The post Nervos Network Launches NervDAO to Enable CKB Staking and Rewards appeared on BitcoinEthereumNews.com.

Nervos Network Launches NervDAO to Enable CKB Staking and Rewards The Nervos Network has officially launched NervDAO, a new platform that enables users to engage with the Nervos DAO through a variety of wallets, including JoyID Passkey, OKX Wallet, and others. The announcement was made via the team’s X account, CKB DevRel, marking a significant expansion of Nervos’ decentralized finance (DeFi) offerings. The NervDAO platform allows users to lock their idle CKB tokens, effectively staking them to protect against secondary issuance while earning rewards. This mechanism provides a way for CKB holders to generate passive income and further supports the Nervos Network’s economic model. What is NervDAO? NervDAO is an integral part of the CKB economic model within the Nervos Network. By enabling users to lock their CKB tokens, the platform allows participants to safeguard against the dilution caused by secondary issuance, which refers to the continuous minting of new tokens in the network. In exchange for locking their CKB, users earn rewards in a process similar to staking. The launch of NervDAO is a major step in expanding the decentralized finance offerings on the Nervos blockchain, as it encourages long-term participation from CKB holders while promoting the security and sustainability of the network. How NervDAO Works Users can interact with NervDAO using a variety of supported wallets, including the JoyID Passkey, OKX Wallet, and other compatible wallets. This flexibility allows for seamless integration with the Nervos Network, making it easy for users to lock their CKB tokens and start earning rewards. The process is simple: Connect a supported wallet (JoyID Passkey, OKX Wallet, etc.) to the NervDAO platform. Lock idle CKB tokens in the NervDAO, which helps protect against secondary issuance. Earn rewards similar to staking, incentivizing long-term token holding and network security. This setup provides a dual benefit…

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Filed under: News - @ September 26, 2024 7:18 am