Exclusive For Venus Protocol: Swap, Hold XVS & Earn SFP

This post was originally published on Venus Protocol

SafePal the first and only crypto hardware wallet backed and invested by Binance has launched its token SFP, issued on the Binance Smart Chain representing a new milestone for the SafePal team being the first tokenized hardware wallet within the crypto space.

In January, up to 500–1000 SFP tokens will be distributed exclusively to the early supporters who participate in the SafePal product usage and social engagement. From today to January 31st, all XVS holders can take a share from a 5,000,000 SFP reward pool by finishing the holding XVS challenge. Come get your SFP tokens today!

Swap, Hold XVS & Earn SFP

A 5,000,000 SFP reward pool is allocated to incentivize all participants who complete the Holding Challenges within the SafePal App. Users who swap and hold 30 XVS for 7 days before January 31st are able to take an exclusive share from the total reward pool. Following is a step-by-step tutorial to teach users how to participate in the reward pool within the SafePal App. To use this feature, please kindly download the SafePal App first.

Step 1: Download And Set Up The SafePal App

Download the latest version of the SafePal App from the SafePal download page.

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Then set up the App settings including security password, login pattern, etc.

Step 2: Create A SafePal Software Wallet

Create and set up a SafePal Software Wallet by following the instructions via this link.

Don’t forget to keep your seed phrase in secure locations!

Step 3: Swap 30 XVS Through SafePal Swap Feature

Click the Swap tab in the SafePal App, and create a swap order for 30 XVS. A swap order will usually be completed in 15–30 minutes. Please wait patiently for the swap process. The holding amount of XVS depends on the quantity filled in at the time of swap. A step-by-step swap tutorial can be found here.

Step 4: Hold 30 XVS In SafePal Wallet For 7 Days

Once the swap order is completed, head over to the DApp Store in the App, and click the ‘Claim SFP’ DApp. Select the XVS task, and click ‘Join Now’. Once joined, you will see a countdown to the final share of the challenge reward pool.

Please note that you will not be able to claim the share if the XVS balance is below the swapped amount during the holding period. Once the balance is below the limit, you will have to wait until the countdown is refreshed on the page and start holding again.

Step 5: Take Your Share From The 5,000,000 SFP Reward Pool & Wait For Final Distribution

Congratulations holders! Now you have held 30 XVS for 7 days, and you will be automatically credited with 1 share from the 5,000,000 SFP reward pool. Campaign data will be announced and SFP tokens will be credited to your wallet accounts on February 3rd. Follow SafePal on Twitter or Telegram for the latest announcements and updates!

FAQ

When will I get my SFP?

The Holding Challenge will end on January 31st, 2021. Campaign data will be announced and SFP tokens will be credited to your wallet accounts on February 3rd. The SFP balance credited to your wallet account will be transferred to your BSC address before exchange listing.

How is my share calculated?

15–18 partners are participating in the SafePal Holding Challenge. Users can select any tasks to start holding challenges. Each task represents one share of the total SFP reward pool. The more tasks the user completes, the more shares the user can take from the total SFP reward pool.

By the time the campaign ends on February 1st, all participants who finish the ‘Swap, Hold & Earn’ tasks will share the 5,000,000 SFP reward pool. The SFP amount each participant receives is calculated based on how many participants are sharing the pool and how many tasks the participant completes. Calculation formula is as followed:

Single Participant’s SFP Reward = [5,000,000 / Number Of Total Completed Tasks] * Number Of Tasks Completed By The Participant

My swap order is stuck. What should I do?

Swap orders might take longer when the following cases happen:

  1. Extreme market volatility
  2. Blockchain network congestion

For the first situation, your swap order might have failed due to an extremely volatile market situation and the order slippage could have exceeded the limit. In this case, please go to your swap orders, select the order that you want to process, choose whether you want to continue the order or apply for a refund, enter the security password and confirm the execution.

For the second situation, please wait patiently for the order to get through. Rest assured that the SafePal Holding Challenge will last until January 31st, hence you have sufficient time to swap and hold the asset in the wallet.

Does SafePal Swap charge any fee?

SafePal charges 0.3% service fee upon each swap order.


Exclusive For Venus Protocol: Swap, Hold XVS & Earn SFP was originally published in Venus Protocol on Medium, where people are continuing the conversation by highlighting and responding to this story.

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