To thank the ORIGYN community for their support, the Foundation has decided to create a two-week OGY airdrop (until July 2, 2024). This airdrop is available to those who have completed the migration to the new ledger, staked OGY, and connected their Neurons to the new OGY dashboard. This article will explain how to stake OGY and what is required to be eligible for the OGY airdrop.
⚠️ If you haven't migrated your OGY yet, please check out the guide below to follow the steps in the new OGY dashboard:
ORIGYN Upgrade Phase 2: Migration to SNS OGY Token and New Governance Framework
What is OGY?
OGY is a utility token that powers the ORIGYN ecosystem, a decentralized protocol designed to authenticate real-world assets (RWAs).
In the ORIGYN protocol, the OGY token plays a vital role:
Participate in governance: You can stake to participate in decision-making and receive rewards through voting;
“Fuel” for minting certificates: it can be burned to create and mint ORIGYN certificates, covering computation and data storage costs.
What is OGY Staking?
In the ORIGYN ecosystem, staking means locking a certain amount of tokens for a specified time, during which you cannot access them. By locking OGY tokens in ORIGYN's governance, you can create an OGY Neuron, which gives you the right to vote in proposals.
In return for voting, users will receive rewards, and you can lock up your OGY tokens for periods ranging from 1 month to 5 years.
Benefits of staking OGY:
Voting power: The amount of OGY tokens staked and the length of time staked determine your voting power, enabling you to participate in governance decisions;
Earn rewards: By staking OGY tokens and participating in voting, you can earn passive income through rewards distributed by the network;
Airdrop Participation: OGY stakers are eligible for airdrops, i.e., over the next two weeks stakers will receive additional OGY tokens in their OGY dashboard.
How to stake your OGY tokens
Staking OGY tokens is very simple, please follow the steps below:
1. Get new OGY and send it to the NNS dApp
First, make sure to migrate to the new OGY token. Then, open the NNS dApp (nns.ic0.app), log in and copy your OGY address from the “ORIGYN” section to transfer your tokens to this address.
2. Stake OGY and create neurons in NNS dApp
Using your tokens in the NNS dApp, go to the Neuron Staking section and click on Stake OGY, enter the amount, set a dissolution delay of at least one year, and follow another Neuron if you wish.
3. Import Neuron in OGY Dashboard
Log in to the OGY dashboard, go to "My OGY Neuron", click "Add Neuron", copy your Principal from the NNS dApp, add it as a Hotkey, then paste your Neuron ID into the OGY dashboard, confirm and refresh the page.
4. Start voting and claim rewards
Check the Neuron table on your OGY dashboard to see available rewards, click “Claim” to claim your reward, and refresh your balance to see the update.
OGY Airdrop Requirements
The only requirement to receive the OGY airdrop is to stake your OGY tokens in the NNS dApp and connect your Neuron to the OGY dashboard before July 1st.
All stakers will receive the OGY airdrop, as will those who have previously staked on the new OGY dashboard, obviously tokens staked by the foundation are not eligible for airdrops.
Additionally, the size of your airdrop will be proportional to the amount of OGY tokens you stake, so stay tuned for more information.
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