COFFIN staking for xCOFFIN
Users can stake COFFIN here and receive xCOFFIN as a receipt for your portion of the xCOFFIN pool. The pool is automatically compounded by using a percentage of all transfer tax fees on COFFIN after voting result. The protocol fee will be used to buy back COFFIN and stake COFFIN for XCOFFIN and burn XCOFFIN, implying that the xCOFFIN to COFFIN ratio will increase.
Each XCOFFIN represents a vote of confidence in the value of Coffin Finance and its systemic and healthy ability to keep the CoUSD pegged.
Note that only the community members who hold relevant amounts of xCOFFIN at the time of the creation of the Snapshot block number would be able to vote on the proposal.
This token will not be released immediately, though it will be released after our launching.
This specification is subject to change but can be discussed on Discord or Twitter.
We believe this feature discourages loyal users not to sell COFFIN.
Please read below article also.