Fractal Staking — Overview and Step-by-Step-Guide

Fractal
Fractal
May 7 · 7 min read

We are approaching an important cornerstone of the Fractal ecosystem. We will start with our Fractal Staking Program. This article will be continuously updated as we share more information.

WHEN will the staking program start?
Fractal Wallet (i.e. our browser extension) has been accepted by the Google Chrome Browser Web Store on Monday, 10 May 2021. To allow everybody to join, we go live with the Fractal Staking Program on:

Wednesday, 12 May 2021, at 2:30 pm CEST (12:30pm UTC) for the FCL Pool and 6:30pm (4:30pm UTC) for the ETH/FCL V2 liquidity pool.

HOW much APY can I expect?
For the time period of 6 weeks, you can expect as much as 40% return, which is an average APY of over 300% for the entire time period of the staking program. We created an illustrative Excel Sheet to show you expected rewards, dependent on the time of entry, exit and amount staked.

WHERE do I stake the tokens?
Staking will be available in your Fractal.id account and in your Fractal Wallet.

WHAT can be staked?
You can stake FCL token (the ERC20 Fractal token) as well as the V2 version of the FCL/ETH Uniswap liquidity pair token.

HOW big are the pool sizes?
The total value for both pools is currently at about $7mio (based on data from Etherscan). FCL reward pool size will be FCL 5,000,000, the size of the ETH/FCL V2 liquidity token reward pool will be 15,000. Thus, joining our staking program early ensures your desired allocation of the attractive staking program.

We launched Fractal Wallet in our Alpha Program on Friday (7 May 2021) to our community, giving hundred of thousands of users a smooth Web3 experience, and enabling users to share their credentials in a secure, decentralized, and seamless way.

What is Data Staking by Fractal?

To let you experience already a glimpse of how the mechanics of the Fractal Protocol will work in the future, we introduce the concept of Data Staking. That means we will reward you for issuing a decentralized credential to your Fractal Wallet. For that, you will need a Fractal ID and your Fractal wallet being set up. In addition, you need to issue at least one KYC ID as a decentralized credential to your Fractal Wallet. Have a look here at how you precisely do that.

Staking allows Fractal token (FCL) holders and holders of the FCL/ETH Uniswap V2 liquidity token to lock their tokens in our staking smart contract to get access to rewards. The rewards will be paid in the same token as the token staked.

As a summary, here are the most important facts:

  • Requirements: KYC ID, Fractal Wallet installed, issued at least one credential to your wallet
  • Once launched, the Fractal Staking Program will run for 6 weeks
  • Maximum of 20,000 FCL and 1,000 Uniswap ETH/FCL V2 liquidity tokens per credential

Important notice: We will use the V2 (not V3) version of the Uniswap liquidity ETH/FCL pool pair

There are decreasing returns per day, i.e. the longer you join the program, the more returns you’ll get, but you can exit any time.

The staking smart contract will lock the maximum rewards that you could possibly receive if you stayed for the very end of the program. This mechanism makes sure that all participants that have successfully staked tokens can be sure that there are enough tokens in the reward pool left when they un-stake.
For utmost transparency, here’s our GitHub repository with the final smart contracts which were audited by Least Authority, and a link to the smart contracts security report here).

Let’s run through the step-by-step guide on how to participate in our Fractal Data Staking Program:

  1. You have your Fractal KYC ID ready or signed up, e.g. using this link!
  2. You have submitted all necessary information in our proven Fractal KYC process to receive either our “ID Basic + Liveness” or “ID Plus + Liveness” or “ID Plus + Liveness + Wallet” KYC verification
  3. You have installed the (Chrome) browser extension “Fractal (ID) Wallet using this link from the Google Chrome Web Store.
  4. You have a crypto wallet with both Ether and Fractal Tokens on it, e.g. MetaMask.
  5. By the way, if you haven’t already, you can buy our crypto tokens (ticker symbol: FCL) on Uniswap. Also, we will soon list on major centralized exchanges.
  6. Using the credentials tab on http://fractal.id/, you can now issue a decentralized ID to your Fractal Wallet (the browser extension you previously installed, make sure you “pin” it to your navbar as well for faster access). This process will take 1–3 minutes typically, sometimes longer. There will be small transaction fees, check Etherscan’s gas tracker.
  7. To access staking (after it’s launched), please go to the Staking tab on your Fractal ID account.

