We are excited to finally announce the long anticipated staking of the $MOD token. This first round of Multi-chain staking (Yes! There will be staking for $MOD on other networks in the near future) will be on the one and only Fantom Network.
The staking contracts will officially open for deposits on March 31st at 9PM UTC. The staking dashboard is now live at https://dashboard.modefi.io/#/staking-rewards
Important: Staked tokens will be locked for the 90 day duration!
As most of the Modefi community already knows, part of the commitment to launching on Trustswap on February 10th, the top 1000 SWAP Score addresses received a $MOD airdrop to their wallets via the Fantom Network. We felt this was a great way to kick off the launch of staking on Fantom. In the process we were able to save over $8k in transaction fees being that Fantom has sub 1 cent fees and 1–3 second finality. This savings was used to buy $MOD from the market to increase the initial rewards on Fantom staking.
Click here to find out why we held the airdrop on Fantom
Your rewards will be proportionate to your staked amount. Start staking early on to see the best results. All stakes will be locked in for the 90 day duration.
How to add liquidity to the Anyswap MOD/FTM Liquidity Pool on Fantom
*****PLEASE NOTE, WE HAVE MOVED LIQUIDITY TO SUSHISWAP. ANYSWAP LIQUIDITY WILL NOT BE USED FOR LP STAKING*****
Please note: Staking on Fantom requires the use of Metamask, no other wallet is supported at the moment. All stakes will be locked in until the end of 30 days.
Step 1: (If your $MOD tokens are on the ethereum network)
Please click here and follow the instructions to bridge your $MOD tokens from the Ethereum network to Fantom if you haven’t already done so.
Step 2: (Add liquidity)
-Visit https://anyswap.exchange/add-liquidity
-Connect to Fantom Mainnet (top right side)
-Choose MOD (Modefi-FRC20) from the drop down menu
-Type in the amount of FTM you would like to provide, it will auto fill the amount of MOD needed.
-Select “Unlock” to approve
-Once approved, select the “Add Liquidity” button
Step 3: Stake-em
How to stake your Anyswap MOD/FTM LP tokens on Fantom
*****PLEASE NOTE, WE HAVE MOVED LIQUIDITY TO SUSHISWAP. ANYSWAP LIQUIDITY WILL NOT BE USED FOR LP STAKING*****
Please note: Staking on Fantom requires the use of Metamask, no other wallet is supported at the moment. All stakes will be locked in until the end of 30 days.
Step 1: (Be sure you’re connected to the Fantom Network on Metamask)
-Visit our staking dashboard at https://dashboard.modefi.io/
-Click the “Connect” button in the top right corner
-Once connected you should see the staking dashboard
-Under “MOD / FTM LP Staking” select the “Stake” button
-Enter the amount of LP Tokens you would like to stake and select “Stake LP”
-You will be prompted with an approval transaction then following that the stake transaction.
Step 3: Kick back and collect the rewards as often as you’d like!
You could claim every minute for the entire 30 day staking duration on Fantom, and only spend $1.27 USD in transaction fees. That’s 43,000 claiming interactions!
How to stake your $MOD tokens on Fantom
Please note: Staking on Fantom requires the use of Metamask, no other wallet is supported at the moment. All stakes will be locked in until the end of 90 days.
Step 1: (If your $MOD tokens are on the ethereum network)
Please click here and follow the instructions to bridge your $MOD tokens from the Ethereum network to Fantom if you haven’t already done so.
Step 2: (Once you have your $MOD in your metamask wallet connected to Fantom network)
-Visit our staking dashboard at https://dashboard.modefi.io/
-Click the “Connect” button in the top right corner
-Once connected you should see the staking dashboard
-On the left side under “MOD Staking” select the “Stake” button
-Enter the amount of $MOD you would like to stake and select “Stake MOD”
-You will be prompted with an approval transaction then following that the stake transaction.
Step 3: Kick back and collect the rewards as often as you’d like!
You could claim every minute for the entire 30 day staking duration on Fantom, and only spend $1.27 USD in transaction fees. That’s 43,000 claiming interactions!
Users staking $MOD will greatly benefit from the low transaction fees associated with staking on Fantom. Lets do a comparison of staking on the Ethereum network vs. Fantom network in terms of transaction fees.
Ethereum (170 gwei @ $1780 USD)
Approve $MOD token to stake — $13.55 USD (0.007615 ETH)
Stake $MOD token — $33.70 USD (0.018935 ETH)
Claim your $MOD rewards — $21.23 USD (0.01193 ETH)
Fantom (1 gwei @ $0.42 USD)
Approve $MOD token to stake — $0.0000189 USD (0.000045 FTM)
Stake $MOD token — $0.00004662 USD (0.000111 FTM)
Claim your $MOD rewards — $0.0000294 USD (0.00007 FTM)
During the Approve, stake, claim and withdraw process users will save approximately $200 USD in fees by utilizing the Fantom Network (assuming 6 claims throughout the total staking duration).
Important Contract Addresses
Fantom network $MOD contract address
0xe64b9fd040d1f9d4715c645e0d567ef69958d3d9
Anyswap MOD/FTM LP token contract address (NO LONGER SUPPORTED FOR STAKING)
0xaa723a4381a8cd38edbc7c6199488be29da6b9a8
Ethereum network $MOD contract address
0xea1ea0972fa092dd463f2968f9bb51cc4c981d71
Modefi: An Oracle Solutions Platform
Modefi’s mission is to bring decentralized trustless Oracle solutions to developers and businesses. Using multi-chain solutions Modefi is building interoperability that will drive adoption and true power to the blockchain ecosystem.
Website: https://modefi.io
Docs: https://docs.modefi.io
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