How to Earn 980% APR on Cryptocurrency Through GameFi

UFO Gaming (UFO) just released their long-awaited Staking Decentralized-App (dApp). Staking is the process of locking up cryptocurrency holdings for a certain duration in order to obtain rewards or earn interest. The UFO dApp offers both due to its dual-staking mechanism; by using their dApp, users can earn interest in the form of UFO tokens and rewards in the form of Plasma Points. UFO rewards can be sold for profits and Plasma Points can be exchanged for tradable NFTs that users can use to play UFO's new game Super Galactic or sold.

UFO Gaming Staking dApp Pools (PRNewsfoto/Market News)

According to their official website, there are a couple of ways to maximize the APR from the staking dApp; firstly by combining Ethereum with UFO tokens and staking into the UFO-ETH LP pool, users will earn 300% more potential returns. Secondly, if users lock in their stakes for the maximum duration of 52 weeks, users can further increase their APY by 100%. Currently the maximum APY that can be earned from the dApp is 980% meaning if you lock $1,000 into the pool above, within 1 year the value of your investment will be worth $9,800 + Plasma Points which you can use to trade for NFTs.

You might be wondering where the rewards are coming from when the UFO token had a 'fair launch' (50% of the supply was burned at launch and 50% released on Uniswap) and the team had to buy their own tokens on the open market like everyone else. In a recent AMA, the team stated they have been accruing tokens since the early days and are going to give away a significant percentage of the supply of UFO tokens as rewards for those staking on their dApp in addition to potentially feeding any profits the company makes in $UFO into dApp rewards which insiders believe to be around 7% of the total supply of tokens being paid out as rewards.

If you factor in potential price growth into the current APY on the staking dApp, the rewards can be exponential:

If $UFO price is 0.0000019 (Current)—after unlock, the holder will be up ~ 9x

If $UFO price is 0.000019$—after unlock, the holder will be up ~ 90x

If $UFO price is 0.00019$$—after unlock, the holder will be up ~ 900x

Note, the APY varies depending on the amount users lock compared to the total amount locked.

Using the staking dApp to start earning is easy, just follow their tutorial here .

About UFO Gaming

UFO Gaming (UFO) is a revolutionary blockchain gaming platform giving players the power to earn cryptocurrency while playing games and to own their in-game items as NFTs. While launching their own games, UFO is developing its own Metaverse which invites users to meet, interact, hang out and jump into its play-to-earn games.

Photo - https://mma.prnewswire.com/media/1879486/UFO_Gaming_Staking_dApp_Pools.jpg

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/how-to-earn-980-apr-on-cryptocurrency-through-gamefi-301614621.html

SOURCE Market News

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/August2022/30/c5472.html

News Provided by Canada Newswire via QuoteMedia

GAMING00
The Conversation (0)
East Side Games

The Office: Somehow We Manage Mobile Game Available Now

East Side Games Group (TSX: EAGR) (OTC: EAGRF) (" ESGG " or the " Company "), Canada's leading free-to-play mobile game group, in collaboration with Universal Games and Digital Platforms, announced today the worldwide launch of The Office: Somehow We Manage on iOS and Android. The free-to-play idle game is inspired by NBC's critically acclaimed, Emmy® Award-winning U.S. version of The Office which is now streaming exclusively on Peacock.

Watch the launch trailer here .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
NorthStar Gaming Holdings (TSXV:BET)

NorthStar Gaming Holdings


Keep reading...Show less
Person holding phone that says "GameStop" in front of stock trading charts.

GameStop Frenzy Cools, E*Trade Considers Roaring Kitty Ban

GameStop (NYSE:GME) continues to cool following a trading frenzy that drove shares up by 75 percent between the close of trading last Friday (May 31) and the start of trading on Monday (June 3).

The brief rally, which took GameStop shares to US$40.09 on Monday morning, was sparked by a Reddit (NYSE:RDDT) post made late Sunday (June 2) by an account tied to the video game retailer's most prominent supporter, Keith Gill.

Gill, who ignited the meme stock craze in 2021 and is known as Roaring Kitty on other platforms, posted a screenshot on Reddit's Superstonk subreddit that shows a purported US$175 million position in GameStop shares and call options.

Keep reading...Show less
Cell phone showing GameStop stock chart.

GameStop Surges Over 70 Percent in Flashback to 2021 Frenzy

Over three years after the infamous GameStop (NYSE:GME) short squeeze, the American retailer’s share price skyrocketed as much as 110 percent on Monday (May 13) before pulling back to a more than 70 percent gain.

The surge came on the heels of a social media post by "Roaring Kitty," also known as Keith Gill. His first online appearance since 2021 has reignited memories of the meme stock frenzy that captivated markets in 2021.

Gill, who gained notoriety for his bullish stance on GameStop, posted a meme on X (formerly Twitter) depicting a focused video gamer. It received widespread attention, accumulating over 81,000 likes and 9,000 comments in just a few hours.

Keep reading...Show less
NorthStar Gaming Chairman and CEO Michael Moskowitz.

NorthStar Gaming Leverages Content to Create Engaged, Active Players, CEO Says

NorthStar Gaming (TSXV:BET,OTCQB:NSBBF) is leveraging its rich, compelling content to better engage its customers, which ultimately leads to higher revenue, said NorthStar Chairman and CEO Michael Moskowitz, following an earlier announcement that the company is rolling out enhancements to the Sports Insights content on its platform.

“From the time that we founded NorthStar Gaming, we took the view that providing compelling content would lead to higher engagement with our customers,” he said. "And we're finding just that. We're planning to launch Sports Insights 2.0 in the first half of 2024 with redesigned sports and homepages, live scoreboards and tickers, live odds, trending topics and a greater tie-in in terms of the player journey and promotional offers that we provide to them."

Moskowitz noted that leveraging content helps attract new customers, with several media organizations using the company’s content on their own sites. “Ultimately, these articles and this content will help to create awareness around the NorthStar Bets brand and platform, and ultimately drive traffic to our site, which will convert into revenue.”

Keep reading...Show less
hand touching phone

Game-changing Prospects for the iGaming Market

iGaming has grown considerably in recent years. Driven by innovations in web technology and a changing regulatory landscape, online casinos and sportsbooks are more popular than ever.

To understand how the landscape may change moving forward, investors should assess how the industry has evolved in recent years.

Keep reading...Show less
smartphone on podium

Top Trends Shaping the Canadian iGaming Market

From emerging technologies to evolving regulations, the trajectory of iGaming has changed substantially in recent years as the market has experienced significant growth.

In 2022, Ontario's provincial government introduced game-changing legislation that established a regulatory framework for iGaming. Due to this legislation, regulated iGaming successfully displaced the unregulated market, according to Attorney General Doug Downey, creating over 1.6 million active player accounts across more than 70 operator websites as of April 2023 — just over one year following the change.

Ontario's regulation has also laid the groundwork for widespread change in the iGaming space across Canada. As iGaming continues to evolve, it's important to have a deeper understanding of both new and existing trends that will shape the industry's future, as well as regulations.

Keep reading...Show less

Latest Press Releases

Related News

×