XY Finance Token Mining #7 Launch
Following their mission, they are thriving to be a community-driven project. Hence, to reward the early DAO members, they have decided to launch their third DAO token mining program! Let’s dive into the details of the XY Finance Token Mining #7.
XY Token Mining #7 Key Information
- Where to Lock XY: XY Token mining is available at https://app.xy.finance/dao
- Campaign Period: 2022/06/22 08:00 UTC — 2022/07/27 08:00 UTC
- Rewards: 15,000 XY Tokens
- Reward Calculation Mechanism: The rewards will be calculated based on the total number of veXY on supported chains. Your share is weighed by your veXY, which will be recorded in the snapshot at a random time each day.
- Claimable Rewards: After closing the mining campaign, we will announce the final XY rewards of each DAO member and the details of how to claim your rewards.
When locking your tokens, you can choose the length of the lockup period, ranging from 1 to 104 weeks. Please note that the setting of XY lockup is to reward long-term committed DAO members. Therefore, if you locked your valued XY Tokens at a longer lockup period, you will acquire more veXY. For example, if you lock 1 XY Token for 2 years, you will receive 1 veXY. On the other hand, if you lock 1 XY Token for 1 year, you will receive 0.5 veXY only.
Lock more XY Tokens in the XY Token mining pool with a longer lockup period, you will receive a higher share from the pool.
Each XY DAO is independent of the other. XYers can decide to lock a preferred amount of XY Token with a proper lockup period in each XY DAO, both of which can be different than those in another XY DAO. Also, when you lock XY Tokens in XY DAO on one of the supported chains, you can claim the rewards on the same chain only.
How to Lock Your XY Tokens
The first thing you need to do is enter our DAO page, as seen above. Here, we use Ethereum-based XY DAO as an example.
1. Connect your wallet
The next step is to connect your wallet. Click the “Connect to Wallet” button in the top right-hand corner and you will see the screen in the image below pop up.
Here, you can choose from a number of options, such as MetaMask or other web3 wallets through WalletConnect.
2–3. Pick your preferred lockup period and amount of XY Tokens
After you have connected your wallet, you’re ready to start locking your XY Tokens. The next step is to input the parameters of your stake, such as lockup time and token amount. As mentioned above, you can choose between 1 to 104 weeks for the lockup period. A longer lock duration can increase your token rewards and APY boost rate. Meanwhile, you can extend the duration to meet your desired time frame. How to extend the duration of your locking contribution can be found later in the article.
After you have chosen your preferred settings, press “Approve to Lock XY” as shown below.
Please note the “Approval to Lock XY” is set to tacitly approve the limited quota to maximize the security for our DAO members! If you decide to lock 100 XY Tokens for the first time and want to lock more XY Tokens in the near future, you will have to authorize approval again.
To avoid repeated requests for approval, you can click “Edit Permission” to customize your spend limit and enter a proper max spend limit.
5. Lock XY
After confirming the transaction, continue by clicking the “Lock XY” button as shown below. The details of your locked XY Tokens will pop up.
6. Confirm the transaction
Then click the “Confirm” button to proceed. You will need to sign the transaction in your wallet once again.
After confirming your transaction, please wait patiently for your transaction to be processed as transaction times on the Ethereum blockchain depend on current network congestion and how much gas was supplied to the transaction.
7. Congrats & welcome to XY Finance Family
Once the transaction is confirmed on the Ethereum blockchain, your tokens are officially locked and you are officially a member of the XY DAO! Please note XY Token stakers won’t actually receive the veXY in their wallet after the successful locking. Our smart contract will record your voting power, known as veXY, and it will calculate your voting power based on our formula written in the smart contract.
They are excited to welcome each one of you into the XY Finance family. Locking your XY Tokens proves your long-term commitment to our project and we appreciate that support greatly.
How to Extend Lockup Period of Your Locked XY Tokens
1. Click the “Extend Date” button.
2. Select your desired time frame between 1 to 104 weeks for the lockup period.
3. Click the “Enhance Power” button.
4. The details of your extended lockup period will pop up. Click the “Confirm” button to proceed. Your wallet will ask for you to sign the transaction. Confirm the transaction from your wallet.
5. After a moment, you will see your extended XY Token lockup period on the page.
You can repeat the above steps to extend the lockup duration as you wish.
How to Lock More XY Tokens
1. Click the “Add Locked Amount” button.
2. Enter the amount of XY Tokens you want to add. Please note the lockup duration of the newly-locked XY Tokens will be the same as the previous lockup duration you agreed to.
3. Click the “Enhance Power” button.
4. The details of your locked XY Tokens will pop up. Click the “Confirm” button to proceed. Your wallet will ask for you to sign the transaction. Confirm the transaction from your wallet.
5. Soon after, you will see your extra locked XY Tokens on the page.
You can repeat the above steps to lock more XY Tokens to increase your veXY, further increasing your voting power within the XY DAO.
Please note if your XY Tokens have been unlocked, you will need to claim these tokens before you can lock a new batch of XY.
About XY Finance
XY Finance is One Stop Cross-Chain Aggregator for DeFi and Metaverse. Our mission is to facilitate the seamless and secure transfer of on-chain assets, including tokens, NFTs, and more, across all blockchains. The protocol has built a one-click swap aggregator with the highest interoperability that allows crypto users to trade all on-chain assets.