A guide to access Avalanche’s ecosystem growth with Colony
Colony is a community driven accelerator, evolving into an inclusive DAO, to boost Avalanche’s ecosystem growth. Powered by a governance token: $CLY.
Colony will deploy capital within Avalanche on early stages projects, provide liquidity to DeFi protocols, maintain an Index on top Avalanche projects, and validate networks through stacking capabilities. The true sustenance and value generated by Colony’s investments is routed back to the Community through airdrops, a buyback mechanism, and staking rewards.
If you have Colony tokens that you would like to stake in order to access early-stage deals on Avalanche and its growth, this article will guide you through the staking process.
Please remember that Colony is on the Avalanche network, therefore, to interact with the application, you’ll need AVAX in your wallet to pay for gas fees related to staking and claiming functions.
Setting up Colony tokens on MetaMask
You can click on “Import tokens” to add Colony tokens to your MetaMask. Here is the following information that you need to fill in:
- Token address contract: 0xec3492a2508DDf4FDc0cD76F31f340b30d1793e6
- Token symbol: CLY
- Decimal: 18
Then click on “Add Custom Token” to see the following screen where you should click on “Import tokens”.
After this, you’ll have CLY tokens displayed on your MetaMask assets section. You can now go on Colony’s application and move on with the first step down below to start staking.
First Step: Connect your wallet
You need to go on the application using the following link: https://app.colonylab.io/
On the top right corner of the application, you’ll find a button to connect your wallet. After clicking on it, you’ll have to choose between MetaMask or WalletConnect. In this tutorial, we’ll be using MetaMask.
Once MetaMask is selected, you’ll be able to move to the next step in order to claim and stake your CLY tokens.
Second step: Claiming your tokens (this step applies only to private sale buyers)
If you’re part of the private sale, you can claim your tokens on the application directly. You need to click on the button on the top right corner of the Application next to “Claim here”.
Once you’ve clicked on the button, a pop-up window will open, and you’ll be able to claim your tokens, if you are part of the private sale.
In this example, there are no Colony tokens to claim, so the claim button is not working. If you are able to claim some Colony tokens, then the claim button will be purple, and you should click on it.
After clicking on the button, you’ll need to approve the transaction on your MetaMask.
Once approved, you’ll be able to see the number of tokens on the top right corner of the application.
Now that you have CLY in your wallet, you should stake them to make sure you are able to access all the rewards coming from Colony. For example, there are about 7 airdrops coming soon and this number continues to grow every week.
Third step: Staking your tokens
You need to stake your Colony tokens for at least 20 days in order to beneficiate from Colony’s rewards. These rewards include airdrops from early-stage projects, Avax staking rewards, Liquidity Provider rewards.
Community members staking for less than 20 days will not have access to upcoming airdrops and rewards. In order to qualify for these rewards, you should stake as soon as possible to make sure you access the first airdrops starting this end of December (TaleCraft, Platypus, Imperium Empires, and many more).
To start staking, you need at least 50 CLY tokens, this number will be potentially lowered with governance if needed.
You can click on the Max button to automatically stake all CLY available in your wallet. Once you decide on the amount to stake, you can click on Stake.
Now, you’ll need to approve the CLY tokens on your MetaMask. Make sure you have some AVAX on your wallet to be able to perform the transaction.
Once approved, you can approve the staking transaction and your tokens will be locked inside the staking contract. You’ll now see on the application that your tokens are staked.
You can see below the Max button your number of CLY staked. And, on the top right corner of the application, you can find all the information related to your CLY wallet.
After this step, you are all set to access the application features. Stay tuned on our Twitter , we’ll announce the airdrops calendar in the coming days.
Colony staking mechanism incentivizes only long term stakers. Staking less than 20 days will not allow you to access any rewards. If you unstake during that period, the count goes to 0 days of staking and you’ll need to start over. Early-stage investment is all about long-term vision and strong commitment, Colony wanted to reflect that in its mechanism to make sure our community is here for the long term, to support the growth of the Avalanche ecosystem.
If your CLY tokens stay always staked, you will not miss any early-stage airdrop, Avax staking rewards, and Liquidity Provider rewards. In the future, part of the protocol fees collected will also be accessible to the stakers.
The minimum of 20 days staking period means that no rewards can be distributed before at least 20 days. That being said, if you want to access some early-stage tokens from Platypus, Imperium Empires, Heroes of NFT, TaleCraft, Oh-Finance, Kyte, and many more, you should start staking now.
Staking rewards will start to be distributed at the end of the year. To maximize your rewards from Colony, the sooner you stake the better. We take in consideration the amount staked as well as the factor of the time of the staking, the more and the longer you stake the bigger are the rewards!