How to Lock DAM and Mint FLUX
💡 AI Article Summary
The Core Minting Mechanism
At the foundation of the Datamine Network is DAM, a token with a strictly capped supply of 16,876,779. By locking DAM on the Ethereum Layer 1 network, users can mint FLUX, the ecosystem's utility token. This decentralized process allows anyone to generate token yield without relying on a centralized intermediary or company.
Expanding the Ecosystem
Once FLUX is minted, users can choose to burn it to boost their minting rewards, or bridge it to Layer 2 (Arbitrum). On Layer 2, FLUX can be locked to mint ArbiFLUX, which can subsequently be locked to generate LOCK. This multi-tiered locking mechanism helps manage supply inflation and enhances permanent liquidity within the ecosystem.
How to lock-in DAM to mint FLUX thanks to : https://m.youtube.com/watch?v=P7lzZeICzpU
🎥 Video Transcript & Summary
This community-created video tutorial provides a step-by-step walkthrough demonstrating how to lock DAM tokens on Layer 1 to mint FLUX within the Datamine Network dashboard.
Frequently Asked Questions
What is the relation between DAM and FLUX?
DAM is the foundation token. Locking DAM on Layer 1 (Ethereum) mints FLUX, which acts as the utility token of the ecosystem.
What is the capped supply of DAM?
DAM has a fixed, immutable supply cap of 16,876,779 tokens.
Can FLUX be used on Layer 2?
Yes, FLUX can be bridged to Arbitrum (Layer 2) and locked to mint ArbiFLUX, reducing transaction costs and increasing network efficiency.
· hodlforjesus · #content-creators