ENKI ProtocolPrice

(ENKI)

ENKI Protocol is the inaugural Liquid Staking Derivative (LSD) platform launched on the Metis Layer 2 network. Its primary objective is to democratize the Metis Sequencer Node staking process. Traditionally, participating as a sequencer requires a significant entry barrier of 2,000 METIS and technical knowledge. ENKI removes these hurdles, allowing any user to participate in staking and earn rewards without needing to meet the high minimum threshold or manage complex infrastructure. It functions similarly to popular liquid staking solutions by providing users with liquid tokens that represent their staked assets.

eMetis and seMetis serve distinct roles in the ENKI ecosystem. eMetis is a liquid token pegged 1:1 to Metis, acting as a flexible version of the underlying asset. When a user stakes their eMetis, they receive seMetis (Staked eMetis) in return. seMetis is the yield-bearing component of the protocol; it automatically accumulates staking rewards generated by the Metis sequencer nodes. This system allows users to maintain liquidity while simultaneously earning rewards from the network's operations.

The ENKI token serves three vital roles: governance, reward boosting, and ecosystem incentives. As a governance token, it allows holders to vote on protocol upgrades and fee structures. It is also required for the reward vesting process, where users must stake ENKI to unlock a portion of their earned rewards. Furthermore, ENKI is used as an incentive for participants in liquidity mining and the protocol's 'Fantasy' airdrop programs. The total supply is strictly capped at 10 million tokens, following a fair launch model with no private sales or team allocations.

ENKI employs a dual-distribution model for staking rewards. 70% of the rewards are paid out immediately in eMetis, providing users with instant liquidity. The remaining 30% is directed to a vesting contract. To unlock this vested portion, users are required to stake ENKI tokens for a specific duration, typically ranging from 90 to 365 days. The mainnet ratio for this process is roughly 100 ENKI to unlock the rewards for 1 Metis, although this specific ratio is subject to adjustment via protocol governance.

To convert eMetis back to Metis, users can utilize the official Redemption Queue. This process generally takes between 8 and 20 days because it involves 'ejecting' the Metis from the sequencer node's locking pool and bridging the assets. Users can potentially accelerate this timeline by locking ENKI liquidity provider (LP) tokens in the redemption contract. Alternatively, for immediate liquidity, users can trade their tokens on LBank or other supported decentralized platforms, though this may involve a slight price impact compared to the protocol’s 1:1 redemption.

ENKI tokens were initially distributed through the 'Fantasy' airdrop phases to reward early community engagement. Users can track their points and eligibility through the official ENKI DApp dashboard by connecting a compatible wallet. Currently, the ENKI token can be acquired through LBank or various decentralized exchanges within the Metis ecosystem. Participants should be mindful of specific claim deadlines for airdrop phases, as unclaimed tokens may be redirected to the protocol treasury or burned depending on governance decisions.