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Key highlights:
- Enjin is offering some sweet incentives to get involved with their new blockchain governance early.
- Stake ENJ and vote for nodes to earn daily interest, plus snag bonuses like 50 million ENJ just for pooling in the top few groups. Governance is live now in the Enjin wallet app.
- Plus voting gives you sway over proposals that shape Enjin's future.
The Enjin blockchain launched in September 2023 as a highly anticipated move toward decentralization for the Enjin ecosystem. Now in October, Enjin is rolling out exciting new opportunities for community members to get involved and earn rewards through the early governance program.
Governance and staking now live for Enjin Wallet users
As of October 2nd, the Enjin team has activated governance features and staking within the Enjin wallet mobile app. Both iOS and Android users can update to version 2.5.1 to start participating.
This allows Enjin wallet holders to bond their ENJ tokens in nomination pools as part of the blockchain's proof-of-stake consensus. In essence, users can now have an influence in the direction of the blockchain by voting for validator nodes. The more ENJ bonded, the more voting power users will wield.
Validator nodes are responsible for adding new blocks to the chain and will receive a portion of transaction fees as a reward. This makes staking ENJ a great way to earn passive income. The minimum amount required to participate is 10,000 ENJ.
What you need to know about staking on Enjin
Staking on Enjin is relatively easy for wallet users. Here's a quick rundown of what you need to know:
- Update to the latest Enjin wallet version on your device's app store.
- Tap the "Bond ENJ" button on the home screen and select a nomination pool to join.
- Bond at least 10,000 ENJ to activate staking. More ENJ means more voting power.
- Sit back and earn staking rewards! Compounding interest is paid out daily.
- Unbonding takes 72 hours, so plan ahead if you need to withdraw ENJ.
- Only bonded ENJ can be used for voting, so be sure to keep some available.
- Remember, bonding ENJ gives you a say in governance, boosting decentralization.
The Enjin team advises checking their official resources, like the Enjin Help Center, for the latest information on staking procedures.
Early rewards for participants
In addition to earning staking rewards, Enjin is incentivizing early participation in governance with bonus token rewards.
Here's how the early governance rewards will be distributed, according to Enjin's announcement:
- 50 million bonus ENJ will be awarded to stakers in the first 3 nomination pools that reach 500 million ENJ bonded.
- 150 million bonus ENJ will be split between all nomination pools proportional to the amount of ENJ staked before November 1st.
- 100 million bonus ENJ will be airdropped to wallets that vote in the first on-chain governance proposal.
As you can see, there are plenty of opportunities to earn extra ENJ on top of your staking rewards. But you have to act fast to maximize earnings, as these governance incentives are limited-time offers.
Get Involved in Enjin's Future
Through staking and governance, Enjin community members now have a more direct say in the future of the blockchain. This is an exciting time for the project as it continues decentralizing.
According to data from Coincodex, Enjin Price is down around 4.83% over the last month, currently trading hands at $0.225 a token.
Looking more long term though, ENJ has shown some resilience compared to the wider crypto bear market. Moreover, its increased fundamentals like the blockchain launch and emerging passive income opportunities could set ENJ up well once bullish sentiments return.
The early rewards program gives added incentive to participate. But more importantly, stakers can influence decisions, support validator nodes, and earn passive income. If you hold ENJ, be sure to update your wallet app and bond tokens to get started with governance today.
How to buy Enjin Coin (ENJ)