PembRock Finance, the first leveraged yield farming project on top of the NEAR network, has rolled out a staking-powered Decentralized Autonomous Organization today. Through it, the protocol will share 100% of its profits back to users, literally making them PembRock stakeholders.
- You can stake PEM and share protocol profit;
- According to the tokenomics, 100% of PembRock’s profit will be distributed through the Protocol Profit sharing mechanism, also known as staking;
- You will get Voting Power in the form of vePEM tokens.
Share Your Vision
To join the DAO, PembRock users take part in staking — meaning the more they stake, the more weight their vote carries.
This concept is known as Voting Power. Within the PembRock protocol, the Voting Power is calculated in vePEM tokens that are given to users in return for staking the original PEM.
Another major thing that comes into play is how long you lock your tokens for. The longer you do, the more powerful you are. This is done to make sure that all users are in it for the long term.
This is a big change because stakers not only take ownership of the project’s future, but also get rewarded for doing that — and set the size of the reward themselves.
The maximum period over which you can lock your tokens into staking is four years. Once you’ve staked PEM, you can’t withdraw it until the end of that period, but you can adjust the amount and the period anytime.
1 PEM locked for 4 years = 1 vePEM (1 unit of voting power)
For example, if you were to stake 1,000 PEM, the value of your Voting Power based on the lock-up duration would be approximately:
- 1 week: ~4.8 vePEM
- 1 month: ~20.83 vePEM
- 1 year: ~250 vePEM
- 4 years: ~1,000 vePEM
Please note that the numbers above are estimates. On the technical side, staking happens on Thursdays only, so if you lock PEM on any other day of the week, the amount of vePEM you get will be slightly different.
What Exactly You Can Do Now
The very first vote held by the DAO is on the distribution of community rewards set to go out in November. It starts today and finishes on October 28.
After staking PEM, which both lenders and borrowers can do, you will be able to select pools — think of those you’ve already joined or plan on joining soon — and allocate all of your voting power among them. Just remember that it should add up to 100%. If you change your mind, you can re-vote while the voting window is still open.
Four simple steps you need to take:
- Visit the Staking section at app.pembrock.finance/staking;
- Choose the amount and the period (use calculator for help);
- Visit the Voting section;
- Make the allocations.
In the future, there will be more opportunities for you to vote on. Among other things, our tokenomics includes DAO Balance, and it is you who will decide how much a particular project should get.
To learn more about participating in the DAO through staking, check out PembRock School’s most recent guide.