DAOventures launches 3 staking pools in partnership with Ferrum Network.

DAOventures x Ferrum Network: Staking Details

DAOventures will be launching a staking event in partnership with the Ferrum Network on Sunday 28th February 2021 at 1 PM UTC. Ahead of this, we will be providing information about various aspects of the event and answering some FAQs, as follows:

Table of Contents

  1. General Overview
  2. What is staking?
  3. Keywords
  4. How to buy $DVG
  5. Requirements for Staking
  6. How to stake your $DVG tokens

1. General Overview

To better understand DVG Staking, one must first visualize it as a savings account in a traditional bank. This means, the longer you stake your coins, the better the rewards. While this seems quite similar to what you’d find at your bank, staking has its perks.

The biggest difference here is the fact that DVG staking is a pool-based group activity with multiple contributors for every staking contract. Furthermore, unlike banks, you can withdraw your funds early without incurring any charges. However, it is advised to stake until full maturity to avoid missing out on the staking rewards.

Besides, if you can stake longer than others in your pool, you also get a portion of their rewards.

There will be 3 staking pools: Flexi Gold (shortest), Diamond (medium), and Platinum VIP (longest). The terms of each staking pool (rewards, lengths, minimum contribution, etc.) are detailed below.

2. What is Staking?

You might have heard the term staking being thrown around with regards to DeFi and blockchain and might wonder what it means. For the purposes of our ecosystem and the upcoming event, staking refers to the process of voluntarily locking up your tokens for a fixed amount of time and for a predetermined amount of rewards.

Staking can only be done by having $DVG tokens and agreeing to stake them for an amount of time and receive an Annual Percentage Yield (APY). If you lock up $100 worth of $DVG tokens at an APY of 15%, for example, you will receive $115 after a one-year staking period has ended (your initial principal plus interest). The token you stake will be used to validate transactions on the network and ensure its smooth running.

At its core, staking is a way to positively participate in keeping the beloved DAOventures ecosystem alive and well and get rewarded while doing so.

3. Keywords

$DVG staking also has several unique features which allow for early withdrawals, forfeited/redistributed rewards, and additional rewards for full maturity. Some notables are:

Limited Time to Contribute

You can only contribute for a limited amount of time because once the staking pools are opened. After the said time expires or the Contract reaches maximum capacity, contributions are closed permanently. You can check the progress bar anytime to know how much of the contract has been filled.

Full Maturity

You will be assigned a date and time which indicates how long you need to stake to attain maturity and obtain maximum rewards.

Early Withdrawal

$DVG staking also allows you to withdraw your funds before the date of maturity. You will be assigned a date and time which marks when you can withdraw early.

Rewards are significantly lower if you withdraw early, but it increases linearly everyday until the date of maturity. Meaning, if you withdraw early, but at a time closer to the maturity date, your rewards will be higher, but less than the maximum reward obtained at full maturity.

Forfeited and Redistributed Rewards

The staking pools also place a predetermined amount of $DVG into every pool before they go live. If contributors leave the pool, the total size of the pool doesn’t shrink, and hence the contributor just receives less rewards compared to others in the pool.

Hence, you can earn more than just the maximum APR, if you are the longest staker, because you will also be earning a share of the rewards that were ditched by stakes who leave early.

This feature introduces the element of strategy, suspense and gamification when staking $DVG tokens.

4. Requirements for Staking

In order to start staking $DVG, you must first install the ERC-20 wallet extension Metamask, which automatically helps you to link to our staking contracts. This wallet will act as the funding source, and also where your rewards will be distributed when you withdraw.

5. How to buy $DVG?

To buy $DVG, you must already hold bitcoin, ether, or any other major token in your metamask wallet. Then, you must proceed to decentralized crypto exchange UniSwap and select $DVG as your desired token to purchase.

https://metamask.io/

Then, you must switch to the Custom Token tab and paste this address into the Token Contract Address bar: 0x51e00a95748dbd2a3f47bc5c3b3e7b3f0fea666c; then press Next and continue through the prompts.

Next, you must select how much $DVG you want to purchase, keeping in mind that you must have enough of the equivalent crypto to complete the transaction. After which, you will be prompted to accept the transaction and when you do, the swap will be complete in a few seconds to a few minutes.

After this is done, you will now have $DVG in your possession.

6. How to stake your $DVG tokens?

The process is pretty basic where you connect your ERC-20 wallet to the contract, deposit your $DVG tokens into the pool, stake until you wish to withdraw, following which you will have your principal and rewards sent back to your wallet.

Staking can begin as soon as the staking pools open and once they do, there is a limited time to stake $DVG tokens. A progress bar shows the end of the maturity period and to receive full rewards, it is important that you wait till the end of the staking period to withdraw your tokens.

There will also be a date for those who wish to withdraw early and should you do that, you will receive lower rewards than those who withdraw at the end of the staking period. Additionally, the number of rewards forfeited by early withdrawals will be shared among those who wait till the end.

There are three available staking classes which are Flexi Gold (shortest), Diamond (medium), and Platinum VIP (longest) and each has unique requirements and rewards.

Full Staking Terms for Flexi Gold Class:

  • Full Rewards: 20% annualized
  • Full maturity: 30 days
  • Early withdrawal starts: 5 days
  • Early withdrawal reward starts at 5%
  • Pool size: 200,000 $DVG
  • The time period to contribute: 5 days
  • Minimum amount: 1 $DVG

Full Staking Terms for Diamond Class:

  • Rewards: 40% annualized
  • Full maturity: 60 days
  • Early withdrawal starts: 15 days
  • Early withdrawal rewards start at 10%
  • Pool size: 250,000 $DVG
  • Time period to contribute: 5 days
  • Minimum amount: 1 $DVG

Full Staking Terms for Platinum VIP Class:

  • Rewards: 60% annualized
  • Full maturity: 90 days
  • Early withdrawal starts: 30 days
  • Early withdrawal rewards start at 15%
  • Pool Size: 250,000 $DVG
  • The time period to contribute: 5 days
  • Minimum amount: 1000 $DVG

Staking goes LIVE on Sunday 28th February 2021 at 1 PM UTC.

What’s next?

More information will be released as the staking date approaches via our official twitter and telegram channels.

About Ferrum Network:

The Ferrum Network is on a mission to revolutionalize DeFi by offering an ecosystem that can operate across multiple chains and foster mass adoption. The Ferrum Network was founded in 2018 and currently boasts of 20,000 active users, four working products, a functioning incubator/advisory arm as well as over 50 clients.

The Ferrum Network is well-known for its non-custodial UniFyre Wallet whose ‘Link Drop” function has forever changed how people send and receive crypto.

About DAOventures

DAOventures is a DeFi robo-advisor and automated money manager platform. Imagine “Robinhood for DeFi”. It is our mission to make DeFi simpler, accessible & inclusive. We believe in creating a simpler, more accessible, and more open world that is permissionless, inclusive and guided by our DNA of continuous learning, integrity and transparency.

Website | Github | Gitbook | Discord | Telegram

Twitter | Linkedin | Facebook | Reddit

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