Legend Match Staking

Legend has set up an exciting staking game for sports enthusiasts. It gives LEGEND token holders the chance to support their favorite teams in NBA games and football matches from various leagues while earning an awesome equivalent APY in return! This guide will walk you through the steps to participate in the game. It is divided into three phases: Participation Phase, Competition Phase, and Claim Phase. Here's how you can join the fun and potentially win rewards.

Phase 1: Participation Phase

Step 1: Staking Your LEGEND Tokens

Choose a Match Pool: Browse the list of available match pools for NBA games and football matches. Select the match you want to participate in.
Connect Your Wallet: Connect the wallet where you have LEGEND tokens.
Decide Your Position: Determine how many tokens you want to stake for each team. You can allocate your tokens in any proportion you see fit. For example:
- If you believe the home team will win, you might lock 100 LEGEND for the home team.
- If you also want to hedge your bet, you could lock 50 LEGEND for the away team.
Stake Your Tokens: Enter the number of tokens you want to stake for each team and confirm the transactions. Note that you will need to pay some gas fees in POL for the blockchain transactions. Once you're done, you'll see the equivalent APY you get in case your team wins.
Modify Your Position (Optional): You can adjust your staked tokens at any time during the Participation Phase without penalty, except for gas fees. Simply withdraw your tokens and stake a different amount as needed.

Example:

You stake 100 LEGEND for Team A (home) and 50 LEGEND for Team B (away).
Before the match starts, you decide to adjust your position. You unstake 10 LEGEND from Team B and stake an additional 8 LEGEND for Team A.

Phase 2: Competition Phase

Step 2: Match in Progress

No More Changes: Once the match starts, the Competition Phase begins. During this phase, you cannot stake or unstake any tokens.
Wait for the Result: Watch the match and wait for the official result. This phase ends when the match result is officially declared and the pool is updated accordingly. Typically this will happen soon after the match ends and the result is officially published. However, it might take up to 24 hours in some cases.

Phase 3: Claim Phase

Step 3: Claiming Your Tokens and Rewards

Claim Your Tokens:

If your team lost, you can claim your staked tokens minus a 5% contribution to the rewards pool. For example, if you staked 100 LEGEND for the losing team, you will receive 95 LEGEND back. The remaining 5 LEGEND are distributed as rewards among the winners.
If your team won, you can claim your staked tokens minus the 5% contribution, plus your share of the pool rewards.

Example:

You locked 100 LEGEND for Team A (home) and 50 LEGEND for Team B (away).
Team A wins the match.
Let's say the total rewards pool is 500 LEGEND.
There are 1,000 LEGEND staked on Team A in total, i.e. accounting for all users who staked for Team A.
Your share of the pool is $\frac{100}{1000} * 100 = 10\%$
Hence your total reward is 10% of 500 LEGEND, which is 50 LEGEND.
Then, you claim 150 LEGEND (staked) - 7.5 LEGEND (5% contribution) + 50 LEGEND (rewards) = 192.5 LEGEND.

Rewards

In this sports staking game, we're offering a great opportunity for our participants. All user contributions to the pools will be distributed entirely as rewards to users who accurately predict the match winners.

But that's not all – Legend is also injecting 8,000 additional LEGEND into the rewards pools. This means the total rewards for each pool will be boosted, providing a rare chance to maximize your winnings!

Equivalent APY

Once you've staked some tokens, our application will show you the APY (Annual Percentage Yield) that you could get if you could reinvest your funds at the same rate during a year. This assumes that your prediction is correct; otherwise, you would get your staked tokens minus your 5% contribution to the winners' rewards.

For the computation above, we're assuming your funds will be locked for a 24-hour period. This is a worst-case scenario, since typically you'll be able to claim your funds before the 24-hour limit. Therefore, the equivalent APY we show is a lower bound on the real one you could get if you could find investment opportunities like this one continuously.

Of course, the thing to consider is that the APY is conditional to predicting the match winner correctly; so you can decide your best strategy by staking whatever amounts for both teams. Note that the APY is also dependent on your share of the rewards, i.e. the number of tokens you stake for the winner team in relation to the total amount staked for such a team.

Additional Tips

Strategize Your Predictions: Consider the odds and make strategic decisions on how to allocate your tokens between the teams.
Have Fun! Follow match updates and announcements to stay informed about the game and claim your funds after the Claim Phase begins. You can use them to keep playing on subsequent matches.

We hope this guide helps you understand how to participate in our Legend Sports Staking Game. Good luck, and may your predictions be spot on!

Match staking pools

https://lh7-rt.googleusercontent.com/docsz/AD_4nXdIs96pBqwYMnUdyivUaaVfMObMbp5gQJW21uYNtsihefikbwbZmfFzFm9BuxvTyI7_WAixymlojIph5NzeGcJxR94hEaurE515SuxkdCKd7D0aNqN5wATDzxhUVhTSN4IkW_e0Pw?key=fpwk5fO5yYHgtu8Qa6emUQcb

Short-term staking pools where users provide $LEGEND for a given team. This provides short -but periodic- incentives to hold $LEGEND.

In addition, we allow Legend Liquid Staking users to earn additional yield by staking their team-specific tokens. We would boost the reward in those cases, therefore creating an additional yield source for our Season Pool users and an incentive to buy and hold $LEGEND.

This is basically an extension of the existing implementation for the Paris Olympic Games and the Euro Cup.

Previous Events

Legend Paris 2024 Staking Game

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