$L3P Contract: 0xdeF1da03061DDd2A5Ef6c59220C135dec623116d
We know that our community has been waiting for us to launch our staking solution, and after reading this article, you will be able to stake on a new platform, should you choose to do so.
However, what we have created in conjunction with our smart contract partner, Blockwell, is no simple Ethereum staking solution. And there is a good reason for that.
If we were to make a spreadsheet listing all the complaints about Ethereum, they would group into two simple categories. Speed and cost. Interacting with any smart contract on Ethereum is painfully slow and can be prohibitively expensive.
We built our first staking solution when we said we would make it. We shared the UI on our Telegram group while we were testing it. As we continued to shake it down, we realized two things.
No matter what we did, it still ran on a solidity contract hosted on the Ethereum Virtual Machine. It was slow and it was expensive. It offered no genuine alternative to the staking pool already available on MANTRA DAO, which, although there have been some glitches, has pulled in some impressive gains in L3P to those who have staked long term.
However, there was an alternative. Part of our long-term plan, driven by Blockwell, which is a highly integral part of the Lepricon ecosystem, was something far more ambitious. It was, and is, something that will sidestep the speed and gas issues entirely.
Thus we were left with a choice. Put out yet another EVM staking contract, or accelerate the secret plan and ride the short-term discomfort that we would inevitably feel from an impatient market but for a much stronger long-term outcome.
We chose option two. And here it is:
When you use someone else’s blockchain, you have to pay the tolls. Ethereum charges Eth. Binance Smart Chain charges BNB, even if it charges a lot less! But we envisioned an environment where people could move their L3P between DeFi and playing activities at will, which will not happen when every single transaction incurs a cost. It just did not make sense.
Enter Leprichain. A fully ERC-compliant side chain built only for holders of L3P. You can add it to your Metamask the same way that you can add Binance Smart Chain. You can use a block explorer on it the same way you can use Etherscan. But there is one difference.
There are no gas fees for any activity on-chain.
Lepricon and Blockwell have designed the Leprichain environment precisely so that L3P holders can move their L3P between DeFi activities such as staking and any of the games that we offer for it without paying any transaction fees. It will take gas to move L3P to Leprichain from Ethereum, which we cannot control, but once within the environment, transaction costs are zero.
Leprichain is fully functional, but we are offering its first iteration in a beta environment. As such, we are hosting the initial front end with Blockwell while we build out the first round of dApps that will run on it. This is not about branding but functionality.
Also, the only dApp running, for now, is our staking solution. Other apps are working in development, such as the first iteration of Lotto, and we will announce when those activities go live for public use.
You can access Leprichain staking by visiting https://wallet.lepricon.io. This link will redirect to Blockwell’s dedicated L3P area.
When you arrive at the page, you will need to connect your Metamask wallet. The current dApp only works with Metamask, but we will add other wallet connection options in time.
Connect your Metamask wallet, ensuring that you switch to Ethereum Mainnet and use the correct account if you use multiple accounts.
Now that you are connected, you will see your available L3P balance on the right of the screen. On the left, you will see the amount of L3P currently staked on Leprichain.
To stake. Press [Stake Tokens]. A small window will pop up.
Type in the amount that you wish to stake. It should be less or equal to the amount that you have in your available L3P balance. Press [Send]. Your Metamask wallet will ask for confirmation.
After you confirm, you will have to wait while Ethereum does its thing. When it has, you will see that your available balance has gone down, and your staked balance has gone up.
You will also see an adjusted daily rewards projection based on the fixed APR of 77.7%. The platform pays yield daily and is auto-compounded.
As Leprichain is a fully ERC-compliant sidechain, you can add it to your Metamask. This is very easy to do.
Leprichain is a fully functional private Ethereum side chain upon which we can build any number of dApps for any number of DeFi and gaming activities. The principal benefit of this is that token holders will be able to move their tokens across dApps as they wish without transaction fees. This capability will be an essential component in offering a hyper-casual environment for our players and token holders.
Also, please note that as staking is the only feature currently live on Leprichain, the act of staking and unstaking includes the cross-chain bridge swap between Ethereum and Leprichain. When you unstake right now, you will be returning L3P to your ERC-20 wallet. We will enable L3P on Leprichain as a loose coin when we launch further dApps that will use it.
Finally, we will shortly start to reduce the block rewards on MANTRA DAO as we stated we would in this article. Eventually, all staking will be at the minimum promised rate of 77.7% until June 16th, when the three-month promotional period runs out. We will announce our intentions for yields after that period in early June.
If you are not comfortable with staking your L3P in a beta environment or participating in a private blockchain, then we recommend you leave your L3P on MANTRA DAO for the time being.
We have noticed there is a small occasional issue when unstaking. The platform will ask you to change your MetaMask wallet network to Leprichain which is correct. When you click send, the MetaMask confirmation window may pop up and tell you you do not have enough Gwai to complete the transaction. If this happens, change the gas price from 1 to 0. The error message will disappear and you will be able to unstake. Please note there will be a lag between your sL3P amount reducing and the L3P appearing in your Ethereum wallet. This is because of, well, Ethereum! The good news is that there are no gas fees when you unstake!