GLX staking is yet another way earn on Hive
Splinterlands is cooking something with this Genesis League Sports project and the community seems to be loving it. I'm fortunate to be one of the early investors and my $48 investment has already risen to a total of around $190 with $170 still in GLX tokens and around $20 converted to Hive.
At the time of writing, I hold a total of 1444 GLX tokens with 1318 tokens staked. Staking GLX tokens earns me GLX tokens and another asset called GLGT, described in the discord channel as a token that will "allow users to participate in presales and other exclusive events in the future"
I've been somewhat behind in Genesis League Sports activities because we don't get updates and press releases on Hive like most other Hive-based projects. Right now, you get most of the information on Discord and that's an app I don't use often.
Anyway, two days after staking was activated, I finally staked some GLX tokens and overall, I'd say things are looking good. I don't know the APR but if the price of GLX stays at this level, my daily earnings will probably be enough to cover my electricity bill.
How to stake GLS
If you want to stake GLX token, you will first need to create a GLS account in the Genesis League Sport platform. In this publication, I explained how to create a GLS account that grants you access to your in-game GLX tokens.
After creating your GLS account and linking your Hive wallet, staking becomes a lot easier. Here's how to stake GLX tokens and start earning more GLX tokens and GLGT tokens;
- Go to Genesis League Sport home page
- Tap on the tokens icon at the top right of your screen
- In the page that appears next, you will see the staking buttons and all that stuff.
- If you have GLX tokens on Hive-engine, you will have to transfer them into the game in pretty much the same way you transfer Splinterlands tokens from Hive-engine to the game.
- Moving GLX tokens from Hive-engine to the game takes a couple of seconds. Stake the tokens and start receiving staking rewards in GLGT and more GLX tokens.
Warning: It is important to add that unstaking GLX token takes 4 weeks. It is an identical unstaking mechanism with SPS
There's a lot of doom and gloom in the crypto industry but Hive has managed to shield us from all the noise. Yes, we've seen the dollar valuation of Hive reduce and that has an effect on the inflation mechanism of the network but that seems to have done nothing to dampen the sports around here.
In the midst of the bear market, we're building and even making profit from investments internally. The blockchain never lies and any project geared towards creating value will not be hindered by the failings of a crypto exchange.
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