Fundrs Staking Goes Live on Avalanche and Ethereum Tonight — Unlock Gold, Silver, or Bronze Tiers With Your ALBT
A few weeks ago, we announced the deployment of Fundrs, our peer-to-peer funding protocol, on the Testnets of five major blockchain networks. With its release, we began the rollout of our vision of a truly decentralized participatory economy with a peer-to-peer funding platform based on reputation and merit — one that is fair, transparent, inclusive, and participative. The launch means that many activities like venture capitalism that so far have been restricted to the few will soon be accessed by all members of our community participating in the governance of the protocol.
Today, we’re excited to announce the next milestone in the protocols’ development with the release of ALBT staking on the Mainnet version of Fundrs. Staking of ALBT on Fundrs allows the users to mint NFTs which represent their Gold, Silver and Bronze membership tiers. These membership tiers give the stakers the ability to mint reputational token IOUs that are eligible for conversion to rALBT on the upcoming Mainnet version of Fundrs. You can find the full breakdown of tier benefits below.
The rALBT is an essential feature of our upcoming trustless funding protocol, that, among other things, will allow its holders to increase their chances of securing a ticket for a particular funding round. The rALBT reputational tokens will also be necessary to participate in the governance of the Fundrs protocol and lead to the construction of a unique DAO (Decentralized Autonomous Organization). You can find a list of the benefits and features available to rALBT holders here.
The staking feature will be released on the Mainnets of Ethereum and Avalanche — this will lower the barrier of entry and give our community the option to avoid gas fees on the former.
Fundrs Staking feature is now live on Mainnet here. Users are able to continue testing the Fundrs MVP here. Below, you can find everything you need to know about this release, including walkthrough guides, an update to the bug bounty program, as well as what’s next for our peer-to-peer funding protocol.
Users can now stake ALBT and mint reputational IOUs that are redeemable for rALBT after wallet whitelisting
Starting later today, community members will be able to stake their ALBT on the Mainnet version of Fundrs and start to generate reputational token IOUs. These IOU tokens will be eligible for redeeming for rALBT on the upcoming Mainnet version, provided that the users have whitelisted their wallets using our upcoming Trustless IDentity Verification (TIDV).
Below you can find a list of staking tiers and the amount of IOU-rALBT that you can expect to mint:
The multiplier is calculated using the following formula:
Total IOU-rALBT minted per day = Base reward per ALBT staked per second x Tier Multiplier x # seconds per day x # ALBT
Please note, for now, our users can stake up to 100,000 ALBT to receive their Tier NFTs, with each staking requirement reached progressively increasing your IOU-rALBT farming multiplier up until the maximum sum. The stakers will only redeem their IOU-rALBT from one wallet and one network.
You can find a list of the benefits and features available to rALBT holders here.
You can stake your ALBT using ERC20 or AVAX-based wrapped tokens (WALBT) for lower gas fees and faster transactions
As mentioned before, we have listened to the community’s feedback regarding the current gas prices on Ethereum and found a solution by providing an option to stake WALBT on Avalanche as well. Avalanche has significantly faster transaction rates and lower gas fees, which now our community can use when interacting with Fundrs. While the bridging cost still consumes gas fees, the actual cost of interacting with the Fundrs platform on AVAX is significantly lower. In the future, we plan to expand Fundrs to many other top blockchain networks that we are currently partnered up or collaborating with. These include Binance Smart Chain, Polygon, Flare, Moonbeam and many others. In the meantime, however, you can stake your ALBT directly from your Ethereum MetaMask, or get your wrapped ALBT tokens based on Avalanche.
