Staking DAO has Launched!
We are thrilled to announce the launch of the Staking DAO!
Staking DAO explained
DAO members can now vote and allocate the incentives for the Allbridge Staking. Rewards are distributed weekly, enabling users to distribute the rewards from the previous week.
They will decide upon the allocation from a single pool of rewards from all chains.
For example, this week, 15,068 ABR were added to the staking pools for different chains. Starting next week, the reward distribution will be based on the DAO voting result.
Getting Allbridge Votes
To vote for a specific chain, one needs to have Allbridge Votes on that chain. The votes are gained by locking xABR for a specific time period ranging from 1 month to 3 years. Here are the guides for getting xABR and Allbridge Votes respectively.
The higher the locking period of xABR, the larger the number of votes one gets, influenced by the square root of the interval. Locking a small number of tokens for a prolonged period of time allows for maintaining a high voting power while remaining flexible in the staking chain selection.
You may find a detailed explainer of how the votes are calculated here.
Voting in Staking DAO
The Staking DAO page displays the timer of the rewards distribution. Until the date is due, users may vote for the preferred chains. When the timer runs out, the rewards are distributed according to the voting results. The new voting period then begins, allowing DAO members to decide the reward distribution for the next week.
Allbridge is a simple, modern, and reliable way to transfer assets between different networks. It is a bridge between both EVM and non-EVM compatible blockchains, that aims to cover L2 solutions and NFT transfers in the future.
Allbridge’s mission is to make the blockchain world borderless by providing a tool to freely move assets between various blockchains.