Token FAQ
Here you will find answers to the most frequently asked questions about the GGX token.
What is the GGX token?
The GGX token is a cryptocurrency used in the GG3 platform for staking, governance, and unlocking premium features like exclusive quests, voting rights, and early access to updates. It is built on the ETHERNEUM network.
What is GGX token staking?
It is the act of locking tokens into a smart contract to earn rewards in those same tokens. It works similarly to depositing money in a bank to earn interest.
How much can I earn for staking GGX?
It depends on which staking plan you choose and how much everyone contributes. There are 4 plans you can join:
No lock: 3% APR,
3 months lock: min. 6% APR,
6 months lock: min. 12% APR,
12 months lock: min. 15% APR.
The above percentages apply when the pool limit is reached. If the pool is not full, the percentages are higher and are shown in each pool.
What are the requirements to start GGX staking?
User needs to have the following:
Crypto wallet to connect e.x. MetaMask
GGX tokens on Ethereum Chain network to stake
ETH tokens for cover gas fees
What is the minimum number of GGX tokens required for staking?
There is no minimum GGX amount to start staking.
What are the benefits of GGX staking?
In addition to the rewards of extra tokens, users staking their tokens will have additional benefits on the platform itself, such as enhanced platform features (XP boosts, premium quests, early quests, management rights to influence platform decisions). Additional benefits will be implemented gradually.
Can I terminate my staking before the lock-up period ends?
If you choose staking with a lock-up period, your tokens will be available for collection only after the lock-up period. The rewards you earn will be available for collection at any time.
Does GGX staking involve fees?
Transaction fees are the only cost to the user. GG3 does not charge any commission.
Can I increase the amount of staked tokens during the staking period?
Yes, but then the lock-up period is extended accordingly for all tokens.
What is an unbounding period?
This is the period you need to wait when withdrawing tokens from the unlimited pool. It lasts 7 days from the moment you click to withdraw your funds from the pool
What is Liquidity Mining?
Liquidity Mining is a term used in decentralized finance (DeFi) applications where users supply liquidity to decentralized financial applications and receive rewards for doing so.
What are LP tokens?
Liquidity Provider (LP) tokens are issued to liquidity providers on a decentralized exchange (DEX) like Uniswap. They are proof of the liquidity you provide on the GGX/ETH pair.
What is needed to start Liquidity Mining?
What is the minimum amount of LP tokens to start Liquidity Mining?
There is no minimum LP tokens amount to start Liquidity Mining.
What is the minimum time period for Liquidity Mining?
There is no minimum time period for Liquidity Mining.
What are the risks of Liquidity Mining?
If the user provides liquidity, is exposed to what is called an impermanent loss (IL) regardless of what token you deliver the liquidity in. Impermanent loss happens when you provide liquidity to a liquidity pool, and the price of your deposited assets changes compared to when you deposited them. The bigger this change is, the more you are exposed to impermanent loss. In this case, the loss means less dollar value at the time of withdrawal than at the time of deposit.
What fees are involved in Liquidity Mining?
Transaction fees are the only cost to the user. GG3 does not charge any commission.
Can I add more LP tokens to my Liquidity Mining position if I'm already deposited?
Yes, you can easily add more LP tokens after a deposit.
Can I remove my LP tokens from Liquidity Mining at any time?
Yes, you can remove your LP tokens from Liquidity Mining smart contract at any time. You will do this by going to the tab: Remove LP tokens.
How to remove tokens from the liquidity pool?
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