Community can now start staking FRONT at dao.oin.finance in preparation for the rewards tap to be turned on Jan 19th, 2021 @ 10 AM SGT. Rewards will be initially set to approximately 100,000 $FRONT per month (current spot rate value $60,000 USDT) for at least 3 months, and APY will automatically adjust based on participation. This 1-day delay in rewards will give everyone a chance to stake in time for the highest APY possible.
As a nascent asset, USDF1 itself represents limited utility but the process of minting it further expands $FRONT's utility. Through this staking and minting, rewards are offered.
This guide that explains how to:
1. Stake FRONT to mint USDF1
2. Claim FRONT rewards
3. Redeem USDF1 back into FRONT
Stake FRONT to mint USDF1
Step #1: Visit https://dao.oin.finance/
Select FRONT as the pool type and click on "Enter"
Step #2: Connect wallet with https://dao.oin.finance/
Oin dao supports Metamask wallet, users can connect the wallet with the dApp. Once you connect, you can see the total $FRONT available in your wallet.
Note: Please use Metamask Web extension instead of Metamask mobile app to avoid failing transactions
Step #3: Staking $FRONT to mint USDF1
Click on the Staking box -> Enter the amount of USDF1 you wish to mint, you can also click on "All" to stake all $FRONT to mint -> click "Mint" -> confirm the transaction on Metamask.
Note: Minting USDF1 has 32:1 ratio i.e 32 FRONT : 1 USDF1, you need 32 FRONT to mint 1 USDF1 and users need to mint minimum of 5 USDF1
After the transaction is confirmed, you can see "Current staked FRONT" which shows you total amount of FRONT staked and total generated USDF1
Note: At the time of writing the guide, the rewards where not turned ON so the APY is 0
Claim FRONT rewards
Step #1: Click on Mining Box
Step #2: Click "Claim Rewards"
Click "Claim Rewards" -> confirm the transaction on wallet
Note: At the time of writing the guide, the reward pool was turned OFF, the FRONT are accumulated every block and users can claim rewards every block by signing transaction
Redeem USDF1 back into FRONT
Step #1: Click on "Reedem"
Step 2#: Redeem $FRONT for USDF1
Enter the amount you wish to redeem -> Click on "Redeem"-> confirm the transaction.
After the transaction is completed -> you will see your $FRONT back in your wallet.
Frontier is a Chain Agnostic DeFi Aggregation layer. Using Frontier, Users can Track and Manage DeFi positions, Stake Assets, Swap or Exchange Assets and explore more DeFi Applications in one single place. Frontier is also building Frontier chain, which is a Decentralized Key Management blockchain based on Cosmos SDK.