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. When can xDEP holders withdraw Depth rewards?

By staking xDEP token in special designed pool, users can get DEP token as rewards and claim rewards at any time..

2. What is the cooldown period before xDEP redeem to DEP?

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.

3. 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.

4. Can I cancel unstake during the cooldown period?

Once users choose to "cooldown", they cannot canel the choice. If users want to stake DEP in DAO again, they have to wait for 7days, claim the DEP out then stake in DAO manually.

5. 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.