Introducing mSAND-MATIC staking at The Sandbox

The Sandbox is introducing a new staking program on Layer-2.

Following the announcement of our partnership with Polygon, The Sandbox team has been working tirelessly to complete the switch to a more efficient Layer-2 ecosystem.

Read more about this partnership here:

The Sandbox gets greener: Reducing NFT carbon footprint by 99% and regrowing trees across the globe.

We are now happy to introduce the first step into this direction, introducing a new liquidity-providing program that exists on Polygon (Layer-2).

TLDR;

• The Sandbox is starting to deploy a Layer-2 ecosystem on Polygon.
• We will refer to the SAND on Polygon as mSAND in our ecosystem, but they are identical.
• mSAND-MATIC staking to ease access to mSAND on Polygon is only the first step.
• 300,000 mSAND will be injected into the pool on a weekly basis.
• An additional boost of 200,000 mSAND will be added every week for the first four weeks as an incentive for early adopters.
• SAND holders who provide liquidity to the staking pool will be eligible to share a monthly allocation of mSAND.
• The program opens on 16/12/2021–5PM UTC with a buffer period where users can stake LP without any rewards yet.
• mSAND rewards will be loaded on 17/12/2021–5PM UTC and the distribution will start.

SAND, the utility and governance token used throughout The Sandbox’s metaverse, will now have staking options available on a new layer. In order to maintain a robust ecosystem, we want to encourage our community to think about the long-term vision and benefits of The Sandbox on Polygon. Locking tokens within staking programs support that vision and creates a layer of trust between all members of the community while offering rewards to SAND holders who participate. You can go green and earn SAND at the same time.

This move to Polygon’s layer 2 will bring users many improvements starting with a dramatic decrease in the amount spent on gas fees.

In order to encourage users to move to Polygon, The Sandbox team is implementing a new mSAND/MATIC staking pool. SAND holders who provide liquidity to the mSAND/MATIC pair on Quickswap will be eligible to share a monthly allocation of $SAND.

Rewards are distributed pro-rata relative to a traders’ percentage of total liquidity over the course of a one-month period.

If you want to take part in this new staking program and earn SAND with the mSAND-MATIC pair on Polygon keep reading. Below is a guide to getting your LP tokens to help you get started.

How To Stake In The mSAND-MATIC Pool

For the first four weeks, The Sandbox will inject 500,000 mSAND to the program each week and then add 300,000 mSAND to the pool every week thereafter. Read on to see how you can reap the benefits of this new staking program.

If the words LP, DEX and staking are not new to you, follow the next few steps to stake your funds.

1) Go to your profile at The Sandbox: https://www.sandbox.game/en/me/defi/

2) Click the Approve button on mSAND/MATIC*

*Note that if your wallet is not currently on Polygon Mainnet, you will be required to switch to that network. If you don’t have Polygon Mainnet setup, you will be prompted to sign a message to add it as a network.

3) Now you can click on the program and click Deposit. A side panel will open to let you enter the amount you wish to deposit.

4) If you do not have any LP, you can click the Quickswap link to get redirected to the pool interface on Quickswap. From there you can swap for mSAND or MATIC and add them to the pool in the desired quantity.

5) After locking in the amount of LP you want to stake, you will get a prompt to sign the transaction.

After signing the final transaction in your wallet, you have now staked into the mSAND/MATIC program!

What’s Next?

More staking mechanisms will become available in the future, to further increase your potential as SAND owner in The Sandbox’s metaverse — giving you a chance to prove your trust and to earn even more rewards. Our goal is ultimately to move over the majority of The Sandbox ecosystem to Polygon.

We are on our way to implementing full Polygon support for The Sandbox ecosystem. In the near future, a custom bridge will be available to transfer all tokens from The Sandbox on Polygon and use them on Layer 2 with a reduced gas fee.

You can also expect the ecosystem to grow towards our vision of a creator’s Metaverse within the next year as Polygon will let us work in a cost-effective environment for users, enabling a lot more interactions between tokens.
Stay tuned for more exciting feature releases on Polygon!

Contract addresses

SAND on Ethereum : 0x3845badAde8e6dFF049820680d1F14bD3903a5d0
SAND on Polygon : 0xBbba073C31bF03b8ACf7c28EF0738DeCF3695683
mSAND-MATIC contract on Polygon : 0x4ab071c42c28c4858c4bac171f06b13586b20f30

Introducing mSAND-MATIC staking at The Sandbox was originally published in The Sandbox on Medium, where people are continuing the conversation by highlighting and responding to this story.