🔼Staking
Staking XCHNG tokens within the Chainge platform is designed to enhance both user engagement and platform security while empowering token holders with governance capabilities. By staking their tokens, users gain voting rights through vXCHNG tokens, directly participating in the decentralized decision-making process of the Chainge DAO.
How To Stake
Users can stake their XCHNG tokens via the Chainge web dApp or the mobile application available on iOS and Android platforms. The process is streamlined to ensure accessibility and ease of use:
Access the DAO Section: Navigate to the dedicated DAO section within the app or web dApp.
Choose Staking Duration: Select your preferred staking duration from the available options (6 months, 1 year, 2 years, or 4 years).
Stake Tokens: Follow the instructions to lock in your XCHNG tokens for the chosen period.
Voting Rights and vXCHNG Tokens
Upon staking XCHNG tokens, users are immediately granted vXCHNG tokens at varying ratios depending on the length of the staking period:
6 months: 1:1 ratio of XCHNG to vXCHNG
1 year: 1:1.5 ratio
2 years: 1:3 ratio
4 years: 1:8 ratio
These vXCHNG tokens serve as voting shares for governance proposals on the platform, and they are utilized through Snapshot at snapshot.org/#/chaingers.eth. This system ensures that longer commitments to the platform’s governance are rewarded with greater influence over decision-making processes.
Redemption of Staked Tokens
At the conclusion of the staking period, users will reclaim the exact amount of XCHNG tokens initially staked. This ensures that the principal amount is protected while allowing participants to benefit from the governance and potential appreciation in token value.
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