XY Token Mining #2 Launch

5 min readJan 10, 2022

Following our mission, we are thriving to be a community-driven project. Hence, to reward our early DAO members, we have decided to launch our second token mining program! Let’s dive into the details of our XY Token Mining #2.

XY Token Mining #2 Key Information

Where to Lock XY: XY Token mining is available at https://app.xy.finance/dao
Time Period: 2022/01/12 08:00 UTC ~ 2022/02/10 08:00 UTC
Rewards: 15,000 XY Tokens
Reward Calculation Mechanism: your share is weighed by your veXY, which will be recorded in the snapshot at a random timing each day
Claimable Rewards: after closing the mining campaign, we will announce the final XY rewards of each DAO member and the details of how to claim your rewards

When locking your tokens, you can choose the length of the lockup period, ranging from 1 to 104 weeks. Please note that the setting of XY lockup is to reward long-term committed DAO members. Therefore, if you locked your valued XY Tokens at a longer lockup period, you will record more veXY. For example, if you lock 1 XY Token for 2 years, you will receive 1 veXY. On the other hand, if you lock 1 XY Token for 1 year, you will receive 0.5 veXY only.

Lock more XY Tokens in the XY Token mining pool with a longer lockup period, you will receive a higher share from the pool.

How to Lock Your XY Tokens

The first thing you need to do is enter our DAO page, as seen above.

Connect your wallet

The next step is to connect your wallet. Click the “Connect to Wallet” button in the top right-hand corner and you will see the screen in the image below pop up.

Here, you can choose from a number of options, such as MetaMask or other web3 wallets through WalletConnect.

2–3. Pick your preferred lockup period and amount of XY Tokens

After you have connected your wallet, you’re ready to start locking your XY Tokens. The next step is to input the parameters of your stake, such as lockup time and token amount. As mentioned above, you have the ability to choose between 1 to 104 weeks for the lockup period. A longer lock duration can increase your token rewards and APY boost rate. Meanwhile, you can extend the duration to meet your desired time frame. How to extend the duration of your locking contribution can be found later in the article.

4. Approve

After you have chosen your preferred settings, press “Approve to Lock XY” as shown below.

5. Lock XY

After confirming the transaction, continue by pressing the “Lock XY” button as shown below. The details of your locked XY Tokens will pop up.

6. Confirm the transaction

Then click the “Confirm” button to proceed. You will need to sign the transaction in your wallet once more.

After you have confirmed your transaction, please wait patiently for your transaction to be confirmed, as transaction times on the Ethereum blockchain depend on current network congestion and how much gas was supplied to the transaction.

7. Congrats & welcome to XY Finance family!

That’s all there is to it. Once the transaction is confirmed on the Ethereum blockchain, your tokens are officially locked and you are officially a member of the XY DAO! Please note XY Token stakers won’t actually receive the veXY in their wallet after the successful locking. Our smart contract will record your voting power, known as veXY, and it will calculate your voting power based on our formula written in the smart contract.

We are very humbled and excited to welcome each one of you into the XY Finance family. Locking your XY Tokens proves your long-term commitment to our project and we appreciate that support greatly.

How to Extend Lockup Period of Your Locked XY Tokens

Click the “Extend Date” button.
Select your desired time frame between 1 to 104 weeks for the lockup period.
Click the “Enhance Power” button.

4. The details of your extended lockup period will pop up. Click the “Confirm” button to proceed. Your wallet will ask for you to sign the transaction. Confirm the transaction from your wallet.

5. After a moment, you will see your extended XY Token lockup period on the page.

You can repeat the above steps to extend the lockup duration as much or as often as necessary

How to Lock More XY Tokens

Click the “Add Locked Amount” button.
Enter the amount of XY Tokens you want to add to your locked position. Please note the lockup duration of the newly-locked XY Tokens will be the same as the previous lockup duration you agreed to.
Click the “Enhance Power” button.

4. The details of your locked XY Tokens will pop up. Click the “Confirm” button to proceed. Your wallet will ask for you to sign the transaction. Confirm the transaction from your wallet.