Dogechain Announcement: A Novel Staking Model Is Live Now

Dogechain $DC, Dogechain native staking goes live, $veDC staking model, stake and chill

Dogechain native staking went live on November 14, 2022, starting the network’s transition to a Proof of Stake consensus. It takes less than a minute to lock $DC and stake $veDC to start getting yields from validators.

According to the latest official announcement on Twitter, users are able to start the staking journey with a total supply $DC tokens of 200,000,000 from now on.

The time has finally come for Shibes to feast on juicy meat made of magnificent $DC tokens

Stake and chill

$veDC Tokens must be acquired before processing the act of staking on Dogechain. These are obtained by locking up $DC in the $veDC locker in a fixed lockup period.

Users will receive $veDC tokens, in proportion to the length of their lockup time. More precisely, the longer the user chooses to lock $DC, the more $veDC they receive.

It is noticeable that $veDC tokens cannot be sold or transferred, and the token is initially used for staking with validators and voting in the Ecosystem DAO.

As the way it’s called by the general: stake and chill, Dogechain provides users with a maximum of 4 years locked to multiply the amount of $veDC 8 times.

In this way, not only big holders but also the modest $DC – holding get a huge reward as long as they lock up their $DC for extended periods of time, even tiny holders benefit. Added to this is the fact that the Ecosystem DAO will have bigger staking payouts or more voting power.

However, the locked $DC needs an entire commitment from users and is not reversible. Once the timelock period has reached maturity, the underlying $DC is capable of being unlocked.

Token Mechanism

• $veDC tokens cannot be transferred or sold
• Users can burn the $veDC tokens to retrieve their locked $DC and reclaim their liquidity, only when the lockup timer has matured
• $DC token rewards are liquid
• Only Dogechain mainnet $DC tokens can be locked in the $veDC locker

Rewards can be claimed in each block, which means users can claim rewards as frequently as they wish.

Dogechain also announces that they will adjust the amount to remain appealing and curb inflation. The team will release more information in the future about the activities that will allow them to increase community yields through sheer participation.

Be noticed that Dogechain uses a unique staking model that might be unfamiliar to some. For this reason, they have created a tutorial that will guide users through the $veDC locker UI and its features.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Thana

Coincu News

Related read: Vitalik Buterin Donates Another 20 Million DOGE To Dogecoin Foundation