Illuvium (ILV) is a blockchain-based, decentralized role-playing game (RPG) built on the Ethereum network. It features an interoperable blockchain game (IBG) universe, including an open-world exploration game, industrial city builder, and autobattler. Players can earn in-game rewards in ILV tokens by engaging in competitions and quests, and the game leverages non-fungible tokens (NFTs) and a decentralized governance structure.
Illuvium (ILV) is used in several ways within the Illuvium ecosystem:
Governance: ILV tokens are used for governance purposes, allowing holders to participate in decision-making processes and shape the future of the game through community collaboration and voting on proposals.
Liquidity Mining: ILV tokens can be staked to earn additional ILV tokens or sILV tokens, which are used as rewards for providing liquidity to the network.
Vault Distributions: ILV stakers receive a share of vault distributions, which are funded by in-game purchases and fees. This provides a passive income stream for stakers.
In-Game Purchases: ILV tokens can be used to purchase in-game assets and items, such as Illuvials, which are represented as NFTs on the Ethereum blockchain.
Staking Rewards: ILV tokens can be staked to earn rewards in either ILV or sILV, with ILV rewards having a 12-month lock-up period and sILV rewards being available immediately for in-game use.
Yield Farming: The Illuvium yield farm program has been allocated 30% of the maximum ILV supply, and participants who provide liquidity over three years will receive yield farming rewards.
Overall, ILV tokens play a central role in the Illuvium ecosystem, facilitating governance, liquidity provision, and in-game transactions while offering rewards for stakers and liquidity providers.
To store Illuvium (ILV) tokens, you can use any digital wallet that supports ERC20 tokens. The most commonly used wallet for this purpose is MetaMask, which is widely recommended by the Illuvium community. Additionally, you can also use other wallets like Ledger, Trezor, or Crypto.com Defi Wallet, as long as you add ILV as a custom token.
To buy Illuvium (ILV) tokens, you can follow these steps:
Using YouHodler- Log into Your Account: Access your YouHodler account.
- Choose a Payment Method: Select either a credit/debit card, bank transfer, or other cryptocurrencies.
- Buy ILV: Follow the instructions for your chosen payment method:
- Credit/Debit Card: Click the "Buy Crypto" button and follow the prompts.
- Bank Transfer: Deposit fiat currency and convert it to ILV.
- Other Cryptocurrencies: Transfer your existing cryptocurrencies and convert them to ILV.
- Create an Account: Sign up on Coinbase and verify your ID.
- Add a Payment Method: Connect a bank account, debit card, or initiate a wire transfer.
- Search for Illuvium: Find Illuvium in the list of assets.
- Enter the Amount: Input the amount you want to spend in your local currency.
- Finalize the Purchase: Preview and confirm your purchase.
- Create an Account: Sign up on KuCoin with your email address, mobile number, and country of residence.
- Secure Your Account: Set up Google 2FA, anti-phishing code, and trading password.
- Verify Your Account: Upload a valid Photo ID.
- Add a Payment Method: Add a credit/debit card or bank account.
- Buy ILV: Use your payment method to buy ILV on the KuCoin spot market.
- Create and Verify Your Account: Sign up and verify your email, phone number, and identity.
- Add Funds: Make a bank deposit or use your credit card.
- Buy Illuvium: Click the "Buy" button, choose Illuvium, enter the amount, and confirm your purchase.
- Compare Exchanges: Choose an exchange that offers ILV, such as Uphold or KuCoin.
- Create an Account: Sign up on the chosen exchange and verify your email address and identity.
- Make a Deposit: Use a debit card, credit card, wire transfer, or Bitcoin.
- Buy Illuvium: Use your funds to buy ILV.