GENESIS Token Launch & Farming Explained
The first launch of the GENESIS token is a farming pool, where you stake GAME to earn GENESIS. The Game Credits Team chose this method over presales, initial token sales, or launchpads for a few key reasons;
– First, this is the most fair launch we can imagine, and is part of our core philosophy surrounding our community and equal access. Anyone can participate, and there’s little to no advantage of being faster or better connected than anyone else. And there’s no special treatment for anyone, so the price you get is the same price that Mark Cuban, Elon Musk, and Vitalik Buterin get.
– Second, it lets us release GENESIS to the community without selling it. We don’t want anyone to have to risk anything in order to own GENESIS, and the farming pool ensures that. You can join and leave the pool any time you want, with no lockup, and no risk to the GAME you staked.
– Thirdly, it allows people to get into the farming pool after the first few days and still participate in a meaningful way. Most token sales sell out in a few minutes; launchpads often require all the tokens locked ahead of time.
Could we make a ton of money by selling the tokens instead? Yes, of course. But this goes totally against the spirit of a fair token launch. Plus, making money isn’t our goal – distributing GENESIS fairly and building community is most important.
About GENESIS Farming
A farming pool allows you to stake one token (usually an ERC-20 token) for a period of time, and receive another token (also usually an ERC-20 token) when you stop staking. Like most farming pools, the GENESIS pool distributes tokens evenly among all farmers, according to their staked amount. But unlike many farming pools, the GENESIS pool gives you maximum flexibility. It allows you to stake any amount of GAME, and for any amount of time.
How to Farm GENESIS?
To farm a portion of the 50M GENESIS, you need to stake GAME on the farming portal at https://genesis.game/farm. The GENESIS farmed is split evenly between each farmer, according to the amount they stake. The more you stake, and the longer you stake for, the more GENESIS you’ll farm.
What is the Math Behind GENESIS?
Of the roughly 1Bn GENESIS tokens we expect to be mined, 50M are available in the farming pool. The rest are mined via World Stakes (we’ll talk more about that in the future – stay tuned!). Emission of the 50M is governed by a simple formula, where the total amount farmed reduces over time. The net effect is that 25 million GENESIS will be farmed in the first year; 8.3 million in the second year, and so on, according to this chart:
GENESIS Launch Details
GENESIS launch is coming soon! We’ll announce the launch date roughly a week beforehand. In the meantime, it’s time to get prepared by buying your GAME and bridging it over to the Polygon network.
The GENESIS farming pool is on the Polygon network. Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Using the Polygon network gives us ultra-fast block times, and impressively cheap transactions. If you’ve got used to spending $10 to transfer some ETH, or $50 to make a trade on Uniswap, transactions that cost less than $0.01 are going to be a breath of fresh air! If you’re not familiar, here’s a great guide to getting started with Polygon (LINK), and how to make your first $0.0001 transaction.
How to buy GAME in Preparation for the GENESIS Launch
You can buy GAME in a wide variety of currencies at Bittrex, BitBay, Uniswap, and Quickswap. You can buy and stake as much or as little as you want, just remember, the more GAME you stake, the more GENESIS you will earn.
Once you’ve bought your GAME, you can bridge over to Polygon by going to https://wallet.polygon.technology/bridge/ and following the simple instructions there.
Once you’ve done that, you’re ready to go. We’ll open the farming pool for deposits a couple of days before the farming launch date, so there won’t be a rush to get in for the start.
Join the Genesis Worlds mailing list below under “Stay Up To Date” to get the latest information on the launch of the GENESIS farming pool.
Bookmark https://genesis.game/farm & check back often for up-to-date information.