Before we get started, DeFi Dad disclosed that his team 4RC did invest in the LeagueDAO seed round. This is not a recommendation or endorsement to buy LEAG when the token is generated, but it is intended to disclose any bias he might have in talking about LeagueDAO’s new liquidity mining program.
In just the United States and Canada, there are an estimated 60 million fantasy sports players. The global fantasy sports market is expected to grow from US$20.36 billion in 2020 to US$22.31 billion in 2021. So it shouldn’t come as a surprise that a team of smart contract developers are aiming to disrupt this industry with the radical accessibility of DeFi and NFTs.
A new blockchain-based game on Polygon called LeagueDAO will combine the best of DeFi protocols, play-to-earn gaming, and NFTs to create a web3 fantasy gaming reality where users can own and trade the players on their team and where on-chain scoring is based on real-world stats. LeagueDAO will reward players for their effort, skill, and time spent in a game.
The first product soon to be released from LeagueDAO is the Nomo Fantasy Football League. Nomo Leagues will allow users (aka Managers) to place teams in an open week-to-week fantasy league that rewards Managers based on the performance of their team.
Here’s how it works:
- Managers join a Nomo League by staking Nomo Player Tokens, dynamic ERC-721 tokens in the league.
- New Managers can join the league and add to the pool throughout the duration of a round, and receive rewards proportional to the points generated by their Player Tokens that are staked in the league.
- By participating in Nomo Leagues, Managers can earn ERC-20 rewards at the conclusion of each 1-week round.
- Player Tokens must stay staked through the end of the round to be eligible for rewards. The Manager’s reward will be based on the performance of the real world athlete associated with each Player Token staked during the round relative to the total amount staked in the pool.
- The calculation will be time-weighted to promote true and fair pro rata yield.
LeagueDAO will be controlled by the governance token LEAG. LEAG will be used to stake, and as a governance token when the governance module is launched eventually. LEAG will serve as a means to align the different stakeholders in the system and serve as a security and policy management medium, ensuring sustainability and participant welfare.
To learn more about LeagueDAO, check out their whitepaper.
As LeagueDAO prepares to launch and generate the LEAG token (which hasn’t launched yet so beware of scammers who create fake LEAG tokens), the LeagueDAO core team has launched yield farms to begin distributing their native governance token LEAG for those interested in the future of LeagueDAO as a protocol. With already $47M TVL staked, one can stake any of the following tokens to earn a share of LEAG distributions via weekly epochs for the next 20 weeks. One must remain in each staking pool through the end of the weekly epoch before claiming earned LEAG.
- BOND
- ENTR
- ILV
- IONX
- LINK
- SNX
- SUSHI
- XYZ
Today, I’ll show I can deposit any of the 8 tokens listed, and look forward to staking LEAG tokens or LEAG-USDC Sushi LP tokens in future weekly epochs, once the LEAG token is released. Caution: These pools won’t show estimated APRs until LEAG is generated and a market price for LEAG is…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
