1. What’s the TL;DR?
- Ethlas started from first principles, building a thriving community of passionate gamers and crypto enthusiasts, and expanding our economy from a sound foundation.
- As we start hitting hyper scaling momentum, the need to tokenize our in-game currency (GEM) surfaced as it allows players to trade freely, stake for higher returns or gain liquidity in the open markets. We have also heard strong demand from the community to purchase & trade GEMs actively.
Thus, we are commencing:
- PRE-SALE on 26 December 2021, 22:00H (UTC +8)
- PUBLIC SALE on 28 December 2021, 22:00H (UTC +8)
- STAKING EVENT on 29 December 2021, 22:00H (UTC +8)
- As a way to further reward all our supporters to date, we are NOT ONLY doing a token public sale, we’ve also designed a yield farming event with staking yields as high as 702% APY!
2. The innovation behind Ethlas SGEMs
- The most interesting feature of the staking event is our innovative staking token — SGEMs (Staked GEMs). Each SGEM is actually configured as an ERC 721 token that has the features of both a staking contract on the backend, but also a NFT on the front. Basically: Double the value!!
Holding a SGEM (Staked GEM) token is the equivalent of 3 unique asset classes:
- The Yield effect of a Treasury bond: Since holding SGEMs gives you an APY, it is effectively an interest accruing financial product.
- The upside of a TSLA stock: Since all interest are dropped as XGEMs, you get upside exposure of a newly minted currency, and if that goes to the moon, your effective earnings will also balloon!
- The artwork of a Crypto Punk: SGEMs will include a free Ethlas artwork with varying rarity tiers, so in and off themselves, each SGEM becomes a NFT collectible that will appreciate in value with time.
3. Key Information
Pre-Sale Event (26 December, 22:00H, UTC +8)
- Time limited event: 48 hours of pre-sales, or when allocated GEMs sell out
- Buy GEM bundles with MATIC on ethlas.com
- Only whitelisted users can access the bundles. A passcode will be shared in the discord WL channel to buy GEMs at a discount.
- Min bundle is ~$10 USD. Maximum GEMs that a single Metamask account can purchase is $1500 USD. This is to prevent concentration of large amounts of discounted GEMs in the hands of a few whales.
- Whitelist does not guarantee that you can purchase a bundle. It’s on a first-come-first-serve basis.
- Discount will be 12% off the public sale listing price, and discount is offered exclusively for whitelist members and loyal Ethernals.
- It takes ~5 mins to receive your GEMs. If the transaction is successful but you didn't receive GEMs, contact us on discord. If the transaction took >5mins and MetaMask transaction log shows “fail”, try buying GEMs again.
3. Swap GEM for XGEM on the Marketplace
- Min 500 gems to initiate swap
- XGEMs will be airdropped to users AFTER the Quickswap liquidity pool goes live on 28th December.
- Because of the volume of airdrops, expect that it will take between a few hours to a day for the gems to reach your wallet. Please be patient as we sort through the logistics.
- We’ve also put 24 hours between the XGEM sale event and the staking event to allow all users to have ample time to get their airdrop XGEMs or to buy XGEMs before the staking event.
Public-Sale Event (28 December, 22:00H, UTC +8)
Everyone will start receiving their XGEMs, either buying from discounted bundles or buying from QuickSwap directly. When the QuickSwap pool officially opens, Ethlas will start sharing our contract address across all socials.
- For those who didn’t manage to buy XGEMs during the Pre-Sales, you can also buy XGEMs off our Liquidity Pool on the 28th when we go live:
- Currency Pair: MATIC <> XGEM.
- DEX: Quickswap, the largest DEX on Polygon.
2. Buy Matic on the Polygon chain. MATIC will be used for for 2 purposes:
- If you want to load up on more XGEMs, you can swap MATIC for XGEMs.
- If you want to participate in the SGEM event, you have to provide liquidity on QuickSwap for the MATIC <> XGEM pair, meaning you have to stake both XGEM and MATIC into Quickswap, in return for LP tokens.
3. Why do i want LP tokens?
- LP tokens are what you need to participate in the SGEM event on the 29th of December
- You need a minimum of $100 USD and maximum of $5000 USD worth of LP tokens to mint 1 SGEM NFT.
- However, every user can have multiple SGEM NFT.
- LP token prices can be checked on Quickswap. We will also be provided a dynamic lookup for LP token prices for easy reference once the liquidity pool goes live
- Added bonus: By providing liquidity on quickswap, players also earn fees from Quickswap, ON TOP of the SGEM staking event.
SGEM Staking Event (29 December, 22:00H, UTC +8)
- SGEM staking event will take place on the Ethlas main site, on the staking page.
- To participate, you will need:
- QuickSwap LP tokens for the MATIC<>XGEM pair. Refer to the previous steps if you don’t already have LP tokens
- MATIC for gas fee
- An active Ethlas account (login and link your chosen Metamask account to Ethlas if you haven’t already done so)
3. Each SGEM has to be minted with a minimum of $100 USD and maximum of $5000 USD worth of LP tokens.
- Ethlas will notify you if you fall above or below the min and max range
- Each account can mint an unlimited number of SGEMs as long as we have not hit the maximum LP token allocation.
- Once maximum allocation of staked LP tokens has been reached, the staking pool will automatically close and only users who have staked before are entitled to the SGEM NFT and the APY rewards.
- Once minted, SGEMs will be deposited to a user’s Metamask account and you can immediately trade it on OpenSea if you choose to do so.
- There will be 5 rarity tiers of NFTs issued: Common, Rare, Mythical, Legendary and Celestial. Rarities are completely random and are not tied to the amount staked.
