The last few years have witnessed a tremendous rise in the GameFi space in terms of revenue and user base. We now have several popular titles, but the craze for most of these tends to subside after a while. It’s mainly because these are centered around the game and do not focus on the other aspects of the domain. And this led to the creation of ChocoDoge, an NFT GameFi project on the Dogechain.
ChocoDoge is an NFT Gamefi project on Dogechain. But that is only the tip of the iceberg. In order to guarantee the project’s long-term stability and financial security, ChocoDoge team additionally provide Defi products with alluring profit margins.
The team at ChocoDoge has developed an extensive project encompassing the various domains in the space. In addition to the NFT game, users can benefit from several DeFi products offering excellent returns on the ChocoDoge ecosystem. There are bonds, a dedicated bank, and farms, but one that has been actively promoted by the team and provides considerable returns is Staking. And that’s what we will be focussing on here.
Staking on ChocoDoge
Staking is when you lock crypto assets for a set period of time to help support the operation of a blockchain and earn passive income. The idea is simple, users deposit their holding (or even a part of it) into the staking pool and are then required to validate the transaction. And it works because users have their investments at stake, and any mistake or mischievous activity on their part will tend to affect their holding as well. It keeps them going and instills a sense of responsibility. The person doing this is referred to as the validator and earns steady rewards from the blockchain for the contribution.
But, you don’t necessarily need to verify transactions or be actively involved to earn the staking rewards. De-Fi projects, these days, offer investors the option to simply stake their holdings and, in turn, receive a steady stream of rewards. And there’s generally a locking period before which the holdings can’t be withdrawn from the pool.
ChocoDoge, too, works on the same idea, the only difference being that the staking process is a lot simpler and delivers a higher return. It can ensure that by employing advanced protocols and building a token-based economy where the supply is favorably modified automatically based on the market trends.
Another aspect that makes staking on ChocoDoge profitable is that users stake USCD while they receive USDC’s rate of return. USDC is one of the popular stablecoins pegged to the US dollar, with a market cap of $54 billion, and is managed by members from CoinBase and Bitmain. And the best part, there’s no Locking Period on ChocoDoge. So users can withdraw their holding from the staking pool at will, though the key is to leave the funds for a more extended period to earn higher returns.
The details for Staking Season 1 are as follows:
From: 2022/09/10, 00:00 GMT
To: 2022/09/24 00:00 GMT
Token to be staked: USCD
Rewards: 50,000 USDC
So, go ahead and stake as many USCD to earn the best returns in the market, that, too, in the form of USDC stablecoin, considered one of the safest investments.
About the ChocoDoge Bank
The ChocoDoge bank allows CD holders to stake their tokens and earn rewards in the form of USCD after each epoch if the Time-weighted Average Price of USCD is greater than that of USDC. The duration of each epoch on ChocoDoge is 4 hours, and actions undertaken here lead to 12-epoch locks for withdrawing CD tokens, while for USCD, the lock period is 6 epochs.
USCD is not a stablecoin backed by fiat or cryptocurrency, the token has employed advanced protocols and stability mechanisms to ensure a $1 peg. After the initial expansion and the project acquiring relative stability, the USCD token will also facilitate transactions, including in-game and in-app purchases.
Holding a CD or the ChocoDoge Share provides several other benefits. The primary is voting on critical changes to the platform, including bonuses and rewards. Since ChocoDoge works as a DAO, anyone holding a CD will have the right to vote. If you possess the right intellect and experience to navigate the project through the initial phase to success, acquire as many CD tokens as you can, and become a prominent voice in the community. And remember, the total supply of ChocoDoge Share is capped at 200,000.
To find out more about ChocoDoge, visit the official website: https://chocodoge.dog/
Also, follow ChocoDoge on social channels to stay updated with the latest developments and releases.
Telegram (Group): https://t.me/ChocoDogeChat
Telegram (Announcement Channel): https://t.me/chocodogechannel