FX1/Diary-32
Welcome to the latest edition of the FX1 diary.
With our staking contract going live this week we thought we would take the time to explain it a little further, as well as discuss what’s coming up for improvements, as well as the basics on how it works.
We will also provide an update on our app release which is soon to land any day now.
Staking V.10
We launched our new smart contract and staking page on Wednesday morning at around 7 am PST time.
It didn’t go perfectly, but that was expected and we worked hard to address early issues.
After a while, it was clear some users were still having issues but it was also even clearer that many people were staking, reaching 10 million $FXI staked within the first few hours.
Fast forward to today, we currently have 52.7 million $FXI staked which equals $2,507,046 total locked value.
Once you have your bag of $FXI which you can buy here, all you need to do is head to our staking page and connect up your wallet.
We do only support MetaMask wallets for now, but support for more wallets are on the horizon.
Once you land on the page, just hit the Connect Wallet button which should load MetaMask.
We highly suggest having the MetaMask Chrome plugin installed, and while it’s designed to work on mobile for now the desktop version is much more stable.
Once you connect your wallet, you will see an area where you can do a few things including stake, unstake, and claim rewards.
Rewards
No one is going to stake just for the purpose of staking, rewards are important and rewards are in play.
There is no set APY given that the amount of rewards is based on $FXI trading volume meaning the more volume we receive, the higher the rewards.
We can tell you though that we take 1% of daily trading volume for rewards.
So, we if trade a total of $100,000 in a day, that will be $1,000 in rewards for the day.
Not bad for sitting around and doing a whole bunch on nothin.
To make sure you can see your rewards, just click on the rewards tab and it will show you your total and your ownership of the pool.
Continuing our example above, if the rewards for a day is $1,000 and you hold 1% of the pool, you’re rewards will be 1% of $1,000 or $10.
But again, the higher the trading volume, the higher the daily rewards.
Future Improvements
We have listened to the community and we already have a number of improvements lined up including:
- Additional wallet support
- Showing the total amount of $FXI locked up
- Displaying the total paid out and average daily rewards
- Social integration making it easy to share
- Ability to convert your rewards into more staked $FXI
- Animated flying Alpacas each time you collect rewards
The flying Alpaca’s have not made it to the Jira board yet. If this really disappoints you, please let us know in the comments.
App Update
Oh my we are getting close.
I was only testing the staging app on Android this morning, and have given the green light for a release meaning the revised apps (Android and iOS) should be available to download as early as Tuesday next week.
Given we plan to start covering UFC fights from February, you won’t be able to use the app for the fights in the next few weeks, but you will be able to see schedules and ensure you’re ready for the first fight we do cover.
Download the app’s now from the app store, links are available below.
Wrapping Up
We’re looking forward to getting the product in your hands, so ensure to stay updated in our Telegram group as well as here on Medium.
Telegram // Twitter // Chart // Buy FX1 // App Store // Google Play
