Learn how to grow your SHN token holdings without buying more.
In simple terms, staking is one strategy that can generate a passive income. You simply deposit coins for a fixed period of time to earn interest.
What is SHN Token?
SHN Token is a multichain token with a maximum supply of 100M. It is minted on the Ethereum Mainnet (ERC-20) and currently fully supported on the Polygon (Matic) Network.
How to buy SHN Token?
1. Buy SHN / ETH on Uniswap
2. Buy SHN / MATIC on Quickswap
3. Buy SHN / USDC on Quickswap
How to add SHN To MetaMask?
To add SHN in your MetaMask, go to Import Tokens > Custom Token > (copy token address for respective network).
Token address for Ethereum Mainnet: 0x1C7ede23b1361acC098A1e357C9085D131b34a01
Token address for Polygon (Matic) Network:
0x53d76f967de13e7f95e90196438dce695ecfa957
What is VeSHN?
veSHN is the new non-transferable governance token of ShineDAO. SHN token holders can now lock their SHN token for a maximum of 4 years and get benefits proportional to their lock time.
veSHN decays slowly over the locking period, eventually reaching 1–1 with locked SHN, at which time the users can redeem the veSHN reward token back for SHN.
Users can also get additional veSHN by locking more SHN or extending the lock period.
How to Lock SHN?
Simply enter the amount you want to lock and select the lock time. You will be able to see
your initial veSHN balance. After approving a lock, you will be able to create a lock.
Benefits of Max Locking Your SHN Tokens to Earn VeSHN
●veSHN acts as an access token for SEED. Users can get up to 75% discount on the SEED access with a 4-year lock.
● veSHN holders are eligible for sustainable SHN yield coming from buybacks (SEED fees + treasury yield). The individual distribution weight of the amount locked depends on the lock duration. Users get up to 4x weight with a 4-year lock.
● veSHN holders are eligible for vested token distributions from SWAP. The individual distribution weight of the amount locked depends on the lock duration. Users get up to 4x weight with a 4-year lock.
● Each veSHN has 1 vote in governance proposals. Staking SHN for the maximum
time (4 years) generates 4 veSHN and up to 4x voting weight on your SHN
How to Stake SHN?
You will be able to see base and max APR along with other relevant info in the staking section of ShineDao. Base APR is representing reward for minimum lock (7 days), and max APR is representing reward for maximum lock (4 years).
How to Claim VeSHN rewards as SHN?
You will be able to see your veSHN rewards and claim them in the claim section of ShineDao.
How to Withdraw claimed SHN rewards?
Withdraw will allow you to exchange your veSHN for SHN once the lock expires. The
withdrawal button will appear once the lock expires.
How to increase VeSHN Balance?
To increase your veSHN balance you can either lock more SHN or increase the lock.
It should be noted that each account can only have a uniform lock time: A single address cannot lock certain SHN tokens for 2 years then another set of SHN tokens for 4 years etc.
Conclusion
The veSHN staking process has a lot to offer for both those involved in the world of crypto and those outside of it.
Stakers can earn interest on their cryptocurrency holdings, potentially increase the value of their coins, and contribute to a healthy crypto community.
In other words, staking is profitable, efficient, and good for the environment. Sounds good, right? All that’s left is to get started.
Links:
