❓Frequently Asked Questions
What is SOFIL DApp? SOFIL is a decentralized finance (DeFi) platform offering earnings opportunities to crypto holders and community ambassador by rewarding contributors for providing liquidity. Users can stake-to-earn on their digital assets and refer-to-earn as a referrer on SOFIL's non-custodial platform at this moment.
What is staking and staking rewards? Staking occurs when you lock cryptos (usually native tokens of a blockchain) for a set period of time to help support the operation of a blockchain. The cryptos you earn on SOFIL are also known as staking rewards, which is generated from mining rewards, rather than from other external platforms or other utilities. You can check here for further information of staking.
What is referring and referral rewards? By sharing your referral code and introducing your friends to SOFIL and stake, you can earn referral rewards which are distributed daily. Currently, you can earn up to 7.13% proportional to your referred stakers' staking rewards. Referral rewards are generated from mining rewards distributed from SOFIL. The referral rewards distributed to you are distributed by SOFIL additionally, which are not deducted from the staking rewards of your referred staking contracts. You can check here for further information of SOFIL Referral Program.
What wallets do we support? We support MetaMask wallet at this moment. However, it will support more wallets soon. In order to have a better user experience, conneting to SOFIL DApp with MetaMask on your smart phone is highly recommended.
What blockchains do we support? We currently support BNB Smart Chain. More blockchains will be supported in the near future.
What cryptocurrencies do we support? We currently support Binance-Peg Filecoin (Token Contract: 0x0D8Ce2A99Bb6e3B7Db580eD848240e4a0F9aE153) as the cryptocurrency for staking at this stage and more cryptocurrencies will be supported in the near future.
Are there any service fees? No, there is no service fee for SOFIL to provide staking products. We don't charge any fees to stakers and referrers.
Are there any other fees? Just like other DApps, stakers and referrers need to pay gas fees for the operations when interacting with the blockchain. For stakers, there is an one-time gas fee when (1) creating a staking contract and minting a staking NFT, (2) withdrawing staking rewards, (3) unstaking a staking contract and burning the staking NFT to redeem the staked amount. For referrers, there is an one-time gas fee when withdrawing referral rewards.
Is SOFIL DApp secure? We provide a decentralized staking environment for stakers. All activities will be recorded in blockchain, managed through a unique ID and metadata that no other token can replicate. When you stake, your staked amount will be transferred through smart contract.
Why Filecoin would be selected to be the first crypto by SOFIL for offering staking products? Filecoin has evolved from a blockchain only serves data storage validation to decentralized application enablement by launching Filecoin Virtual Machine (FVM), which trigger a greater market potential and growth. This would be the most appropriate moment to holding Filecoin and making your Filecoin holdings work for you by generating staking rewards while contributing to the security and efficiency of Filecoin. All Filecoin staking rewards and referral rewards distributed from SOFIL are generated from mining rewards, rather than from other external platforms. Filecoin mining is operated by SOFIL strategic partners with actual on-chain presence.
Stakers
What are the benefits of staking? Staking brings you the opportunity to earn passive growth on crypto assets you hold / plan to hold for a period of time, while contributing to the security and efficiency of blockchain network.
How long will my cryptos lock? The cryptos you staked will get locked based on the staking period of the staking contract you created. You cannot withdraw the staked cryptos earlier.
How are the staking rewards calculated? Staking rewards are simply calculated according to your chosen:
Staking period and the corresponding annual percentage rate
Staking amount
You can check here for detailed calculation formula.
Can I create multiple staking contracts? Yes, you can create multiple staking contracts as long as you have available balance of supported cryptos.
Can I change the terms in the staking contract? No, you cannot change the terms in the staking contract once it is created.
Can I use another wallet to withdraw staking rewards? The right to withdraw staking rewards and redeem the staked amount in a staking contract belongs to the corresponding staking NFT holder. If you would like to use another wallet to withdraw staking rewards in a staking contract, you can first transfer the corresponding staking NFT to another wallet, then you can operate the staking contract with another wallet.
You can check here for further information of staking.
Referrers
What are the benefits of referring? SOFIL focused on the power of community in Web3 decentralized ecosystem. While joining the Web3 ecosystem with your friends, you can refer your friends to stake and earn together.
What can I earn by successfully referring? The types of cryptos to be earned are determined by the types of crypto staked in your referred staking contracts. For example, if your referred stakers created a Binance-Peg Filecoin staking contract, Binance-Peg Filecoin as referral rewards would be distributed to you.
How are the referral rewards calculated? One referred staking contract would lead to one set of referral rewards. Referral rewards are simply calculated according to:
Staking period of the referred staking contract
Staking amount of the referred staking contract
A fixed APR for referral rewards calculation
You can check here for detailed calculation formula.
How long will I get all the referral rewards produced from a referred staking contract? Referral rewards from a referred staking contract will be proportionally distributed to you daily. The duration of getting all the referral rewards from a referred staking contract equal to the staking period of the staking contract. Meaning that you can get all the referral rewards from a referred staking contract when the contract get matured.
Can the referrals change the referrers after their wallets get binded to my referral code? Once a wallet binded your referral code and successfully created first staking contract, the staker's wallet could not change the referrer anymore.
You would start earning referral rewards with reference to the terms of the first staking contract. If the referred staker (wallet) create other staking contracts in the furture, you would also earn referral rewards with reference to the terms of each future created staking contract.
Can I use another wallet to withdraw referral rewards? No, you cannot. Referral rewards are distributed according to your referral code, which is generated and tied to your connected wallet. Please make sure you keep your wallet securely and safely before you share your referral code of your connected wallet to your referrals.
You can check here for further information of our referral program.
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