Pine Protocol: Staking your $PINE
We are excited to announce the first step of the PineDAO. With the launch of staking, users are now able to stake & burn their $PINE tokens and take part in the governance of Pine Protocol (PineDAO)
The launch of staking falls under three major objectives:
- Distribute pre-TGE protocol fees
- Kickstart the decentralization of the protocol
- Bootstrap usage of the protocol
Users participating within the DAO, are eligible to receive incentives gathered from DAO revenue, platform fees, and more.
DAO rewards are organized into ages and further divided into epochs.
The chart below details the incentives and timeline for the first age:
3,000,000 $PINE along with 8.3 ETH are set aside to be distributed to DAO participants (sbPINE + vePINE holders), incentives are distributed in a linear fashion. The total rewards for the age are split across the total epochs for that age.
In order to obtain sbPINE or vePINE and earn rewards, users have the option to either Stake or Burn $PINE tokens.
Full details on the PineDAO and the Age 1 rewards can be found on our whitepaper here:
https://docs.pine.loans/ecosystem/pinedao
Staking Guide
⚠️ Always ensure that you’re on the right domains ⚠️
We advise to bookmark the URLs to prevent going into possible phishing websites that are using similar names
👉 Head over to https://pine.loans/ and select “Launch App”
👉 Head over to “Governance”
Connect to your wallet (currently MetaMask, WalletConnect & Coinbase Wallet are supported)
You will be prompted with the Terms & Conditions pop-up if this is your first time visiting the Pine app.
You will be presented with the following screen:
You will see 4 statistics which we will quickly explain.
Current Reward Pool
The current reward pool section shows the total rewards set to be distributed during the current epoch.
Your Governance Share
This will equal your share of burned $PINE tokens (sbPINE) that gives you a share of the Pine governance profits.
Epoch Ending
This shows the end date of the current epoch. Snapshots of sbPINE & vePINE are taken at the end of the epoch.
Your Projected Rewards
This shows your estimated rewards that you are set to recieve at the end of the current epoch. Note that the number is an estimate, final rewards are calculated at the end of the epoch.
How to Stake
First if you don’t own any $PINE yet, select the BUY button which will direct you to Uniswap.
At the time of writing, $PINE can also be obtained through the CEX gate.io
$PINE is available on both the Ethereum and Polygon chain. However for staking we recommend obtaining them on the Polygon network directly so you can directly use it in our Governance page for staking.
If you currently own $PINE on the Ethereum then you can use the “bridge” button to help you convert them to fxPINE
The following options allow you to Stake or Unstake your $PINE.
Stake
This will bring out a pop-up where you can select any amount to stake. First you will be required to approve $PINE.
After that we can continue to select “ Stake Now”
Once an amount has been selected for Stake Now and the transaction approved, the new amount stakes will be displayed shortly after in the Governance page:
You may choose to Unstake at any time. Note when a user stakes, they lose any accured vePINE proportionate to the amount unstaked.
The rewards will start accumulating in vePINE as can be seen:
In addition, users can choose to burn $PINE tokens, and receive sbPINE. Note that burning PINE is irreversible, and once the PINE token is burned, it is permanently burned.
For full information on vePINE and sbPINE, you can refer to our whitepaper here:
About Pine Protocol
Pine aims to become the gateway for real yield in NFTfi and the Pine team’s mission is to build technology that allows for asset-backed financing to be conducted transparently and efficiently on-chain. The protocol is a non-custodial decentralized asset-backed lending protocol that allows borrowers to borrow fungible digital tokens from lenders using non-fungible tokens as collateral. Built with an open and composable architecture, the protocol can be integrated easily with any NFT and NFTFI platform.