4. For all users who stake > $2000 USD worth of LP tokens, fill up the provided Google form for admins to verify your account and to airdrop a free Komo egg to you.
- Limited to 50 eggs, first come first serve!
- Cut off calculation will happen on the 5th of January. Meaning, we will base the LP token price as of 5th January (one week from staking event start), and check if you have $2000 worth of LP tokens at that point.
4. Why participate in SGEM staking
- Share in the upside of the Ethlas Ecosystem’s hypergrowth.
- You hold XGEM for a period of time, which might grow in value together with the growth of the ecosystem.
- Providing liquidity on QuickSwap earns you fees paid out by the exchange
- Staking LP token for SGEMs earns you APY (as high as 702%)
- You own a unique ERC 721 that is BOTH a NFT as well as a staking contract, and this instrument is tradeable and could potentially be very valuable in time.
5. Pre-Sale Whitelist:
- What must i do to get presale: Adhoc or event based tasks will be announced on discord that grants a few WL spots eg. fastest person who can tell me why you love Ethlas. It also includes a list of social tasks to guarantee WL spots eg. tag 3 friends, like tweet, repost.
- What do I get for presale?
- You can get GEMs at a 12% discount (same number of tokens, but CHEAPER!!!)
- You will receive XGEMs earlier than anyone else because it’s pre-purchased and waiting for airdrops
- You be the earliest to stake and enjoy the highest APY
- You save on gas for Step 1
- You get to buy XGEMs below listing price, vs a floating XGEM price on public sale day.
6. Public sale checklist
- How do I prepare for the XGEM public sale?
- Have MATIC in your wallet (Note: you need native MATIC on the polygon chain, so if you have MATIC from ETH chain you have to bridge it)
- Head over to QuickSwap and swap MATIC for XGEM.
- Approve the transaction. You will receive XGEMs in your wallet
- Add XGEM token to your wallet so you can see your balance.
- Add liquidity on Quickswap under the pool tab by contributing proportionate amount of MATIC & XGEM (QuickSwap will tell you what is the right ratio to stake for both types of currency)
- Approve the transaction
- Add UNI-V2 token to Metamask (this is your LP tokens)
- Head back to Ethlas.com to stake your LP tokens
- Choose amount (min:$100 USD, max: $5000 USD per SGEM contract)
- Choose staking duration.
- There are 3 options: 6 weeks, 13 weeks and 26 weeks.
- The longer the duration, the higher the corresponding APY amount
11. Once you click ‘Stake’, we will receive your LP tokens. In return, you’ll get back a SGEM NFT that shows the amount of LP tokens locked, the estimated APY and the NFT artwork.
- Keep your SGEMs safe! It is your key to claiming back your LP tokens!
How do I receive my SGEM NFT?
Once you successfully stake your LP tokens on the Ethlas staking page and the transaction goes through, you will receive your SGEM NFT shortly after.
How do I see my staking contracts?
Head to ethlas.com and access the stake page. On the right you would see your staked contribution per SGEM contract, showing the corresponding rewards you have earned and the full duration needed to vest.
Can I unstake my LP tokens earlier than required?
No. Once you choose a staking period, your LP tokens are locked in for the full duration. You can either HODL or sell your NFTs if you need liquidity.
How do I claim my reward when the vesting period is up?
When your staked amount is fully vested, the “claim” option will be accessible. However, claiming your reward would mean that the NFT will be destroyed, and the corresponding LP tokens and farmed rewards will be returned to you. So if you want to receive your total earnings but keep your SGEM NFT intact, trade it on Opensea and see if there are buyers! Hmm…prisoner’s dillema.
How do I get MATIC?
Buy MATIC on any major central exchange like Crypto.com, Gemini, Binance etc, and bridge it to Polygon using bridges like this.
Is there a limit on how much I can stake?
Yes. Each SGEM has to be minted with a minimum of $100 USD and maximum of $5000 USD worth of LP tokens.
Can I stake more than $5000 USD then?
Yes, we allow a single account to own multiple SGEM contracts. Thus you can break up your total staking sum into multiple SGEM NFTs, each with a maximum of $5k USD per SGEM.
What determines which NFT rarity tier I receive?
There will be 5 rarity tiers of NFTs issued, and rarities are completely random and are not tied to the amount staked.
How is rewards/APY calculated?
- We used standard De-Fi practices around bonding curves to project rewards distribution, total reward pool, staking duration, and time factors.
- Our staking reward pool lasts a maximum of 30 weeks, and is broken down into time windows of 12 hours. Every 12 hours, rewards are proportionately distributed to all stakers who are holding SGEMs at that point in time.
- Rewards are continually distributed up till the final vesting period.
- If and when more stakers are redeeming their rewards, the earned amount for remaining stakers will go up, so it pays to remain loyal!
When does the staking end?
Stop allowing new staking after 28 days, or when the required number of LP tokens staked hits our goal, whichever comes first.
Do I still earn rewards if I choose a shorter staking period, but decide not to redeem my SGEM when the duration matures?
Yes you do. As long as we have not hit the 30 weeks period (in which all SGEM contracts mature and we completely stop paying out rewards), whilst you still are holding your SGEM contract, we will continue paying you the APY stated on your contract. This is to encourage users to take a long term view of Ethlas XGEMs and the Ethlas ecosystem.
That’s all for now. We’re glad to have you onboard, LFG!
Ethlas is a F2P/P2E GameFi Metaverse, the casual games aggregator platform for players to play games and earn crypto rewards. Voted “Best NFT/GameFi project in 2021” by Polygon Foundation, and ranked #1 blockchain casual game on playtoearn.net. We are the largest GameFi project headquartered in Singapore, with a stacked team of founders and backers.