XY Finance, which defines its mission as a community-oriented project and develops itself in this direction, has announced that it will launch a new program to reward the first DAO members. You can find all the details about the 10th token mining summit in this guide we have prepared for you.
What is XY Finance?
Before giving information about XY Finance token mining #10, let’s take a look at what XY Finance is. At its core, XY Finance is a cross-chain interoperability mechanism that brings together DEXs and Bridges. Accordingly, unlimited and hassle-free swapping is just a click away with the best routing between multiple chains. In addition, XY Finance also supports 14 different chains, mainly Ethereum, Moonriver, Arbitrum, and Cronos.
What is XY Token?
XY Finance’s local service and management token are the XY Token. The current and future uses of this token are as follows:
- APY upgrade
- DAO management
- GameFi payments
- Treasury management
- Full access to GameFi and NFT projects
- Private mining
Thus, XY Finance plans to increase its preferability by showing itself in many areas.
FAQs About XY Finans Token Mining
XY Finance token mining, whose popularity is increasing more and more nowadays, has brought along those who are curious about it. For example, you can choose the length of the lock-up period, which varies between 1-104 weeks, while you are in the process of locking your tokens. However, you should remember that the XY lock setting has a long-term commitment to rewarding DAO members. Therefore, you can get a much higher share of the token pool by opting for a longer lock-up period. Also, thanks to the following information, you can have an idea about XY Finance token mining #10:
- The locking point of XY: XY Token Mining
- Prize pool: 15.000 XY Tokens
- Prizes that can be claimed: After the 10th event is over, a detailed guide will be published on how each DAO member can claim the XY rewards available on the platform.
- Event date: 2022/10/05 08.00 UTC – 2022/11/09 08.00 UTC
- How the awards are calculated: Rewards are determined based on the total and XY number of supported chains.
On the other hand, each DAO is independent of the other. In other words, XY users can lock as many tokens as they want with a regular lock period for each DAO. However, you should know that when you choose to lock your tokens to any of the 14 chains supported by the platform, you can only receive the reward you will collect through the chain you have chosen.
Methods for Locking XY Tokens
When it comes to locking tokens, the first thing to do is to visit the DAO page. Then, you can learn how to lock XY tokens by following the steps below:
- First of all, you need to integrate your virtual wallet into your account.
- Next, you need to determine the number of tokens you want to lock and how long you will lock this amount.
- After pressing the ”Confirm” button, verify your transaction.
- After your transaction has been verified, click on the “Lock XY” option on the page that opens and confirm the transaction again.
After completing the listed steps, whichever blockchain you are continuing your transactions on, your tokens will be officially locked on that chain. Thus, you become part of the XY DAO.
How to Lock More XY Tokens?
There is a very easy way to increase the number of tokens you have already locked. For this you can follow the steps below:
- First, click the “Add Locked Amount” button and determine how many tokens you want to add. But at this point, you need to know that the duration of the new amount you add will be the same as the previous one so that it is locked.
- Then proceed to the step of confirming the transaction from your wallet by clicking on the ”Increase Power” button.
Thus, you can continue your transactions by locking more XY tokens.
What are the Methods to Extend the Locking Period of XY Tokens?
You can follow the following methods to lock your tokens in an easy way:
- First of all, click on the phrase ”Extend Date”.
- Then, choose a period between 1-104 weeks.
- Then proceed to the name of confirming the transaction from your wallet by clicking on the ”Increase Power” option.
By following these three steps, you can extend the locking time at any time.
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