May 7, 2021
DEFIT Tokens — Staking Pool with Ferrum Network
DEFIT Tokens — Staking Pool with Ferrum Network
360Wellness has created a new way for people to improve their well-being through online coaching classes from health professionals. The app — which was recently launched on iOS and Android — features an innovative wellness tracker that helps users keep track of their day-to-day activities. At the heart of the 360Wellness ecosystem is DEFIT.
Overview of DEFIT Tokens
DEFIT is a cryptocurrency built for mass adoption by app users. The token aims to provide the 360Wellness community with their own virtual currency as a reliable, secured, and instant payment alternative to fiats to proceed with transactions. It is built as an ERC-20 token and is interoperable with other Ethereum-based tokens.
The DEFIT tokens implement a Proof-of-Stake model to reach consensus, meaning users can also get to stake their tokens to generate a high yield for locking their tokens for a specific period.
Early Rewards:
The core strength pool allows users to stake at a cap of 425,000 DEFIT tokens. The maturity period in this pool is of 90 days, and the users will receive about 65% APY on the locked tokens at the end of the period. However, the minimum time to receive early rewards is 45 days to get about 15%APY. The pool has a total reward of 68,117 DEFIT tokens and 15,720 DEFIT tokens for early rewards. The pool allows staking a max cap of 30,000 DEFIT tokens per person.
Maturity Dates:
The staking contribution starts on 7th May 2021 which runs until the 12th of May. The 90 day maturity period ends on the 10th August 2021.
Following, here’s a guide to help users through the staking process. Please note, It is strongly advised to stake on desktops in preference to mobile devices.
Staking Steps:
- Download and install the Ethereum based web wallet MetaMask;
- Add DEFIT contract address to your MetaMask. This is the contract address: 0x84cffa78b2fbbeec8c37391d2b12a04d2030845e
- Go to our staking website;
- Select the staking pool you wish to contribute to (Beast Mode, Pump, Weekend Warrior VIP Pool, and Core Strength Pool) and press “Stake Now” (when it opens);
- Connected to the Ethereum Network, authorize your MetaMask to be connected to the staking smart contract;
- After exploring the pool page and you are ready to stake, enter the amount and press “Stake”;
- MetaMask will pop up. Allow MetaMask to spend your DEFIT (i.e. send your DEFIT to the staking contract) and press “confirm”. IMPORTANT NOTE ON TRANSACTION FEES: you can edit the Ethereum Network gas fee in MetaMask by pressing “edit” and choosing a custom gas fee. Note that lower fees have slower transaction times.
- Next, confirm your staking transaction is accurate and press “submit”
- MetaMask will pop up. Confirm your transaction in MetaMask, and remember to edit the gas fee if you wish to change the increase or decrease transaction speeds.
- Finally, wait until the transaction goes through (see countdown on the right corner of page), and after a few seconds your stake should be confirmed!
If you have any questions or concerns, please do not hesitate to ask an admin on our Telegram channel.
