Join the Fetch.ai Journey into Decentralized AI
Mar 30, 2021
On the 31st of March 2021, Fetch.ai launched its v2 main-net. You can take part in this journey by using our token bridge to move your FET ERC-20 tokens to the main-net. This is the start of an exciting future that will allow the power of Autonomous Economic Agents and AI to be applied to DeFi and many other areas. Fetch.ai is part of an interchain future and we are looking forward to seeing agents deployed on many chains across the Cosmos and Ethereum ecosystems, and beyond.
This is highly experimental software and to reward token holders for the risk, and for being present at the very start, the network will offer returns for staking of up to 4% per month for the first two months of the network’s operation. This corresponds to an annual reward rate of 63%. This decreases to 2% in the following two months and 1% in the two months after that. Overall, this corresponds to a reward of 15% in the first six months of the network being launched.
To earn these rewards, token holders will have to hurry; the bridge for migrating tokens has a cap of 60 million FET tokens and it will not be possible to transfer more tokens to the main-net after this cap has been reached. Don’t worry too much if you miss out; after 2 months, the cap will be increased to 120 million FET, followed by a further increase to 250 million FET before the cap is removed altogether. The time-line below shows key dates that you should be aware of:
Months 1–2, March 31st to May 31st, 2021: 60 million FET
Months 3–4, June 1st to July 31st: 120 million FET
Months 5–6, August 1st to September 30th: 250 million FET
Months 6+, October 1st onwards: Replacement of the current bridge with Gravity bridge (open).
Great, so how do I take part?
Taking part in the main-net is very straightforward. The first thing you need to do is create an address on the Fetch.ai network that can receive funds. Initially, this will require a Ledger Nano and a Desktop PC, as mobile devices are not yet supported. You can migrate tokens across the bridge by following these steps:
- After setting up your device with a PIN and passphrase, you should install both the Ethereum and Cosmos wallets through the Ledger Live app.
- You can then find your Fetch address by installing a Chrome browser and then following this link to the block explorer. The address can then be found by following these steps:
- Connect your Ledger Nano to your computer, unlock it with your PIN, and then open the Cosmos application on the device.
- Use your Chrome browser to visit the block explorer.
- Click on the “key” icon in the top-right corner of the page, next to the language choice. This will ask for your permission to connect to the Ledger Nano. After approving the connection, you will be “signed into” the block explorer. After connecting, the “key” icon will become an avatar or “person” icon.
- (Windows users only. If you receive the error message ‘unable to reset device’, then in the address bar type the this text into the address bar: chrome://flags/#new-usb-backend, and then disable the ‘Enable new USB backend’ icon at the top of the page).
- Now that you have your Fetch address, you are ready to transfer your ERC-20 FET tokens to main-net.
- To complete this phase; visit our bridge UI here.
- Click the “unlock” button to connect your wallet to the site. You will then be taken to the transfer interface. The source address (Ethereum address) will be already filled in, and you will see a blank field for the Native address (this is your Fetch native destination address).
- Paste your address starting with “fetch1”, that you identified in Step 6 into the “Native Address” field, and then click the “Transfer” button. In the UI, the Ethereum address is connected to the site through Metamask or other browser extension, and needs to be the source from which your tokens will move. The Fetch (Native) address is your destination address, to which they will move on main-net.
- This will trigger a transaction that will ask you to “approve” the bridge contract for holding your tokens. After signing the transaction in your Chrome browser, be sure to also sign it on your physical device (Ledger Nano), and it will be submitted to the Ethereum blockchain.
- To complete the migration, you will be asked to sign a second transaction.
After completing these steps, your Fetch address will be credited with tokens that you can delegate to a validator to start earning staking rewards (instructions for this can be found here). Be careful to select your validator wisely, as they are working for you. The more effective they are at operating the network the greater the rewards you will receive. Several experienced validators have agreed to operate the Fetch.ai network with links to their company websites displayed in our block explorer.
It is expected that early participants in the network will either operate validators or stake tokens, so we will not be opening the reverse native-to-Ethereum path on the bridge until the 21st of April.