to be eligible to win is to stake their $LOA tokens on the system for 30 days (which can be accessed via the same section of the website as where vested tokens can be claimed). This will allow the project to test the staking functionality, and in return offer this amazing incentive. Immortal Skins are by far the rarest commodity in the entire LOA ecosystem and have vast earning potential, both in-game and eventually when being staked. So, this is a fantastic opportunity to get one through a very simple method where no whitelisting or any other advantage is at play. Simply staking is all that is required to be in the running to win. More details on the full advantages on staking will be announced in the official Telegram and discord channels in the coming weeks, as will full details of the competition.
League of Ancients continues to achieve excellence each day as it heads towards its final release in 2022, while continuing to reward its loyal community along the way. In the crypto space, that is a refreshing change, and a testament to the hard work and dedication of the team.
If you would like to find out more about League of Ancients, visit their website at www.leagueofancients.com, and join their Discord at https://discord.gg/loa or Telegram at https://t.me/leagueofancients.
This article was written by the Wordsmith. Please note that the Wordsmith is not a financial advisor and nothing written above should be taken as financial advice. Always do your own research and due diligence.