What Does Staking on Leprichain Mean?
Occasionally some people get confused about whether moving L3P from Ethereum or Binance Smart Chain to Leprichain is staking (to earn a yield) or bridging (moving between chains).
The truth is that it is both, and this short article will explain why. First, let’s examine what Leprichain is.
What is Leprichain?
Leprichain is Lepricon’s own gas-free Ethereum-compatible side chain. It speaks solidity and is entirely compatible with any smart contracts developed in that language.
When we say gas-free, we mean gas-free for you. It is an Ethereum side chain, and thus the nodes use gas, but on our chain, it is simply a number, and the coin (as the gas currency is referred to for any chain) has no value.
As Leprichain is an Etheruem side chain, you can add it to MetaMask quite easily. Simply go to your settings, and choose Networks, then Add Network. Add the following information:
Network name: Leprichain
New RPC URL: https://node.leprichain.blockwell.ai
Chain ID: 49777
Currency Symbol: Leave blank (see note)
Block Explorer URL: https://explorer.leprichain.blockwell.ai
Note: If you leave the currency field blank then MetaMask will default to displaying ETH. This is not real Eth! Sometimes the system will put a value in there. You cannot withdraw this, or bridge it to Ethereum. It has no real-world value. It is simply the oil that makes Leprichain work.
At this time, Leprichain only works with MetaMask. This is because of the ease of adding new networks. It is not possible to add a custom network to Trust Wallet, for example.
L3P on Leprichain
When L3P is bridged to Leprichain, two things happen.
- Your L3P is transferred to the wallet associated with the token contract on either Binance Smart Chain or Ethereum and stored there. It is not taken off-chain or burned. For this reason, if there is ever an error on Leprichain, your tokens are always available and can be transferred back to you from the smart contract wallet.
- On Leprichain, SL3P is sent from a hidden reserve to the same wallet address. I will explain why we call it SL3P on Leprichain in a paragraph or two. Hint, it has something to do with the title of the article.
The amount of L3P held in the smart contracts always matches the total SL3P held in wallets on Leprichain. If a wallet receives new SL3P in the form of yield, or say winning SL3P in one of the games on Leprichain, a balancer moves new L3P into the smart contract to match.
The default is to move L3P into the Eth contract wallet. If a community member chooses to withdraw their SL3P to Binance Smart Chain, another balancer will bridge L3P from the Ethereum contract wallet to the BSC contract wallet as part of the process. This ensures that all participants can withdraw their SL3P to the blockchain of their choice whenever they want to.
Why is it called SL3P on Leprichain?
The answer is simple. When L3P is stored on Leprichain, it earns a yield, even though It is a freely transferable and spendable currency. The base APR is 7.7% and is paid daily on the amount stored on-chain, and thus is auto-compounding.
Some of the NFTs in the Lepricon Genesis Collection enable staking boosters, and if you hold one of those NFTs in the Ethereum network with that wallet then the booster is automatically applied.
Withdrawing SL3P to either BSC or Etheruem (and soon, Polygon) is fast, and costs no gas. Moving L3P to Leprichain does cost a small amount of gas but as the transaction is actually a simple transfer on Ethereum or BSC to the appropriate contract wallet it is a much lower gas fee than a hard staking contract.
In the future…
Lepricon is working behind the scenes on a DeFi portal and advanced wallet for SL3P holders. Part of that plan is to introduce new forms of hard staking for more advanced earning options, as well as access to other planned features such as NFT sales and pre-sale investment opportunities in the gaming and Metaverse spaces.
However, a yield for simply being on-chain will always be part of the Leprichain experience.
Lepricon is reimagining the possibilities for entertainment through blockchain technology and seeking to establish the general acceptance of player-owned economies in games. We believe that gaming can and should be the first killer-on ramp to mainstream adoption, and Lepricon’s stated mission is to catalyse this outcome.
Our activities break into three distinct tracks; technology, entertainment and DeFi.
At the core of this strategy is Lepricon’s own high-speed, gas-less Ethereum-compatible side chain, Leprichain. We are developing software solutions in the form of SDKs, which will empower mainstream game development studios to incorporate blockchain technology into their games. These solutions are built upon and powered by Leprichain, with the intent to create a drag and drop blockchain solution for mainstream game developers.
Lepricon is developing several in-house entertainment activities that operate on Leprichain, including our collection of arcade and carnival games at Lepricon City. The first games are straightforward, but we will develop more complex games that demonstrate Leprichain’s capabilities over time. We will leverage these demonstration games to encourage third party dApp developers to deploy on Leprichain.
Leprichain and all of the dApps that run on it are powered by our ERC-20 / BEP-20 utility token, L3P. Lepricon’s DeFi portal will enable L3P holders to manage their tokens, participate in governance, and benefit from advanced yield-earning activities. Lepricon’s DeFi portal will launch towards the end of the fourth quarter of 2021.
For further information, please visit https://www.lepricon.io.