Staking, Swapping & Liquidity of $TKNFY
Tokenfy is on a mission to democratize access to NFT launches so anyone can quickly and safely create a successful project without knowing how to code. We will help 100 million creators and businesses launch their collections in the next ten years, and the $TKNFY token can be used throughout the platform in multiple ways.
What is $TKNFY Token?
$TKNFY is the free-to-claim token that allows users to purchase smart contracts & minting sites on Tokenfy. It also offers staking & LP rewards.
Let’s take a look at some of the utility behind the $TKNFY token.
- Launch NFT Collections with $TKNFY on the Tokenfy Platform.
- Mint NFTs from Tokenfy projects with $TKNFY.
- Stake your $TKNFY tokens to earn rewards.
- Farm $TKNFY to earn liquidity provider rewards.
- Govern The Tokenfy DAO with $TKNFY.
Initial token distribution happened in January 2022, here is the breakdown of how $TKNFY was released and distributed:
- 50% Free Claim for NFT Creators & Collectors
- 20% Staking Rewards
- 10% Liquidity Provider Rewards
- 10% Tokenfy Advisors, Investors, & Team
- 5% Company Treasury
- 5% Tokenfy Referrals
It’s also noteworthy to point out that Tokenfy and the $TKNFY token have a 2.5% hard-coded fee.
- 0.50% Burned (Deflationary Supply)
- 0.50% for Staking Rewards
- 0.25% for LP Rewards
- 0.25% to DAO Treasury
- 1.00% to Company Treasury
Swapping $TKNFY Token
Getting into the Tokenfy ecosystem is simple to do. $TKNFY can be swapped on SushiSwap. Due to the Fees on Transfer, you need to set a higher slippage when swapping. We recommend you set it to 2.6%, so it is just enough to cover the fees on transfer. You can set it to a higher value at your own risk. Don’t set a too high slippage percent. Setting a high slippage % brings a risk of your transaction getting sandwiched. Please read about the sandwich attacks and trade safely.
How to increase slippage on SushiSwap?
Open the Settings on Swap and set the slippage tolerance to 2.6%.
Are you looking to grab some $TKNFY? You can start right here on SushiSwap.
Staking $TKNFY Token
Holders of $TKNFY enjoy staking benefits, among many other benefits yet to be determined.
We have set up a simple to use staking site to help you stake and review your rewards.
$TKNFY Staking is a process of committing your $TKNFY to support the blockchain network & confirm transactions. 20% of the overall $TKNFY supply is reserved for staking rewards. Staking rewards are unlocked linearly over six months. Staked tokens can be withdrawn at any time.
What is sTKNFY?
Think of sTKNFY as a “receipt” after staking $TKNFY. The balance of sTKNFY doesn’t increase over time, and it is simply a token that helps keep track of your share of staking rewards. The value of sTKNFY to $TKNFY is viewable on the Earn page where you would unstake.
NOTE: Your sTKNFY will not be equal to $TKNFY. sTKNFY is essentially a “receipt” for your share of the staking rewards.
Go to https://earn.tokenfy.com/Earn, connect your wallet. You will see your $TKNFY balance.
Input the amount of $TKNFY you want to stake and click “Stake.”
You will need to sign two transactions:
- Approve your tokens to be sent to staking
- Stake your tokens
After this, you will receive sTKNFY tokens and see your staked balance with your staking rewards. You will need sTKNFY tokens to unstake $TKNFY and receive rewards.
Check out our Tokenfy Earn page for more details
Liquidity Providers commit tokens to the blockchain in exchange for rewards. 10% of the $TKNFY supply is allocated to LP rewards. 0.25% of each $TKNFY transaction is allocated to LP rewards. LP rewards are unlocked linearly over 12 months. Check out our Tokenfy Liquidity page for more details.
- Add $TKNFY/ETH Liquidity here: https://app.sushi.com/add/0xa6dD98031551C23bb4A2fBE2C4d524e8f737c6f7/ETH
- Stake your SLP tokens here: https://earn.tokenfy.com/Earn#lp
- Staking/LP Guide & FAQ (GitBook): https://tokenfy.gitbook.io/tknfy-earn-guide/
$TKNFY holds massive potential for the Tokenfy ecosystem.
S is an early adopter of crypto and NFTs with over a decade of experience in SaaS software and Crypto. When not collecting coins like the Mario Bros., S likes to travel, swim and ski.