Introducing Spores SPO LP Staking Program

Community Space

Spores Network
4 min readAug 18, 2021

Introducing Spores SPO LP Staking Program

We’re excited to announce that our long-awaited SPO/ETH LP Staking Program is finally here!

Our program will not only incentivize more liquidity providers to add liquidity into the SPO-ETH liquidity pool but will also reduce the slippage for SPO traders and holders, benefiting both liquidity providers as well as traders.

With this program, we’re looking to encourage the community to participate in $SPO trading, which will ultimately enhance our on-chain metric, as well as granting you the opportunity to earn rewards when trading the SPO/ETH pair.

Specifically, we’re putting aside 600,000 tokens (worth 50,000 USD at the time of writing this) as staking rewards for the 1st month of the program.

Reward Distribution

🔸 Investors will receive their rewards after every Ethereum block confirmation (20 seconds)

🔸 Un-staking can be performed anytime, you will have full control over your funds at all times!

🔸 Annual Percentage Yield (APY)

APY will be generated by a staker as if an investor invests in the program for an entire year.

The total APY is dependent on:

  • The total amount of investment in the pool
  • Duration of rewards program
  • Spores Reward Program will run for the entire duration of 30 days, accepting investors at any time throughout. Thus, the APY will be attributed accordingly.

🔷🔷 Our LP Staking Program will be officially live on Friday, August 20th, 2021 🔷🔷

LP Staking Guide

Step 01: Visit Spores Staking site and connect your wallet using MetaMask or dApp browser.

*Note: The website might not yet be live by the time of this publication.

If accessing via smartphone, please visit the rewards page using the inbuilt browser present in your MetaMask mobile app, the dApp browser.

At this step, you don’t need to perform anything except connect to your wallet

Step 02: To participate in the pool you need to have ETH & SPO in your wallet. You can get SPO from UNISWAP

Click on the Add SPO-ETH Liquidity button or use this link to add liquidity.

Step 03: Supply the desired amount of SPO and ETH into the pool and click “SUPPLY”.

You need to ensure you have a sufficient amount in your wallet. Confirm and sign the transaction in Metamask.

Step 04: Once you add liquidity, you will receive Uniswap SPO-ETH UNI-V2 LP tokens in your MetaMask wallet.

Step 05: Return to SPO LPs rewards program

Step 06: Refresh the page, enter the amount of SPO-ETH UNI-V2 LP Tokens and click the Stake Button.

Step 07: You can now see your individual share of $SPO rewards on the dashboard and claim rewards at your convenience. CONGRATULATIONS!

Your SPO Earned will increase over time and you will be able to un-stake or claim SPO at any time.

About Spores
Spores Network founders believe that crypto will lead to decentralization of ownership and frictionless redistribution of capital. Their mission is to create an NFT ecosystem that is creator-centric, community-driven, frictionless, and borderless. To that end, Spores has built a cross-chain DeFi-powered NFT marketplace defining decentralized pop culture, sharing NFT content across gaming, esports, animation/anime, digital fine arts, music, and film/TV. Spores co-founders include Duc Luu (Nasdaq IPOed serial entrepreneur ), Eric Hung Nguyen (former senior investment analyst at a top-10-worldwide hedge fund), and a diverse team of advisors across blockchain and entertainment.

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