Use the AllianceBlock Bridge to bridge and claim your AVAX WALBT:
- Ensure you have your selected amount of ALBT in your MetaMask wallet. You will also need enough ETH and AVAX for claiming/staking fees
- Set up your MetaMask for it to be able to receive Avalanche-based tokens, or simply add the Avax C-Chain parameters via https://chainlist.org/ as shown in this video tutorial
- Head to AllianceBlock Bridge’s portal and connect with your MetaMask
- Pick ‘Ethereum’ in the ‘Select Network’ box in the right-hand corner and ‘Avalanche C-Chain’ in the ‘To’ Network box in the center of the screen
- Below, make sure to select your own MetaMask address (it remains the same for AVAX as your ETH address), as well as the number of tokens you want to stake
- Once you’re ready, click on the ‘Approve ALBT’ button and pay a small service fee to get your tokens ready for bridging
- Finally, click ‘Send’ to process your tokens for bridging
- After about 5–10 minutes, the ‘Claim’ button should become available on the page, allowing you to claim your wrapped ALBT
- Please note: there is a known bug on the Bridge portal we are currently fixing. If you are experiencing a green flashing light that seems stuck after clicking ‘Bridge’, simply refresh the page and repeat the process. For any questions, please contact the community managers on our Telegram
You can also watch this tutorial for how to complete the above steps here:
AllianceBlock is building trustless identity verification to invite institutional investment and protect user data at the same time
Identity verification is a hotly debated topic in the DeFi industry. Institutional investment into our industry will not take place without proper compliance frameworks. A key part of that compliance framework is making sure that users that participate in our products go through a proper identity verification process. We take this market need in mind, while at the same time sticking with the decentralization ethos of the DeFi industry to the fullest extent. This is why we’re also providing a fully trustless identity verification software that guarantees the users’ data is not stored and used by a centralized entity.
Here is how you can stake your ALBT and start farming reputation with IOU-rALBTs:
Once you have staked your ALBT, you can view your minted Tier NFT by clicking ‘DAO’ in the upper right corner of the Fundrs UI and going into the ‘Reputation Score’ tab.
Please note: The current version has no lock on the staking feature, in order to give our community the chance to test the protocol and for us to gather key data. As we continue to gather data and flesh out more staking models, we’ll introduce new locking periods with additional rewards.
Bug bounty for Fundrs continues with a new method of reporting issues
So what’s next? Now our users can stake their ALBT and start minting the IOU reputational tokens in preparation for the full Mainnet release of Fundrs in Q1 2022. We will continue to add new functionalities to Fundrs and unlock new parts of the platform in the coming weeks — for now, these remain disabled on Fundrs.app.
At the same time, we encourage our community to continue testing the Fundrs Staking feature on Mainnet here, as well as the Fundrs MVP here. To make issue-reporting more seamless for our users, we have introduced a new in-app feedback widget inside Fundrs:
Click on the red ‘feedback’ button to report a bug, request a feature, or give general feedback:
Select the kind of feedback you’d like to report:
Provide as much information about your piece of feedback, as well as any images or videos that support your claim:
Please note: our community has been absolutely NoMercy about reporting bugs in the last few weeks. Before you give your feedback, make sure it hasn’t already been input here.
Fundrs Mainnet will have branding and UI designed by Clay, an industry-leading UI/UX agency
While we continue to develop the protocol, functionality and infrastructure of our products, we fully recognize the importance of cutting-edge branding and design for the mainstream adoption of our products. Last year, we announced the beginning of our collaboration with Clay, a San Francisco-based UI/UX/Branding agency that has previously worked on Facebook, Slack and Coinbase. The rebrand will be included in the later 2022 releases of Fundrs, alongside our entire online presence and product spread.
Make sure to check out Fundrs Staking feature on Mainnet here. You can also continue testing the Fundrs MVP here.
About AllianceBlock
AllianceBlock is bridging the gap between decentralized finance and traditional finance, by remedying issues that exist in both spheres and linking them more closely together. They see the future of finance as an integrated system in which the best of both worlds can work together to increase capital flows and technological innovation.
Building this future by bridging traditional finance with compliant, data-driven access to new decentralized markets, DeFi projects, and ecosystem-scaling tools such as funding and interoperability. As such, they are building a next-generation financial infrastructure that aims to provide regulated financial entities around the world with the tools they need to seamlessly access the DeFi space.
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