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What can Centrifuge (CFG) coins be used for?
CFG coins are used in the Centrifuge protocol to pay transaction fees, participate in the network through staking, and govern the protocol's development.
Dec 14, 2024 at 08:23 pm
What can Centrifuge (CFG) coins be used for?
Introduction
Centrifuge (CFG) is a decentralized protocol that enables the tokenization of real-world assets. This allows these assets to be traded and financed more efficiently on the blockchain. CFG coins are the native cryptocurrency of the Centrifuge protocol and are used to:
- Pay for transaction fees
- Stake to participate in the network
- Govern the protocol
Steps
1. Pay for transaction fees
Transaction fees are required to use the Centrifuge protocol. These fees are used to compensate the network participants who process and validate transactions. The amount of the transaction fee is determined by the size and complexity of the transaction you want to execute. Users can pay transaction fees using CFG or any other cryptocurrency supported by the Centrifuge protocol.
2. Stake to participate in the network
Users can stake their CFG tokens to participate in the Centrifuge network. This allows them to earn rewards for helping to process and validate transactions and secure the network. The amount of rewards users earn is based on the amount of CFG they stake and the length of time they stake it.
3. Govern the protocol
CFG holders have the right to participate in the governance of the Centrifuge protocol. They can propose new features and changes to the protocol, and they can vote on proposals submitted by other members of the community. The decisions made by CFG holders will help to shape the future of the Centrifuge protocol.
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