Fetch.ai Phoenix Expands to Atomix

Apr 7, 2021

With the Atomix lending and borrowing protocol getting closer to launch, it is time to announce the second stakedrop dedicated to the original supporters of the Fetch.ai ecosystem — FET token holders.

We are excited to announce that the ATMX token will be joining the Fetch.ai Phoenix program on April 13, 2021!

Over a period of three months, 750,000 ATMX tokens will be distributed to users staking FET.

The addition of ATMX to the Phoenix staking program will further increase the APY of FET staking. The percentage increase will become available once the ATMX token becomes tradable on a decentralized or a centralized exchange.

A detailed blog post focused on Atomix tokenomics will be shared soon.

Who is Eligible?

Current FET holders who have staked on the Fetch.ai staking platform as well as those looking to stake their FET tokens on https://staking.fetch.ai are eligible to earn ATMX tokens.

How Does it Work?

  • Three-Month Duration — The campaign will launch on April 13, 2021, and end on July 13, 2021.
  • Generous Rewards — More than 8,000 ATMX tokens will be distributed per day for the duration of the program..
  • Lock-up Period — There will be no lock-up period. Accumulated ATMX rewards can be claimed at any time.
  • Daily Snapshots — Users’ individual rewards will be calculated daily (at 11:59 PM GMT+1) and displayed in the staking interface.
  • Familiar Interface — Enrolling in the ATMX stakedrop will be done through the familiar staking.fetch.ai interface.

If you’re interested to know how to stake FET, watch this video.

If you have any questions, reach out to us on Telegram and ask an admin to assist you. Remember — do not interact directly with the staking contract as you can lose your FET tokens and they cannot be recovered.

PLEASE STAKE ONLY ON staking.fetch.ai.

Frequently Asked Questions

1. How can I stake FET?

Here are the instructions on how to stake:

  1. Download MetaMask on your browser and create an account. Official website is metamask.io. Warning — never lose your 12 words from Metamask or your private key as well as password.
  2. Set your metamask to receive FET
    – Click on “add tokens”
    – Click on “Custom” and add the new FET token address — 0xaea46A60368A7bD060eec7DF8CBa43b7EF41Ad85. Then click next and add.
  3. If you hold FET and ETH on an exchange like Binance, go to Wallet/Overview, withdraw ETH and FET to your metamask account. You will need the ETH to pay different transactions before staking. You can also buy ETH on Metamask directly.
  4. In the field “FET address”, copy and paste your Metamask public address. Select the amount of FET to send and submit. Repeat with ETH if you had or bought it on Binance. Warning — always select the ERC20 network or it will fail. Then you will receive your FET on your metamask account in a few minutes.
  5. Open metamask and follow the instructions to connect your metamask to staking page and pay. You will see your FET amount on the left side of the page.
  6. Click Top-Up and enter the amount of FET. Your metamask will oen. Pay the transaction with ETH.
  7. Click stake and repeat the last step. Your FET tokens are now staked.

Warning — during these steps — touch nothing on the gas fees otherwise your transaction can fail. Keep enough ETH to pay for the gas. Fetch.ai does not control the gas fees.

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.

2. 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. IT is worth noting that the lock period of 21 days is just an estimation and it is defined in the number of blocks which is 137767.

You can check the value it in the contract — https://etherscan.io/address/0x351bac612b50e87b46e4b10a282f632d41397de2#readContract (see the _lockPeriodInBlocks state variable there).

This value is constant.

You can see the End Block value in the Unlock Schedule panel (in the right bottom corner of our staking page) — there is the exact block number at which your funds get unlocked.

3. Once clicking the “Enroll” button, I see that the smart contract function being called is “Claim Rewards”. Is this normal?

Yes, that’s how enrolling in the ATMX-focused Phoenix program works.

4. What to do to make sure that my transaction does not fail?

When you initiate the Ethereum transaction by clicking the “Enroll” button, please check the gas limit. If it is 117,032 do not confirm it. Edit the gas limit number to at least 145,595 and then confirm.

5. How do you calculate the number of ATMX tokens I will receive per day?

Here is how to calculate the amount of free ATMX tokens that users staking FET on staking.fetch.ai will receive.

750,000 ATMX awarded to FET stakers over 90 days. As an example, if there are 140M FET staked, each FET token staked would receive *0.00005952* ATMX per day, calculated as follows:

750,000 ATMX / 90 Days =8,333.33 ATMX awarded per day to FET stakers

8,333.33 ATMX / 140,000,000M FET = *0.00005952* ATMX for each 1 FET staked.

Therefore,

100 FET staked = 0.005952 ATMX p/d

1K FET staked = 0.05952 ATMX p/d

10K FET staked = 0.5952 ATMX p/d

50K FET staked = 2.976 ATMX p/d

100K FET staked = 5.952 ATMX p/d

250K FET staked = 14,88 ATMX p/d

500K FET staked = 29,76 ATMX p/d

1M FET staked = 59,52 ATMX p/d

6. 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.ai staking platform (https://staking.fetch.ai). Tokens sent to the staking contract are technically non-recoverable and we cannot help you here.

7. 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.

8. Will there be more “stakedrop” programs for FET holders?

Yes.

9. I have staked my FET tokens. When will I receive the ATMX tokens?

Once you have staked your FET, you need to enroll in the Atomix-focused Phoenix program. To do that, select the Atomix tab of the “Phoenix Program’’ section on the FET staking page and click “Enroll”. Then confirm the transaction in your MetaMask wallet and you are all set.

UI on Fetch staking platform for Atomix 

10. I have staked my FET tokens. Will I receive MTLX along with ATMX tokens as well?

Yes, the Phoenix program for Mettalex runs until May 19th, so you will continue to receive MTLX for staked FET until then.

11. An admin sent me a direct message and said “How can I help you? My name is Yang. If you send me your FET, I can send you some ATMX tokens’’. 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.

About Atomix

Atomix is a lending platform implemented in large part on blockchain, that enables the use of securitized real-world assets as collateral for loans in stablecoins and offering an unmatched level of transparency and flexibility. By using a cryptocurrency token to represent the value of the collateral, the Atomix protocol decouples the liquidity providers from the borrowers, enabling the value of real-world assets to flow on-chain and for decentralized finance liquidity to support borrowers outside the crypto economy.

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.