SpiderDAO listens to community with Nest release
Community feedback is an essential part of any decentralized project. One of the main advantages of participating in blockchain initiatives is that they are closer to being community-owned than traditional technology startups. This is even more so for SpiderDAO, the first hardware-enabled Decentralized Autonomous Organization.
The project is known for pioneering a user-focused and whale-resistant decentralized VPN service on the blockchain with important features such as the SPDR utility token and liquidity mining. More so, SpiderDAO’s token economics are set to that 60% of its token supply will be given away to the community via distribution over five years.
After the success of its liquidity program, the SpiderDAO community raised concerns on various channels about some of the program’s downsides for users who weren’t liquidity providers. Users observed that the network’s high compensation to liquidity miners created a significant amount of emissions, which drove the SPDR token price down.
The team swiftly developed a solution that would benefit all participants in the SpiderDAO network. Spider Nest introduces a staking program that offers rewards to users who are not liquidity providers based on the period of time they decide to lock their funds in the protocol.
SpiderDAO Founder and CEO Nathan Varty explained that “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.”
Likewise, Liquidity as Utility is equally available to SPDR token holders. Users can benefit from both APY and from free access to the SpiderVPN services.
Healthy communities can make or break a blockchain project. Spider Nest sets an example in listening to feedback and finding solutions that benefit all participants in a network.
Disclaimer: This article is a paid post and must not be considered as news/advice.