Depth.Fi
Search…
Depth DAO Intro
Depth is a decentralized stablecoin swap protocol. Depth team strives to build the product into a safe stablecoin swap manager based on the HECO ecosystem. In order to achieve this goal and provide users with enduring safe and stable services, Depth decides to introduce the concept of DAO, and conduct the long-term and efficient governance with a Hybrid Governance method.
In the future development of Depth, more new products and services will be continuously launched. Several important roles will always be involved: Depth core developers, Depth liquidity providers and takers, DEP holders. These roles may overlap with and influence each other and should all have the right to participate in the governance of the long-term development of Depth.

I. Depth DAO Governance Model

1. Depth DAO Pool and xDEP Token

In the Depth DAO Pool (click to visit), users can stake DEP to get xDEP token in a 1:1 ratio. xDEP will be used to calculate the corresponding right each user has. xDEP cannot be transferred.
xDEP is the vote counting tool for Depth DAO governance and the proof of Depth DAO rewards. Holding more xDEP means having a higher voting weight. Besides, to inspire long-term supporters, various incentives such as rate discounts and special authority will be added to Depth's new products regarding xDEP.

Stake DEP

Users can get xDEP by staking DEP on the mining page at a ratio of 1:1.

Cancel DEP Staking

Users can cancel DEP staking on the staking page. There will be a 7-day cooldown period before users can withdraw DEP after canceling staking. Within the 7-day period, users will not earn the rewards of the canceling part. When the cooldown period ends, users have to withdraw DEP manually.

2. Depth DAO Governance Structure

The structure of Depth DAO will be gradually improved and revised by adopting the Hybrid Governance method (which allows the team to balance efficient execution and marketing feedback ). For the launch of new assets and the corporation with new projects, Depth will solicit opinions from the community. xDEP holders can participate in the governance and decision process by voting.

II. Depth DAO Common Questions

1. What is the source of Depth DAO rewards?

The Depth DAO rewards include a 50% transaction fee from the liquidity pool (the transaction fee is 0.04% of the transfer volume), the LP mining rewards from the lending protocols (that is the mined CAN, FilDA, LHB tokens), and 100% transaction fee from future Depth products. All Depth DAO rewards mentioned above will be released in HUSD (pegged to USD).

2. When can xDEP holders withdraw Depth rewards?

On each Friday 2 pm (UTC+8), users can start to withdraw the rewards of last week, and there is one week time for users to withdraw the weekly HUSD rewards.
The reward period of Depth DAO is calculated from 2 pm (UTC+8), Friday of Week X, to 2 pm (UTC+8), Friday of Week X+1. The withdrawal period of the rewards is from 2 pm (UTC+8), Friday of Week X+1, to 2 pm (UTC+8), Friday of Week X+2.
For example: The rewards from 2 pm (UTC+8), April 16th 2021 to 2 pm (UTC+8), April 23rd 2021 can be withdrawn in HUSD during 2 pm (UTC+8), April 23rd 2021 to 2 pm (UTC+8), April 30th 2021. If users fail to withdraw the rewards before April 30th 2021, the rewards will be remitted to the Depth DAO reward pool for the next period.

3. What will happen if the users fail to withdraw the rewards?

To ensure the efficient operation of the system and increase user activeness, the withdrawal period of Depth DAO rewards is limited to one week. If users fail to withdraw the rewards in the one-week period, the rewards cannot be withdrawn anymore and will be remitted to the Depth DAO reward pool for the next period.

4. What is the relationship between staking duration and reward amount?

There is NO relationship between staking duration and the amount of rewards users may earn. The reward amount is only related to two factors:
(1) Users' DEP staking amount at 2 pm (UTC+8) each Friday.
(2) The comprehensive earning of each reward period (current week).

5. What is the cooldown period before withdrawing?

After staking DEP and getting xDEP, users can cancel staking. Users are able to set up an amount that they hope to withdraw and click activate cooldown. After confirming, there will be a 7-day cooldown period, which means users can withdraw the staked DEP after 7 days. Within this 7-day cooldown period, users won't get any rewards of the cooldown part and will lose this part of voting right.

6. Can I cancel the staking of DEP in batches?

Users can cancel DEP staking in batches, and the canceled batch is independent of each other. For example, if a user named Alice has staked 100,000 DEPs, she can choose to cancel the stake of 10,000 DEPs on January 1st and January 2nd respectively. Then the cooldown period will end on January 8th and January 9th. 10,000 DEPs can be withdrawn started from different days. The cooldown lock-up period for different batches can be queried on the unstake page.

7. Can I cancel unstake during the cooldown period?

After trying to unstake the DEP in Depth DAO pool, there will be a 7-day cooldown period. During the cooldown period, users will not get rewards and will lose the right to vote for the unstaked part. Users can choose to stop unstaking by clicking the 【cancel unstake】button during the cooldown period or after the cooldown period. Users can restart to get rewards and voting rights immediately after canceling unstake.

8. What is restake? How to restake after withdrawing the rewards? (future function, not inplemented yet)

Some users hope to buy DEP using the rewards and stake DEP into the pool again. This behavior is called restake. To make it easier for users, we developed the click to restake function. Users can restake DEP by just clicking the button instead of going through the complicated procedures of withdrawing, swapping and staking manually.
Last modified 5d ago