We are excited to announce pre — staking for LGCY holders!
LGCY Network is an upcoming dAPP blockchain, forking TRON and changing its governance system in order to achieve better decentralization and representation for investors.
In this article, we describe the benefits of pre-staking, what exactly LFUEL is, and why it is valuable for our holders. In the coming days, we will reveal the staking details and when it will become available.
Holders will have the ability to stake their LGCY tokens for LFUEL. Just what exactly is LFUEL? LFUEL is our stable gas token. Instead of having bandwidth and energy, the LGCY Network will use LFUEL as gas. The best part about LFUEL is that it will be a stable coin! That means that for people who stake LGCY tokens they will earn payouts in safe, stable coin rather than in a volatile token.
LFUEL as gas is pegged by the number of transactions 1 USD makes. Price feeds will be accomplished via an oracle to ensure that these gas prices stay consistent.
By having our staking pay out in LFUEL instead of LGCY we also remove sell pressure that naturally exists when the payout is in the native token. In the old system, people earn payouts in the native token and often dump it on the market. In our system, that sell pressure is removed and instead translated into multi use coin.
That’s right! LFUEL is not only going to be used as gas on the LGCY Network, but will also be the stable coin pair on our dex — MyriaDex.
As far as the pre-staking rewards are concerned. Stakers will earn 56% APY on their staked LGCY. This will give a massive kickstart to the MyriaDex ecosystem, and ensure that dAPP projects who build on the LGCY Network can already have gas saved up! dAPP startups are often strapped for cash, but through our staking program we hope to be able to help further incentivize future projects to come build on our chain.
Thank you to our community! We hope this to be the start of a bright future for the LGCY Network!