What is Egoras Staking

Egoras staking

How Egoras Staking Works

To stake Egoras you interact with the smart contract on the blockchain. You can stake some or all your Egoras to the smart contract. You get to determine how much you’ll like to stake. The bigger you stake, the more bonus you receive. While your Egoras is locked in the smart contract, it earns a share of the 3.12 per cent base inflation rate. Proportional to the size of your stake. That means the bigger you stake, the greater your rewards.

Egoras staking and the stability of Daric token

Egoras protocol uses the Egoras staking pool to adjust the supply of Daric(a decentralised stable coin pegged to the price of an ounce of gold”xau”) in response to changes in demand. It relies on a number of ‘oracles’ external to the ethereum blockchain to provide feeds of the Egoras price in XAU. To maintain the peg, the protocol allows users to create new Daric token by sending 1 XAU worth of Celo Gold or any listed cryptocurrency to the vault, or to destroy Daric by redeeming 1 XAU worth of Egoras from the vault. This is similar to how fiat-collateralized coins work, except that the trusted third party (e.g. Tether or Circle) is replaced by a decentralized protocol.

--

--

Get latest update here

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store