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Announcing “Fetch.ai Phoenix”: FET Staking for MTLX Tokens

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Fetch.AI

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The Mettalex and Fetch.ai teams are thrilled to announce the first Phoenix program, dedicated to FET staking for a high yield in MTLX tokens.

Fetch.ai is launching the second MTLX distribution program dedicated to FET token holders.

250,000 MTLX tokens will be available to those staking FET over a period of three months.

Who is eligible? Current FET holders who have staked and those looking to stake their tokens are eligible to earn MTLX tokens.

How it works:

Three-month duration — the campaign will begin on February 19, 2021, and end on May 19, 2021.
Generous rewards — Mettalex will be distributing a staking reward of $2,000,000 in MTLX tokens, averaging to more than $22,200 per day (at the current MTLX price of $8).
Lock-up period — Rewards will be distributed daily but can be withdrawn after a rolling lockup period of 30 days.
Daily snapshots — Users’ individual rewards will be calculated daily (at 12 PM UTC) and displayed in the staking interface.
Familiar interface — To stake your FET tokens and become eligible for MTLX rewards, go to staking.fetch.ai and please follow the instructions in the FAQ on how to stake FET. If you have any questions, do not hesitate to reach out to our mods/admins on the official Fetch.ai telegram channel.

The Phoenix program will drive the effective APY of Fetch.ai staking to 51% for the period of its duration.

Frequently Asked Questions:

1. How can I learn more about staking FET?

You can learn more about staking FET via these resources:

2. How can I stake FET?

Here are the instructions on how to stake:

You must have FET in your MetaMask account, as the staking page currently only works with MetaMask, AND you must also have some ETH to pay for the gas fee. We recommend connecting a hardware wallet to MetaMask for increased security. You can stake any amount of FET that you wish, and there is no minimum. $10, $100, $1,000 or $1,000,000, it is up to you.
You can buy FET on Binance, Bitfinex, MXC, or several other exchanges or on DEXs like Balancer and Uniswap. If you use a DEX be sure to get the correct contract address (0xaea46A60368A7bD060eec7DF8CBa43b7EF41Ad85) or you might be left with the old tokens.
In your MetaMask account, you must ADD (custom) token under the account and then paste in the contract address (above). It’s also important to check that you have the correct account selected. (We recommend using a hardware wallet as a more secure way of accessing your tokens).
You can then visit the staking webpage: https://staking.fetch.ai/, connect to the page with Metamask and choose the amount of FET that you are comfortable staking.
You should then see the FET available in your MetaMask on the web page for staking, on the left-hand column under Overview.
If you have gone this far, click the Top-up button in the middle column after you have decided how much available FET you wish to stake.
You need to confirm this by MetaMask which will automatically show up a window for you to do so. It can take a while unless you modify how much gas fee you are willing to pay to get things done quicker! Hence you need ETH in your Metamask account where you also keep your newly acquired FET to pay for this transaction.
This is ONLY the first of TWO steps in Top-up!!! As the first Top-up is only for you to approve the amount that you are willing to stake.
Once the approval is done, (you can see it on Activities in your Metamask screen, or on Etherscan) you need to click the Top-up button once again to actually move and lock your FET for staking. Same process like step 7 above, but this time it’s free!
When you can see the amount of FET is available in the middle column of the staking screen, you can then go ahead to stake. Which will lock up your stake with a 10% reward.

For any further questions or clarifications, reach out to our mods/admins on the official Fetch.ai Telegram channel.

IMPORTANT NOTE: If you transfer your FET tokens directly to the address of our Fetch Staking Contract by making a direct FET ERC20 transfer, this completely bypasses our Fetch Staking Contract, which means that none of its functionality was executed and thus its internals are unaware of your transfer.

In order to stake correctly, please use our staking web page — https://staking.fetch.ai (our telegram admins can guide you how to use it). Also please keep in mind that you should be more careful when interacting with ledger/cryptocurrencies in general — normally, in most other DeFi projects, your funds would be lost with no chance of recovering them.