8. Then you can place a stake. There will be no minimum stake, but it makes sense to stake more tokens given transaction fees. There is a maximum of 20,000 FCL and 1,000 Uniswap ETH/FCL V2 liquidity tokens per credential.

FAQ:

1. Do I have to have my tokens locked for the full period?
No, you can un-stake at any point. You will receive your rewards for the time period that you have staked your tokens.

2. Can I re-stake at any time?
Yes, you can re-stake your tokens, if there are enough rewards left in the pools.

3. Can I increase my stake?
No, you first need to un-stake and then re-stake your tokens. If the pool is very competitive you are taking the chance that someone else picks up your pool allocation in the meantime.

4. Can pool rewards become available again?
Yes. Pool rewards can become available again when someone un-stakes their tokens before the end of the full period. The number of tokens that have not been claimed will go back to the pool and become available for staking.

5. Who is paying for the rewards?
We are taking these tokens from the community token allocation. These tokens have already been minted and are reserved to incentivize usage of the Fractal Protocol and its applications.

Disclaimer: This is not financial advice; U.S. citizens will not be able to participate in the staking program. The calculator and other visualizations are approximations, please refer to the smart contract to review the yield curve. No liability is assumed for any assumptions or statements made in this article.

Stay tuned — we will always publish all news on our social channels Twitter, LinkedIn and Telegram first.

About Fractal Protocol

Built on Polkadot, Fractal Protocol is an open-source, zero-margin protocol that defines a basic standard to exchange user information in a fair and open way, ensuring a high-quality version of the free internet. In its first version, it is designed to replace the ad cookie and give users back control over their data.

Make sure to -

This article does not include elements of any contractual relationship. This article shall not be deemed to constitute a prospectus of any sort or a solicitation for investment or investment advice; nor does it in any way pertain to an offering or a solicitation of an offer to buy any securities in any jurisdiction.

For the avoidance of doubt, please note that the Protocol has not been fully developed. Any statements made about the Protocol are forward-looking statements that merely reflect Fractal’s intention for the functioning of the Protocol. There are known and unknown risks that can cause the results to differ from the forward-looking statements.

Fractal does not intend to express investment, financial, legal, tax, or any other advice, and any conclusions drawn from statements in this article or otherwise made by Fractal shall not be deemed to constitute advice in any jurisdiction.

Fractal’s intended purpose of the Tokens is to be used as means of payment for the services that will be offered within the Protocol (the “Services”). The purchase, ownership, receipt or possession of Tokens carries no rights, express or implied, other than the right to use Tokens as a means to enable usage of Services in accordance with the then-applicable terms of use relating to the Services offered within the Protocol. The Tokens do not represent or confer any ownership right or stake, share, security, or equivalent rights, or any right to receive future revenue shares, intellectual property rights or any other form of participation in or relating to the Protocol, Fractal, Service Providers or any of their corporate affiliates, other than any rights relating to the provision and receipt of Services, subject to the applicable terms, conditions or policies that may be adopted by participants in the Protocol.

Fractal

Don’t pay for the Internet with your personal privacy

Fractal

Fractal is an open source zero-margin protocol that defines a basic standard to exchange user information in a fair and open way

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Fractal

Fractal is an open source zero-margin protocol that defines a basic standard to exchange user information in a fair and open way.

Fractal

Fractal is an open source zero-margin protocol that defines a basic standard to exchange user information in a fair and open way

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