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SpiderDAO, the first hardware-enabled Decentralized Autonomous Organization (DAO), has announced a program that allows users to stake SPDR tokens for up to 12 months in exchange for APY and tangible bonus rewards.
The initiative comes after the SpiderDAO team listened to community concerns regarding its liquidity program. Users observed that the network’s high compensation to liquidity miners created a significant amount of emissions which drove the SPDR token price down.
In response, Spider Nests offer rewards to users who are not liquidity providers based on the period of time they decide to stake their funds in the protocol.
“Each nest consists of a set of requirements and parameters that are compensated accordingly. These compensations range from 36% to 80% APY depending on their lock period, meaning that a 90 day lock-up of over $500 could receive a 60% APY. This means the staker would receive 5% of the locked amount in return after each month,” said SpiderDAO Founder and CEO Nathan Varty.
SPDR token holders can also participate in the LAU concept (Liquidity as Utility) and benefit not only from the APY itself but also by getting free access to the SpiderVPN services. Moreover, 60% of the SPDR token supply will be given away to the community via distribution over 5 years.
What is SpiderDAO?
Founded in 2020, SpiderDAO is the industry’s first hardware-enabled DAO that bundles multi-layered hardware and software tools on top of the Polkadot Network – a blockchain protocol with two goals: providing shared security among all connected parachains and allowing all connected chains to interoperate.
How SpiderDAO is making difference?
SpiderDAO’s vision is to create a provable, open source, decentralized VPN, as well as add a multi-layer privacy solution where users are not only secured through the DAO, but their networks are secured with Spider dVPN and ad blocking.
All user data is encrypted through dVPN to ensure that all network traffic is secured when leaving or entering the network. SpiderDAO’s native token SPDR is the first-ever to be listed on the Polkastarter exchange.
SpiderDAO on Telegram: https://t.me/SpiderDAO
Join Discord: https://discord.gg/freymYYspb
