Q : What is Lition Pool Staking (LPS)?

The Lition Foundation is running validator nodes on behalf of anyone that wants to participate in the network without going through the trouble of setting up and maintaining their own server.

The longer the lock-up period, the higher the rewards.

Q : What is the minimum amount required to stake?

5000 tokens

Q : How do I get started?

You’ll need to send your tokens to the LPS Smart contract through a dedicated web application at Staking.Lition.io

Please see our deposit tutorial

Q : How much will I earn?

Rewards are not fixed. They are dependent on the number of sidechain transactions, total number of users staking, and the lockup period chosen.

Tip: The best way to estimate current returns is to ask other members of the community who are actively staking: Official Lition Staking Channel

Q : What are my options for lock-up periods?

There are 4 lock-up options to choose from:

1 Month = 1.2 Reward Factor

3 Months = 1.4 Reward Factor

6 Months = 1.6 Reward Factor

12 Months = 1.8 Reward Factor

Q : What are reward factors?

Reward factors are multipliers that incentivizes loyal stakers that are strengthen Lition's sidechain ecosystem. Your stake receives its share of Lition multiplied by 1.2, 1.4, 1.6 or 1.8 in comparison to a normal node.

Q : What is the Genesis Phase?

The Genesis Phase is an initial period of incentivized adoption. During this time, the revenue flow from transactions are multiplied by a factor to increase incentives for Lition token holders to stake during the early stages of the project.

Q : How long will the Genesis Phase last?

TBD

Q : What does it mean to compound earned staking rewards?

If you elect to compound, your daily earned staking rewards are automatically reinvested back into your stake.

Q : How often are rewards paid?

Staking rewards are distributed roughly every 24 hours

Q : How do I view my daily rewards?

You’ll find earned rewards in the “Balances” section of the staking website under “Pending Rewards”. These rewards will move to “Rewards Accredited” once they are eligible to be withdrawn.

You can also view a history of accredited rewards under the “History” section.

Q : When can I withdraw my rewards?

Compounding False: At the end of each month.

Compounding True: At the end of your chosen lock-up period.

Q : What if I’m having trouble making a deposit?

LPS Deposit Tutorial

Staking Telegram Channel

Q : Is it necessary to use Metamask?

Yes, Lition Pool Staking should be used with Metamask only.

Q : Why can’t I see my Lition tokens in Metamask?

You’ll need to add Lition as a custom token: Instructions

Token Contract Address: 0x763Fa6806e1acf68130D2D0f0df754C93cC546B2

Token Symbol: LIT

Decimals: 18

Q : Can I stake with my Hardware Wallet?

You’ll need to use Metamask to interact with the LPS smart contract. However, you can sign your transactions in Metamask with a hardware wallet.

How to connect a hardware wallet to Metamask

*Note: Ensure that “contract data” is enabled in the Ethereum app on the device.

Q : Which browser should I use?

We recommend Google Chrome.

Q : Can I end my lock-up period early?

No, it’s not possible to modify the smart contract. Please plan accordingly.

Q : What if I want to run my own validator node?

Our mainet is currently in beta and there are very limited spots and support available to operators. You should only interact with the sidechain as a validator if you are an experienced user and can troubleshoot issues on your own.

We are recommending that everyone use Lition Pool Staking until the mainnet is out of Beta.

If you'd like to learn more in the meantime, you can view the documentation to become a validator here

Q : What if I have additional questions?

For general questions: Community Channel (Telegram)

For LPS related questions: Staking Channel (Telegram)

You can also reach out to us on Twitter

Other useful links:

Website
Announcement Channel
Medium Blog
Token bridge
Whitepaper
Technical Paper