Staking for Governance

HiveAsset NFTs are used for governance and earn protocol yield

DegenHive is the first DeFi protocol to use dynamic NFTs for protocol governance.

To participate, a user needs to do the following actions:

  1. Deposit HIVE tokens in in a HiveAsset NFT.

  2. Stake the HiveAsset NFT for 3, 6, 9 or 12 months, during which it cannot be transferred or traded.

  3. The voting power unlocked is proportional to the HiveAsset’s HIVE balance and the duration boost for which it is staked for.

where,

  • i is the number of HiveAssets locked by the profile for governance,

  • HIVE represents the number of HIVE tokens available with the HiveAsset NFT. In-case the NFT is borrowed, 1/10th of the number of HIVE tokens are used for calculating power.

  • t is the duration boost for the staked HiveAsset NFT. Boost is 1.5 for 3 months, 3 for 6 months, 4.5 for 9 months and 7 for 12 months.

Earning protocol yield

DegenHive implements independent DAO modules on Sui Network and Movement M2 chain, each governed by users with staked HiveAsset NFTs on that particular chain. They earn protocol yield for participating in governance as follows -

  • On Sui Network: Users earn degenSUI (earned as protocol fees by AMM pools, liquid staking and royalties on HiveAsset trading) and HIVE tokens (earned as royalty on subscription payments)

  • On Movement M2: Users earn MOVE (earned as protocol fees by AMM pools and royalties on HiveAsset trading) and HIVE tokens (earned as royalty on subscription payments)

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