Earn LL by Holding: Stake LL in One Minute

LightLink recently launched the Proof of HODL program, allowing LL token holders to stake their tokens and earn up to 90% APY. Here is a one-minute guide on how to stake.

LightLinkAug 9, 2024 • 4 min read

A few weeks ago, LightLink launched the Proof of HODL program, allowing LL token holders to stake their tokens and earn up to 90% APY.

So far, 5M LL have been staked in the program, signifying 15% of LL circulating supply on the LightLink network being locked in.

Staking LL is simple and can be completed in one minute. This guide will walk you through the process step-by-step.

What is Staking

Staking is a mechanism for distributing rewards among token holders. By locking up their tokens, holders earn a share of the reward pool proportional to their stake. For example, if your stake represents 1% of the total staked, you earn 1% of the rewards.

The current distribution rate of staking rewards is displayed as an Annual Percentage Yield (APY).

LL staking, known as the Proof of HODL program, features three staking pools, each offering different APYs and staking periods. There is also a cap per pool.

You can stake multiple times in each pool. By locking up LL in Proof of HODL, you also earn points toward validator node eligibility in the future.

As of August 9th, two pools are open:

Rock Hands: 84% APY, 2.5M cap per pool, 15 days until the pool ends.
Steel Hands: 74% APY, 2.5M cap per pool, 46 days until the pool ends.

The Diamond Hands pool has reached its cap of 2M and is now closed, with 110% APY and 76 days until the pool ends.

We might increase the cap per pool to accommodate more users once other pools are full.

How to Stake LL on LightLink

The LL staking offer is exclusively available for LL on the LightLink network (we also have LL on Ethereum mostly for trading purposes on CEXes).

Bridge Tokens From Ethereum to LightLink

If you already have LL on LightLink, skip this part.

Transfer LL you want to stake to your MetaMask wallet.
Get ~$10 in ETH to the same MetaMask wallet to pay bridging fees. These fees might rise occasionally, so it's better to have some spare ETH just in case.
Go to the LightLink Bridge and connect your MetaMask.

Select Ethereum Mainnet at the top and LightLink Phoenix Mainnet at the bottom. Click on the two arrows if you can't select them vice versa.

Choose the LL token, input the amount you want to transfer to LightLink, and press the "Transfer" button.

Confirm the transaction at LightLink Bridge.

Confirm the transaction in your wallet.

Congratulations! In a few minutes, your LL tokens will be transferred from Ethereum to LightLink.

Add LightLink Mainnet to Your Wallet

If you already can see LL in your wallet, skip this part.

Add the LightLink network to your MetaMask wallet by following this guide. It takes only a few clicks.
Add the LL token to MetaMask by following these steps to see your LL balance.

Stake LL With Proof of HODL

Go to the Proof of HODL page and press the "Connect wallet" button.

Press the MetaMask icon to connect your wallet.

Select your account with LL tokens and approve the connection.

Select the pool you want to stake in and enter the amount of LL you wish to stake.

Press the "Stake LL in the Pool" button and approve the transaction in MetaMask. First, you have to approve the spending cap for LL.

Then, press the "Edit" button to use LightLink gasless transactions and stake LL without having to pay transaction fees.

Change the "Gas price" to "0" and press the "Save" button.

Approve the staking transaction.

Your LL tokens are now staked, and you're earning staking rewards!

Stake Additional LL and Claim Rewards

You can stake more LL in the same or a different pool. Simply press the "Stake Additional LL" button for the desired pool and follow the steps to stake more LL.

You can withdraw staked LL at any time by pressing the "Withdraw Your Tokens" button but you will lose all accrued rewards if you decide to withdraw before the pool's closure.

Finally, you can claim staking rewards only after the pool ends. For example, if you staked in the Rock Hands pool, you will be able to claim rewards on August 24th. To do so, go to the Proof of HODL page and press the "Claim Rewards" button.