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Depth launches DAO. Stake DEP to earn weekly HUSD token rewards
Dear Depth Community,
Depth (https://depth.fi/) will officially launch DAO at 5 pm (UTC+8), on April 30, 2021. Users can earn weekly HUSD token rewards by staking DEP.
By staking DEP to the Depth DAO pool, users can get xDEP at the ratio of 1:1. Users holding xDEP will gain corresponding Depth DAO vote right and weekly HUSD token rewards.
Details about Depth DAO weekly rewards are as follows:
Depth will integrate the following rewards into the DAO pool. Users will earn weekly HUSD token rewards by staking DEP.
- 1.50% transaction fees from the liquidity pools (the transaction fee is 0.04% of the transfer volume).
- 2.LP mining rewards from the lending protocols (that is the mined CAN, FilDA, LHB tokens)
- 3.All transaction fee from future Depth products.
Users will earn xDEP at the ratio of 1:1 by staking DEP to the Depth DAO pool. xDEP will be used to calculate the corresponding right and proportion of rewards each user has. Holding more xDEP means taking higher proportions.
xDEP holders can withdraw the Depth DAO rewards weekly after Friday 2 pm (UTC+8).
Please notice:
- 1.The withdrawal period of Depth DAO rewards is limited to one week. Starting from a Friday 2 pm (UTC+8) to the next Friday 2 pm (UTC+8). If users fail to withdraw rewards during this period, the rewards cannot be withdrawn anymore and will be remitted to the Depth DAO rewards pool for the next period.
- 2.After staking DEP and getting xDEP, users can apply to cancel staking. There will be a 7-day cooldown period after users confirming to cancel. Users will be able to withdraw DEP at the ratio of 1:1 in 7 days when the cooldown period ends.
Risk Reminder: DEP is the Depth's governance token. DEP token has no intrinsic value.
Depth Core Volunteers
April 30 2021
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