Uncle Mine Staking and LP Mining Program

Published on: 19.03.2022

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.

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:

UncleMine Proof-of-Liquidity Farming pools explanation:

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 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

⭐️ Payment method

⭐️ 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

The distribution of UM tokens are as Follows

About UncleMine

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SOURCE
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