Join $5000 USD giveaway to celebrate WOW staking launch 🚀🚀🚀
Degen Governance 101 🤴👸
Governance is a mechanism, through which degens can control important parameters of WOW protocol, ensuring its profitability and security in a decentralized way.
Via onchain voting degens can set the protocol’s lending rates 📊, liquidation margins❌, liquidation rewards 💸, approve 🔥 tokens for leveraged trading, as well as submit and accept WOW improvement proposals🧾.
To participate in Governance degens need votes, represented by non-transferable xWOW tokens, which they can get in exchange of staking WOW tokens and Pancakeswap WOW/BNB LP tokens.
Today, W😮W protocol released its first governance module, allowing degens all over the world to stake their WOW and WOW/BNB LP tokens and receive governance rewards, paid in WOW. Staking by itself is sufficient to be rewarded, no voting is necessary.🆒
Staking 💸
You can stake WOW and WOW/BNB LP tokens for a period from 1️⃣4️⃣ to 7️⃣3️⃣0️⃣days. The longer period you select, the more xWOW tokens you will receive in return 🚀.
👉 The number of xWOW tokens received for staking Pancakeswap WOW/BNB LP tokens is slightly higher (x1.25) than for staking of the equivalent value of WOW tokens, because LP tokens have exposure to impermanent loss.
👉 Governance rewards are distributed proportionally among all xWOW holders, so by selecting a longer staking period you will be entitled for a larger share of the 💰.
👉 Once you staked your WOW and WOW/BNB LP tokens you can not unstake them 🙅♂️before the staking period is over. However, you can restake your staked tokens for a longer period.
Staking rewards and APY:
💪WOWswap has allocated 210,240 W😮W (21% of the total supply) for Governance rewards, distributed over the course of 8️⃣ years. The rewards will be halved each year: 1st year — 105120 WOW, 2nd — 52560, 3rd — 26280, etc., heavily incentivizing early degen staking👨🌾!
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