What Is $CHEW?
$CHEW is the ecosystem currency of BLOC. It is not a memecoin or a shitcoin, and it is not designed to function as a standalone cryptocurrency. $CHEW exists specifically within the BLOC ecosystem and is used for different activities within the ecosystem.
Each NFT generates 200 points per day. These points can be used to fell logs, with holders able to fell any type of log up to four times per day, provided they have enough points.
Felling logs gives holders a chance to win one of the rewards available in the BLOC bounty pool. $CHEW can also be used to enter raffles within the BLOC ecosystem, with more potential uses for $CHEW possibly being introduced in the future.
⚡ Completely Free & Transactionless
BLOC Staking is designed to be transactionless and non-custodial. The platform simply reads and verifies your NFT holdings. You don't need to transfer your NFTs or connect your wallet for a blockchain transaction, meaning there are no gas fees involved.
Staking is completely free, and everything you do within the system is free from transaction fees. Your only cost within the ecosystem is the $CHEW required for activities that use it.
No gas. No staking fees. No NFT transfers. Just participate.
🦫 NFT Holder Boosts
BLOC Staking also rewards holders who collect NFTs from partnered projects. For partnered collections, holding each NFT provides a 1% boost, which can stack up to a maximum of 5% when holding five NFTs from the same collection.
This means collecting more NFTs from participating projects can give holders an additional advantage within the BLOC staking system.
🎁 Collaborated Projects and Bounty Contributions
Collaborated projects can contribute SOL, tokens, NFTs, or other rewards to the BLOC bounty pool. When a project contributes a bounty, its NFT collection receives an increased boost for its holders. The boost is set reasonably according to the value of the contribution and remains active until that contributed bounty runs out.
Their contribution becomes another reward that participants can potentially win, while holders of that project's NFTs receive an additional staking advantage. So when you see one of our partnered collections contributing to the bounty pool, it might be worth holding some of their NFTs.
Most of the bounty pool will still come from BLOC, with partner contributions adding even more rewards to the ecosystem.
🌲 How BLOC Staking Works
As BLOC continues to grow, $CHEW and the staking ecosystem may gain even more uses over time.