nICP

What is nICP?

nICP is a token representing ICP locked in a 6-month neuron. You can benefit from the yield generated by the neuron while still having liquid tokens.

Is it decentralized?

nICP is fully decentralized by design, neurons are directly controlled and managed by a canister, itself controlled by the WaterNeuron DAO. No human intervention is required in any part of the process.

How can nICP have a better APY than a 6-month neuron?

Subject to a six-month unlock period, nICP may offer a higher APY compared to staking in a neuron. How is this possible? nICP is managed by a DAO initiated via the SNS. All SNS ICP is staked in an eight-year neuron, and 90% of the yield is redirected to nICP stakers. The remaining 10% is allocated to the WaterNeuron DAO.

How do I convert ICP to nICP?

Exchange your ICP for nICP tokens at the current exchange rate. Your ICP will be committed to a six-month neuron where it will begin accruing yield.

How do I convert back nICP to ICP?

Your nICP will be burned and a six-month neuron in dissolving mode will be created with the corresponding amount of ICP at the current exchange rate. After the six-month period, you will receive your ICP as soon as your neuron is disbursed.

What is the exchange rate?

Simply put, it is the ratio of the number of nICPs minted to the amount of ICP locked in the six-month neurons.

What is the WaterNeuron DAO?

The WaterNeuron DAO manages the voting on proposals on behalf of nICP holders. Holders of the governance token are entitled to receive 10% of the yield generated by the neurons.

What are the fees?

There are no fees for converting ICP to nICP or vice versa. 10% of the ICP yield from the neurons is directed to the DAO.