Governance & Staking
We’ve made it clear that FomoETH is a community-based ecosystem, one that facilitates redistribution and ownership for dedicated holders and supporters of the platform. This system promotes a democratic governance system through the issuance of our native token. FomoETH holders can opt to nominate and vote for proposals as well as participate in on-chain elections dedicated to developing and improving FomoETH functions and mechanics.
Alongside holder governance privileges, holders will also be rewarded based on the number of FomoETH tokens they hold at the time. These rewards stem from the contract fees exacted from platform transactions which are later stored on the network. Once this number is sufficient enough to redistribute evenly, eligible holders will begin receiving their funds based on the network currency. It’s important to note that the higher the volume of transactions, the more ETH will be distributed throughout the network.
As previously mentioned, income isn’t limited to sole token holding, as users can also earn for themselves by participating in NFT trade through the NFTagram application. To incentivize quality, FomoETH will introduce a series of contests and rewards for the people most dedicated to creating high-quality NFTs, as well as fan favorites, including works put up by popular NFT artists, and even celebrities who join the NFTagram app.
Combining DeFi and NFTs, FomoETH provides staking pools to stake unique NFTs and tokens in order to win further rewards beyond the standard benefits that come with being a holder.
How Does Staking Work for FomoETH?
To heighten the ways in which holders can earn in the FomoETH ecosystem, we are supporting a staking farm for our holders. Similar to a regular Proof of Stake model, which involves users locking up their tokens to get rewards, holders will commit their assets in order to receive bonuses.
The Staking periods will be offered in increments of 6 months starting from a minimum of one year. The longer staking commitment will reward holders with higher APY, while ensuring they can still participate in voting and ecosystem events as a virtue of their token ownership.