The future is for everyone - and you can help shape it.
LIDO Nation mints and distributes PHUFFY coin as a perk for our delegators. Using PHUFFY coin, delegators like you direct our pool's charitable giving.
Blockchain technology creates new opportunities for decentralized decision-making, shared power - and shared responsibility. PHUFFY Coin is free to use, and is a fun way to learn about blockchain concepts like wallets, addresses, NFTs and more.
All while doing some actual good in the world!
How to participate
We're excited you're considering delegating with us!
Learn about Delegation on Cardano
Rewards for Everyone
Cardano rewards participants, decentralizes power and secures transactions using a network of computer nodes, called Staking Pools.
Unlike First Generation blockchain networks that use a “proof-of-work” protocol, which require massive computers and vast resources, proof-of-stake networks use the native currency to secure the network efficiently.
The Cardano “Network” is just that: a network of connected computer nodes. Each node is maintained by a stake pool operator.
When there are transactions on the network, a node is randomly selected to validate them on the blockchain. Sharing responsibilities removes the need to trust a central authority.
Pool operators are rewarded for the work they do to run the network.
At the end of each “Epoch” (5 days), pools that were selected to mint a block receive ADA as a reward.
Not everyone wants to participate by running and maintaining a computer server.
This is where staking comes in: you can delegate your ADA to a pool. This is where staking comes in: you can delegate your ADA to a pool. Then, when that pool gets rewarded, you get paid too.
Staking is no-risk and all reward.
You can spend, trade, or use your ADA whenever you want to. While your ADA is staked, you are eligible to earn rewards.
Staked Cardano earns about 5.5% annually in rewards.
You're ready to delegate your stake!
Congratulations on taking a big step towards a future that works for you too!
If you only recently setup Daedalus or hasn't started it for a while, the Delegation tab may not load while your wallet is syncing up with the blockchain.
You must have atleast 3 ADA to delegate.
Go to the delegate tab
On the browser extension, the tab is "Delegation List." It's just "Delegate" on the mobile apps. The blue "Go to Staking Center" button, if you have it, will also take you were you need to be.
Search for lido
Scroll down and click the "Delegate" button under "[LIDO] Lido Nation."
Enter Password and Delegate
Enter spending password, then press the "Delegate" button to confirm. If delegating for the first time, the 2ADA will be locked up, and 0.174257 ADA will be spent cover the transaction fee. If you ever undelegate, you will get your 2 ADA back.
Wallet Delegation Complete!
It will take a few minutes for delegation to make its way around the world. Then 10 days before you see rewards from LIDO!
GET EXCITED: You are here in time for the launch of PHUFFY Coin.
To be included in the first round of PHUFFY Coin distribution, note the following dates:
- Stake to the LIDO pool by Jan 1, 2022
- Register and Validate your delegation by Jan 12, 2022
- PHUFFY will be distributed before voting opens on Jan 15, 2022.
After Jan 1, new delegators can join anytime and will get PHUFFY whenever LIDO mints a block. Launch participants will just get a little more PHUFFY right away - we've been saving some PHUFFY just for you!
Current Causes winner will be declared
Give Well Maximum Impact Fund
When we receive a donation designated for the Maximum Impact Fund, we grant 100% of the value of the donation (minus any fees charged by payment processors) to the charity or charities that the research team recommends at the end…
Friends of Ngong Road
Friends of Ngong Road provides education and support for Nairobi children living in poverty whose families are affected by HIV/AIDS so they can transform their lives. The program seeks out children who have the ability to succeed but not the…
Art Buddies pairs kind adults with children from the Twin Cities highest needs schools for creative one-to-one mentorship programs.
Voting activity stream coming soon
These great causes received donations from LIDO Nation because this community earned PHUFFY and used it to vote for a better tomorrow!
First winner Coming April 2022
How does it work?
- What is phuffycoin?
PHUFFY Coin is a LIDO Nation Labs community project. It's a voting token used to make crowd sourcing decisions about charitable giving. By using blockchain technology, the voting system is transparent, auditable and easy.
- How does PHUFFY get created?
At the end of an epoch, half of LIDO pool margin is used to mint PHUFFY coins for charitable giving. PHUFFY are delivered directly from mint to delegation wallets. The PHUFFY you hold is worth ADA, when you vote for your favorite cause, you are both saying that you want your cause to receive our funding as well as saying an amount you controll for them receive.
- How much PHUFFY do I get?
- How much 1 PHUFFY worth?
PHUFFY coin is only used to direct charitable giving. It is a voting token that represents real value on the Cardano blockchain. LIDO Nation sets aside HALF of our pool's earnings for charitable giving, and then we give it to our delegators to direct that giving. It is not possible to cash out PHUFFY coin. For the techies: PHUFFY coin is wrapped lovelaces. A lovelace is the smallest unit of accounting in Cardano. 1 Million lovelaces = 1 ADA. By using wrapped lovelaces to fuel our giving engine, we can provide tracking, transparency, auditability, and pin point accuracy. When you use PHUFFY coin to vote and your cause wins, the PHUFFY coin gets burned, and the equivalent amount of ADA is cashed out and donated to your cause.
- Where can I buy PHUFFY coin?
PHUFFY Coin is not listed on any exchanges. PHUFFY is not designed to be traded or hodled. The only way to get PHUFFY is to join a community that is using it to organize decentralized charitable giving.
- Is PHUFFY Coin only for LIDO Delegates?
PHUFFY coin was born at LIDO Nation, and for now it lives here. PHUFFY Coin is working with other dreamers and builders to bring it to to other stake pools and communities.. Check out PHUFFY coin roadmap for more details.
- Why is it named PHUFFY?
LIDO Nation started with two people shooting the breeze. Darlington is a blockchain expert and creative whiz. Stephanie, known affectionately to friends as Phuffy, is a total newcomer with lots of questions. During one early conversation, Darlington tried to explain how it all worked by giving a fun, silly example: "You could make a PHUFFY coin!" Soon after that, LIDO Nation was born. It's a great place for newcomers to ask questions and learn from blockchain experts. And we made a PHUFFY coin!
Until we deploy smart contracts, here's how you can follow our accounts on the Cardano blockchain.
The treasury holds locked lovelaces that has equivalent PHUFFY minted and distributed.
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The Governor only holds PHUFFY (and required minimum ADA). When votes are cast, they go here.
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Where redeemed lovelaces go when cause wins in a campaign and related PHUFFY is burned. Last step before transferred to winning cause.
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