Blockchain game development platform Enjin has successfully concluded its early governance snapshot for the distribution of its ENJ token.

Distribution of these rewards is anticipated within 48 hours, and users will be able to monitor the allocation progress through their Enjin wallets.

Enjin Blockchain is a Substrate proof-of-stake blockchain designed explicitly for non-fungible token (NFT) transactions.

The chain relies on holders staking its native coin, ENJ, to ensure security.

The chain's security and decentralisation hinge on active participation in governance and validator oversight by ENJ holders.

Airdrop Schedule

The platform has introduced a 250 million ENJ early governance rewards pool to incentivise holders to stake ENJ and partake in governance and validator oversight.

These airdrop rewards will be released in ten equal intervals, commencing at block height 3,247,000, expected on January 15.

Each interval, lasting approximately 30 calendar days, will see the release of 25 million ENJ.

To be eligible for early governance rewards, holders must stake ENJ in nomination pools before block height 3,247,000.

The distribution of rewards to nomination pools will prioritise older pools, ensuring those who staked ENJ earlier receive a larger share.

As of December 14, 55% of the ENJ allocated for ERC-20 token swaps has been successfully claimed, following the Enjin Blockchain launch on September 15.

Native ENJ holders are encouraged to contribute to chain security and governance.

Staking holds a pivotal role in Enjin Blockchain's security and governance.

Validators and staking holders receive validator rewards and governance rewards to incentivise active participation.

19 million ENJ of governance rewards have been released as of December 15, 2023.

Tokenomics

Token inflation supports network governance at a rate of 4.8927482% per annum, with new tokens released per era.

Validators receive equal shares of the released ENJ, retaining a chosen percentage and distributing the rest to the nomination pools that nominated them.

Nomination pools also play a crucial role in the validator selection process.

Validators can only be nominated through these pools, formed by holders of the Degen NFT collection.

The pools allocate their staked ENJ to nominate validators, and the pools with the highest aggregate ENJ staked determine the chosen validators for transaction processing.

Governance

Governance rewards are distributed at the end of each Enjin Blockchain era, depending on the total ENJ staked for governance.

A percentage is allocated to nomination pool creators, who then distribute the rewards to holders based on their staked ENJ.

Enjin Blockchain, featuring Enjin Relaychain and Enjin Matrixchain, is custom-built for NFT transactions at the protocol level.

Supported by various features and apps, it offers developers a comprehensive toolkit for seamless NFT integration into games and platforms.