The Enjin Blockchain is undergoing security measures in the wake of the token migration that commenced on September 13. In addition, holders are encouraged to participate in validator and governance monitoring. In order to facilitate this, a sum of 250 million ENJ has been reserved for the Early Governance Rewards Pool. Those who actively participate in shaping the narrative of the Enjin Blockchain will gradually gain access to these rewards. The rewards are scheduled to be distributed in ten equal installments starting on January 15, 2024.
The Enjin Blockchain is a proof-of-stake blockchain that facilitates transactions involving non-fungible tokens (NFTs). The proof-of-stake chain ensures security, as holders stake ENJ, the native cryptocurrency. To preserve chain integrity and prevent any one holder from exerting excessive control, an adequate quantity of ENJ must be wagered. In order to maintain the autonomy and decentralization of the chain, it is necessary for a certain number of ENJ holders to participate in staking, a process that provides different incentives and penalties.
To reward early adopters and stakeholders for staking Enjin Coin (ENJ) and participating in validator oversight and governance, the developers of Enjin Blockchain set aside 250 million ENJ as an incentive, acknowledging the importance of maintaining a new proof-of-stake chain. The rewards are expected to be distributed in ten equal payments beginning on January 15, 2024. With each interval equivalent to 30 eras on the Enjin Blockchain, or around 30 calendar days, 25 million ENJ will be released with each data release.
As of December 14, 55% of the ENJ allowed for ERC-20 token exchanges have been successfully claimed after the Enjin Blockchain went live on September 15 and its token migration occurred. Native ENJ holders are encouraged to participate in governance and help secure the chain.
Nominators cannot be nominated directly by holders; instead, nomination pools must be used. Only owners of the limited-edition Degen NFT collection, the details of which will be revealed later, will be able to organize nomination pools. The inventor of the nomination pool receives a portion of the rewards from validators, usually 5%. The remaining share is given to holders who staked ENJ in the pool in proportion to the amount staked. These prizes are given in exchange for validator monitoring.