DAMO Staking is Live!
- Type desired amount of DAMO and mint a HAI DAMO Governance Pass to receive reDAMO
- reDAMO = Voting Power
- 1 reDAMO >= 1 DAMO
- reDAMO determines rewards (rewarded, engaged)
- Participate in on-chain governance over DIVs & protocol decisions
- Start accruing reDAMO for Gauge & DIV launch
- Venture team growing, reDAMO holders receive protocol tokens from incubations
reDAMO is a system of staking $DAMO to accrue voting power. reDAMO increases continuously from the moment $DAMO is staked, and is calculated as a function of
(i): the amount of $DAMO initially staked
(ii): time since the staking event
This implementation avoids the rigidness of lock-up based staking methods and ensures that users who stay engaged with the protocol continue to be incentivized to do so. reDAMO will be displayed on a Governance Pass, an NFT minted for the user during their first staking event.
HAI DAMO Governance Pass
The dNFT Governance Pass is the root of governance participation in the HAI DAMO ecosystem. As users stake native DAMO tokens to accrue voting power, the Governance Pass enables them to influence the direction of protocol. The Governance Pass is represented by a dynamic NFT (dNFT), which is constantly updated on-chain using Keepers so that the dNFTs visual display accurately reflects the holder’s current voting power and overall status within the protocol.
What Can I Do With My Governance Pass?
Inspired by the Vote Escrow model established by Curve Finance, our reDAMO token expands on this construct by incentivizing lockups rather than forcing them, thus attracting a larger demographic of participants. The Governance Pass plugs into almost every facet of the HAI DAMO protocol, from managing emission schedules to controlling protocol reward channels — the Governance Pass is responsible for all of it. The HAI DAMO protocol is built for complete autonomy, therefore, integrating Chainlink Keepers into the Governance Pass dNFT was integral since they are the only blockchain automation solution hyper-resistant to single points of failure.
Gauges are how the HAI DAMO protocol incentivizes LP allocations for Decentralized Investment Vehicles. Every week, the protocol will emit a variable amount of $DAMO as rewards to depositors in a DIV. Governance Pass holders stake their reDAMO to vote on which DIV assets should receive $DAMO. This incentivizes $DAMO stakers (Governance Pass holders) to direct rewards to their preferred assets in a DIV, and thus incentivizing a higher allocation of that asset.
In light of current market conditions, we feel it is in the best interest of the protocol to hold off the launch of the gauge. The gauge will launch prior to DIVs releasing and will either direct rewards to Governance Pass holders or burn tokens. With v1 functionality, it is essential to optimize for its launch.
Where is my APY? What is the APY?
APY can be determined based on your reDAMO balance. What this means is that users will not be awarded for simply staking DAMO, users must stay engaged with the protocol to earn rewards. Rewards come in many forms, with $DAMO playing an integral role. Gauge emissions will start off sending DAMO to either the burn address or the Governance Pass reward pool. Once DIVs launch, more reward pools will open up, allowing the building blocks of bribenomics to arise. This means, those who hold reDAMO will have the ability to open up new revenue streams in a similar manner to protocols building on top of ve economics. Users will also be rewarded with tokens from protocols incubated by the DAO. Announcement coming soon on what the venture team has been building behind the scenes.
About HAI DAMO
HAI DAMO is a DAO-operated asset management organization building decentralized investment vehicles. Decentralized investment vehicles leverage idle LP tokens to create collateral-backed, risk-optimized vehicles. Simply put, deposit your LP token and receive real yield. Being a DAO-operated asset management organization, HAI DAMO also aims to incubate projects and be an active market participant.