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250 million Enjin Coin (ENJ), representing the Enjin Blockchain Early Governance Rewards Pool, will be released over 10 release dates beginning January 15, 2024 to staking holders representing an aggregate of 248,181,316.71 ENJ (approximately 14% of the 1,776,377,836.18 ENJ total supply as of January 15, 2024).
Nomination pools had a weighted average age of 92 days, based on ENJ staked. An additional 25 million ENJ, as of January 15, 2024, in normal governance rewards (from inflation) were also distributed to staking holders (separate from the 250 million Early Governance Rewards Pool).
A snapshot was taken on January 15, 2024, at block height 3,247,000 and finalised at block 3,247,013 (approximately 04:51:54 AM GMT or 12:51:54 PM Singapore time). Early governance rewards ENJ is added to and staked with the existing ENJ staked by each holder in the relevant nomination pool.
Given the importance of securing a new proof of stake chain, Enjin Blockchain was created with a 250 million ENJ early governance rewards pool to facilitate this by incentivizing migrating holders to participate in governance and validator oversight.
These rewards will be released in 10 equal intervals, 25 million ENJ per release date, with the first release described above. Each interval will be 30 eras in Enjin Blockchain or approximately 30 calendar days. An era in Enjin Blockchain is approximately 24 hours.
Early governance rewards were released to holders who staked ENJ in nomination pools before block height 3,247,000. These rewards, subject to the above release schedule, will be distributed to nomination pools at this block height, with more rewards distributed to older pools following a linear formula. Thus, holders who staked ENJ in nomination pools that formed earlier (meaning, holders who staked longer) received a greater share of the rewards.
Nomination pools will distribute these rewards to holders in proportion to their ENJ staked in the pool.
Enjin Blockchain is a Substrate proof of stake blockchain custom built for non-fungible token (NFT) transactions. Being a proof of stake chain, it is secured through holders staking its native coin, ENJ.
For further information:
How to participate in Enjin governance and staking
Enjin Governance and 250M ENJ Early Governance Rewards Pool
Oscar Franklin Tan, CFA (press@enjin.io), is the Chief Financial Officer and Chief Legal Officer of Atlas Development Services, a core contributor to Enjin Blockchain.
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