3. When can I unstake my FET?

You can unstake your tokens at any time but there is a 21-day unbonding period before you can reclaim them. Only staked tokens are eligible for MTLX rewards on any day.

4. I sent my tokens directly to the smart contract. What do I do now?

Do not send staked tokens directly to the staking contract, rather you should interact with the fetch staking platform. Tokens sent to the staking contract are technically non-recoverable.

5. Why can’t I see my tokens staked on MetaMask?

Because ETH network is often congested, users must wait until our staking frontend page detects the first transaction (for approval) has been successfully executed, after which our staking frontend automatically triggers the 2nd transaction for deposit — the user simply needs to wait (and NOT reload the web page in the browser!) Reloading is not going to magically make the tokens appear.

6. Will there be more “stake-drop” programs for FET holders?

7. I have staked my FET tokens. When will I receive the MTLX tokens?

Nicely done. Rewards will be distributed per day but will be withdrawable after a 30-day lock-up period. Patience is a virtue.

8. I would like to stake my FET and receive MTLX but I just realized I have old FET tokens. How can I get my hands on the new FET tokens?

For starters, you can read through our token swap blog. We have outlined what you need to do. Nonetheless, we receive many requests asking whether old FET tokens purchased on other exchanges can be swapped. For those who have bought it on Primablock, you must withdraw the old FET tokens to a simple address and send us the details (Tx Hash) to info@fetch.ai. Please note that addressing these requests takes time and we request your patience.

If you hold your tokens on a centralized exchange, no action is required before or after the token swap. Your balances will be automatically transferred to the new contract address. If for some reason, your exchange is not reflecting your new tokens, please note Fetch.ai is not responsible for that. You should speak with the exchange in this situation.

9. An admin sent me a direct message and said “Psst, don’t stake. I could provide you some premium MTLX and FET tokens if you could transfer a certain amount of ETH to pay for the transaction fees’’. Should I trust him/her/it?

The answer is NO. Admins or moderators from Fetch.ai Telegram channel do not message you first. Report this account immediately to the Fetch.ai admins.

10. I’m one of the few that had the tokens in smart contract. I’ve claimed the old Fetch AI tokens from the smart contract into my wallet. My wallet has both old and new FET tokens and I would like to exchange the old tokens and stake for the airdrop. What should I do?

Please email the following details to info@fetch.ai : your contract address and the wallet address you withdrew to (or the tx hash). Mention in the subject line “OLD FET tokens in Smart Contract”

About Mettalex

Mettalex is a decentralized commodities derivatives exchange dedicated to traders, liquidity providers, and physical commodity holders. It is one of the first major applications to be built using the Fetch.ai technology. Mettalex’s mission is to bring the $20T commodities market to decentralized finance, democratizing access to these assets for a global audience of participants.

The Mettalex exchange incorporates Fetch.ai’s Autonomous Economic Agents who act as secure providers of real-world price data. Once the Fetch.ai mainnet goes live later this year, Mettalex’s Automated Market Makers will also be moved to Fetch.ai infrastructure to enable more advanced optimization techniques.

MTLX is a governance token that enables its holders to vote on:

system parameters such as choice of autonomous market makers to back with liquidity from the liquidity pool;
the creation of new markets;
the usage of exchange fees;
the percentage of the spread going to the pool;
the buyback and borrowing rates from the liquidity pool.

About Fetch.ai

Fetch.ai, a Cambridge-based artificial intelligence lab, is building the infrastructure required for autonomous software agents to begin performing useful economic work on behalf of individuals, machines, businesses, and organizations. Fetch.ai’s network is based around open-source technology and gives users access to the power of AI on a world-scale secure dataset to carry out complex coordination tasks in the modern economy. For more information, please visit https://www.fetch.ai.

To keep up-to-date with all our progress and updates, make sure to join the conversation on our socials below.

Announcing “Fetch.ai Phoenix”: FET Staking for MTLX Tokens was originally published in Fetch.ai on Medium, where people are continuing the conversation by highlighting and responding to this story.