The Ultimate Dogechain Staking Guide 🧵 Hey frens, staking is right around the corner. You can already find some in-depth information about this process in this blog post: 🌐 https://bit.ly/3hwojXE For the TL;DR crowd, this guide will serve as a quick reference 👇 1️⃣ Only $DC mainnet tokens are eligible for staking. If you have Ethereum-based $DC, you first to bridge them using a bridge such as multichain.org ↔️ Check this video guide to learn how to do it: https://www.youtube.com/watch?v=hE0NJBghp8E 2️⃣ $DC needs to be locked before staking 🔒 You cannot stake $DC tokens directly with validators. Users first need to obtain $veDC tokens by locking $DC in the veDC locker. 3️⃣ $veDC tokens cannot be transferred or sold on the open market. However, $veDC tokens can be staked with validators to receive rewards in $DC tokens. 💧 This means users need to sacrifice their liquidity to receive staking rewards. 4️⃣ Locking Ratios Locking up $DC in the veDC locker yields exponentially more $veDC tokens the longer you lock them: 🔹 1mo — x1.1 $veDC 🔹 3mos — x1.2 $veDC 🔹 6mos — x1.5 $veDC 🔹 1y — x2.0 $veDC 🔹 2y — x3.0 $veDC 🔹 3y — x4.0 $veDC 🔹 4y — x8.0 $veDC 5️⃣ Retrieving $DC ⚠️ Locked $DC can be recovered only when the timelock ends. Make sure that you understand this commitment when locking up your $DC for the selected time period. At that point, users need to unstake the $veDC and burn them to recover their $DC tokens. 🔥 6️⃣ Staking Delegator Workflow 🔹 Get mainnet $DC tokens 🔹 Choose time and lock $DC to obtain $veDC 🔹 Stake $veDC with a validator 🔹 Wait for timelock to mature 🔹 Unstake and burn $veDC to recover $DC 7️⃣ Voting with $veDC $veDC tokens can also be used for voting in the Ecosystem DAO. Holders can put forward protocol proposals and vote for projects that will receive grants from the DAO. 🤝 Dogechain is bringing DeFi & long awaited utility to Dogecoin. Join the family! 🚀 Website I Twitter I Discord I TikTok I Reddit I Blog I Instagram