Dogechain Remembers - The Industrial Age.
25 Sep 2023, 19:54
Dogechain Remembers - The Industrial Age š
š„ The Great Burn sparked massive interest in the Dogechain ecosystem and the token itself.
š With the number of $DC holders growing exponentially by the day, it was imperative to provide these users with more utility for their tokens
š The next major addition to the ecosystem in the pipeline was the staking mechanism for $DC. This would allow users to participate actively in securing the network and the governance system.
š Following their experience in other successful projects, the Dogechain team had a unique, and hopefully optimal solution for the long-term vision of the project.
š„ Instead of using typical staking, the team opted for a vote escrow mechanism called veDC. Although this archetype was previously explored in lending protocols, this was a unique approach for a blockchain token.
In this model, $DC tokens themselves cannot be staked or used for voting. Instead, users need to lock their $DC tokens to receive veDC tokens, which can be fully used in the ecosystem.
āļø Moreover, users can lock their $DC tokens for various lengths of time, from 1 month and up to 4 years. The longer they lock their tokens, the more veDC they receive, up to 8x the amount!
The model provides multiple benefits:
š¹ Provides flexibility to users by allowing them to lock their tokens in mixed timeframes.
š¹ Users with humble holdings can access high staking yields and more voting power by committing to long-term lockups.
š¹ Reduces the selling pressure from airdrops, grants, and rewards.
š¹ Constricts the circulating supply and provides on-chain evidence of lockups.
š¹ Incentivizes long-term holding by providing higher yields for longer lockup periods.
š° Instead of rewarding users for buying more tokens, they are rewarded for their long-term conviction in the Dogechain project.
On November 14 2022, the veDC staking went live and prepared the community for even more great things to come!
Eager to participate in the ecosystem?
š Stake your $DC here:
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126 Sep 2023, 15:08
Got DOGE?
Use it on #dogechain for DeFi
Got DOGE. Use it on #dogechain for DeFi.
Got DOGE?
Use it on #dogechain for DeFi