Uncle Mine Staking and LP Mining Program
UncleMine is a decentralized and verifiable network that brings arbitrary computing power to smart contracts is launching its own Staking and LP mining program!
UncleMine recently launch a UM/USDC fusion pool on Raydium, one of the top DEX in the Solana ecosystem with excellent liquidity. And just newly had cooperation with Penguin Finance to mine Protocol Owned Liquidity through Penguin Bonding Service.
In this article, UncleMine is thrilled to embark on a Staking and LP Mining Program using its official website to reward its community members and continue to develop its token use case.
UncleMine LP Mining Tutorial
UM-USDC Proof-of-Liquidity Farming pools allow anyone to provide liquidity by adding their assets to a pool. Add liquidity to receive Liquidity Provider tokens (LP tokens), go stake your LP tokens for more UM rewards!
📌 How to earn more UM rewards by Proof-of-Staking Farming
1️⃣ Go to the ‘Raydium’ website https://raydium.io/, navigate to the ‘Pools’ tab on the app and connect your wallet.
2️⃣ Search ‘UM-USDC’ and select the UM-USDC liquidity pools you wish to add to.
3️⃣ Please be aware that you must add liquidity to the pool in the form of two tokens at a 1:1 ratio according to USDC value. Enter the amount of UM you wish to add, the second coin (USDC) will adjust according to match a 1:1 ratio. Then click ‘Add Liquidity’. You will then need to approve the transaction in your wallet.
4️⃣ You should see a confirmation for the transaction. You should now be able to view your LP tokens in your wallet balance.
5️⃣ You have now successfully added to the UM-USDC liquidity pool. That’s it, you’re now a liquidity provider of UM-USDC liquidity pool!
When you add to a pool you will receive Liquidity Provider tokens (LP tokens). Let’s stake your LP tokens into UncleMine Proof-of-Liquidity farming pools for more UM rewards!
6️⃣ Navigate to the ‘Farming’ — ‘Proof-of-Liquidity Farming’ tab on UncleMine website, choose one available Proof-of-Liquidity farming pool, click ‘Stake’
7️⃣ Enter the amount of LP tokens that you would like to stake. Click ‘Confirm’. You will then need to approve the transaction in your wallet.
8️⃣ Once succeed, you may be allowed to check your staking amount and reward amount at any time.
Liquidity pool explanation:
When you add to a pool you will receive Liquidity Provider tokens (LP tokens). For example, if a user deposited $UM and $USDC into a pool, you would receive UM-USDC LP tokens.
These tokens represent a proportional share of the pooled assets, allowing a user to reclaim their funds at any point.
If you wish to reclaim your tokens, simply click ‘Remove Liquidity’ and confirm the transactions.
UncleMine Proof-of-Liquidity Farming pools explanation:
UncleMine Proof-of-Liquidity Farming pools consist of 4 Term Staking pools (predetermined periods: 30-day, 90-day, 180-day, 360-day).
UncleMine Staking Tutorial
📌How to earn more UM rewards by Proof-of-Staking Farming
1️⃣ Go to the ‘UncleMine’ website, navigate to the ‘Farming’-’Proof-of-Staking Farming’ tab and connect your wallet. Choose one available Proof-of-Staking farming pool, click ‘Stake’
2️⃣ Enter the amount of UM that you would like to stake. Click ‘Confirm’. You will then need to approve the transaction in your wallet.
3️⃣ Once succeed, you may be allowed to check your staking amount and reward amount at any time.
UncleMine Proof-of-Staking Farming pools explanation:
UncleMine Proof-of-Staking Farming pools consist of 4 Term Staking pools (predetermined periods: 30-day, 90-day, 180-day, 360-day).
What Exactly UM tokens Can Do?
UM is a transferable representation of attributed governance and utility functions specified in the protocol/code of UncleMine, and it is issued on Solana with a total supply of 1,000,000,000 UM.
The goal of introducing UM is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on UncleMine without any intermediaries such as centralized third-party entity/institution/credit.
UM TOKEN USAGE
UM token is the native token of the UncleMine network. The UM token will be utilized to boost the development of the UncleMine ecosystem, to provide the normal operation of various roles, and will be used as a community to participate in governance certificates.
⭐️ Participating UncleMine IMO
UncleMine IMO is the first verifiable MA-based financing platform to increase the credit endorsement of fundraising projects. The LP pool of UM and the IMO token is one of the pools where IMO token holders get the profit.
⭐️ Staking, Liquidity Mining & Bonding
UncleMine will launch different Staking, Liquidity Mining, and Bonding in both their own official website and their partners in the very near future, making sure that UM holders can get extra rewards by holding UM tokens.
⭐️ Voting governance
UM would allow holders to propose and vote on governance proposals to determine future features, upgrades, and/or parameters of UncleMine, or provide feedback (Voting examples: form, currency and reward distribution mechanism for IMO, contract code, various basic parameters, or determine the level of active contributor rewards for the ecosystem, etc). UM holders can stake UM to obtain sUM, sUM holders will have additional weight bonuses when voting for governance, and can get various membership privileges such as fee reduction or exemptions within the ecosystem.
⭐️ Payment method
UM will be used as the payment for MA proof and MA-based fundraising. MA NFTs are certificates of verified Mining Assets.
⭐️ Miners (including different computing power providers)
Payment of UM to the UMVL node is required as a handling fee when accessing the proof of computing power and casting the proof of computing power into NFT. If miners subsequently want to sell their computing power in UncleMine, they also need to stake a portion of UM as a deposit to ensure service standards.
⭐️ UMVL nodes
A stake of a certain amount of UM to join the network is required, but if the proof calculation and on-chain services are provided correctly, the node will receive UM rewards.
⭐️ Third-party applications
In order to gain access to the proof function of UncleMine, a payment of a certain amount of UM as a fee is required.
The distribution of UM tokens are as Follows
- 40% — UncleMine Treasury (the UncleMine DAO community democratize the usage to support the long-term development of UM)
- 30.2% — Reserved to incentivize all participants to share resources such as computing power, liquidity, as well as early cooperation, bug bounty, and other collaborative development activities;
- 15% — UncleMine founding team (locked for 12 months, 3-year vesting)
- 12.3% — Private Sale (locked for 3–6 months, 12-month vesting), for early supporters and computing power providers;
- 2.5% — Public Sale
About UncleMine
UncleMine is a decentralized protocol that connects Web3.0 to the physical infrastructure behind it. UncleMine aims to bring all sorts of computing powers to smart contract platforms, enabling the physical infrastructure resources to circulate in the Defi world.
⏩ SOURCE
Medium
