esNNN Token
esNNN is a non-tradable and non-transferable token primarily used for staking to obtain various benefits within the Nanon ecosystem.
NNN can be immediately destroyed and exchanged for esNNN at a 1:1 ratio.
esNNN can be destroyed and exchanged back to NNN at varying rates and waiting times. This process is described in more detail below.
esNNN is used to reward Mini Node operators, providing them with various rewards.
Exchange Process
$NNN and esNNN are distinct tokens, and the exchange process follows these rules:Converting $NNN to esNNN
Instant Exchange: $NNN can be exchanged for esNNN at any time at a 1:1 ratio.
No Additional Restrictions: There are no lock-up periods or penalties in the exchange process.
Converting esNNN back to $NNN
Lock-Up Periods and Exchange Ratios:
Shortest Redemption Period: 15 days, with an exchange ratio of 1:0.25 (25%).
The remaining 75% of esNNN will be destroyed after redemption.
Intermediate Redemption Period: 90 days, with an exchange ratio of 1:0.625 (62.5%).
The remaining 37.5% of esNNN will be destroyed after redemption.
Longest Redemption Period: 150 days, with an exchange ratio of 1:1 (100%).
User Control:
Users can cancel the exchange process at any time, and any undestroyed esNNN will be fully returned.
If the exchange is canceled, the lock-up period must be restarted.
Foundation Retention Policy
For the 15-day and 90-day redemption periods, the Nanon Foundation retains up to 50% of the esNNN that is about to be destroyed, to support network development.
Reward Receipt and Multiplier:
Different nodes receive varying reward multipliers based on the amount of esNNN they stake.
The higher the level, the greater the reward multiplier enjoyed by the node.
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