What is the Early Governance Reward Program?

The Early Governance Reward Program (”Program”) is an on-chain program aimed at encouraging Enjin Coin (ENJ) holders to participate in blockchain governance through validator oversight. Users who bond their ENJ in nomination pools before January 15, 2024 are eligible to receive additional ENJ as a reward for their participation in network governance during this initial period.

Who is eligible to participate?

All users are eligible to participate in the Program if they contribute their ENJ tokens to a nomination pool before block height 3,247,000 - (January 15, 2024 SGT).

(Note: Your tokens must be ENJ tokens on the Enjin Blockchain. If you still hold ERC-20 ENJ tokens, you will need to migrate them first, following the steps here: How to migrate ERC20 ENJ / EFI tokens to Native ENJ.)

How do I join the Program?

To participate in the Program, you first need to ensure that you have the Enjin Relaychain blockchain added to your Enjin Wallet, and that it holds some ENJ tokens.

Once you have prepared your wallet, tap on the “Stake” button at the bottom menu and follow the on-screen instructions to stake your ENJ tokens.

For a step-by-step guide, check out How to participate in ENJ governance and staking guide

And you’re done! Congratulations on being among the first to participate in validator oversight on Enjin Blockchain. Your contributions help keep the network secure. Please be a responsible steward of the future of NFT adoption!

How much rewards can I expect?

A total of 250M Enjin Coin (ENJ) will be distributed across all eligible participants starting at block height 3,247,000 (January 15, 2024, SGT) based on their share of staked ENJ relative to all staked ENJ in their nomination pool, and their nomination pools age.
The proportion of Early Governance Rewards received by the pool scales linearly downwards from the oldest pool, to the newest pool.

The earlier you are able to stake your ENJ, the higher share of Early Governance Rewards you may secure.

Examples:

A total of 500M ENJ is staked across 20 different nomination pools evenly.

• Example 1
  • Alice stakes 100,000 ENJ to the first nomination pool of 20.
    Her stakes represents 0.4% of the pools total 25M staked ENJ.
    Her nomination pool would receive approximately 10% of the total Early Governance Rewards.
    Alice would receive approximately 100,000 ENJ as Early Governance rewards.
• Example 2
  • Bob stakes 150,000 ENJ in the 10th nomination pool of 20.
    His stakes represents 0.6% of the pools total 25M staked ENJ.
    His nomination pool would receive approximately 4.74% of the total Early Governance Rewards.
    Bob would receive approximately 70,000 ENJ as Early Governance rewards

⚠️ Note: These examples are informative in nature only, and do not represent actual reward values or account for validator commissions and other on-chain fees.

How will rewards be distributed?

Early governance rewards will automatically be distributed on-chain over a 10 month vesting period in 10 equal tranches, with each tranche representing 10% of the total reward pool. The first distribution will be executed at block height 3,247,000 (approx. January 15, 2024, SGT), with each next distribution occurring in 30 eras (approx. 30 days). The rewards will be distributed to eligible participants as staked ENJ and bonded to the same pool in the same ratio as the original accruing ENJ, immediately earning additional rewards.