AFIT Bridge is LIVE 🌉! Quick Tutorial. AFIT Turning to Ultimate Scarcity! 🤑Digifinex Results In Progress⏳
AFIT Bridge is LIVE! Quick Tutorial 🌉
Hey actifitters!
We are excited to be announcing that our development and testing efforts have concluded, and our AFIT H-E-BSC bridge is now officially live! 🎉
As of now, you can transfer, if you so wish, AFIT tokens over from hive-engine to your BSC wallet.
The other end of the bridge, which is moving tokens back from BSC to hive-engine is still not implemented yet, and will be available in the coming few weeks.
The bridge is accessible under your wallet at https://actifit.io/wallet.
So, as highlighted in our prior announcement, the dynamics have been implemented to preserve value and investor interest across chains, and go as follows:
- In order to move AFIT tokens, you need to transfer/lock AFIT+HBD pair on hive-engine side. The rate at which AFIT+HBD gets locked is 10-1 of your AFIT. For instance, to send over 50 AFIT, you need to send along 5 HBD. The rate will be revisited/reassessed on a monthly basis as the AFIT pricing across chains adjusts.
- You can later redeem your HBD by transferring back the AFIT amount from BSC to Hive-engine, following a minimum lockup period of 1 week (2nd route of the bridge yet to be implemented as mentioned above).
- You can perform one transfer per day.
- The min amount that can be transferred is 50 AFIT, and the max is 10,000 AFIT.
- For every transfer, 1 HBD is deducted as fees, or 1% of HBD value, whichever is greater.
Transfer Steps:
- Make sure to set your BSC wallet address and click save.
- Head down to the H-E tokens section, and click on the bridge icon. This will open up the transfer section below
- Enter the amount of AFIT you wish to transfer. The HBD amount will auto calculate as you enter your private active key.
- If you meet above requirements, your transfer will process, within few minutes your AFIT tokens will appear on your BSC wallet.
AFIT Turning to Ultimate Scarcity! 🤑
As we mentioned a couple of weeks back, we are implementing measures to make AFIT a scarcer asset. The first move was starting to decrease the daily delegator rewards. As of yesterday, we are now distributing slightly below 90K AFIT, down from 100k AFIT 2 weeks ago. This process will continue decreasing over the coming days till it halves, following which we will reassess the delegation pool.
Now the new scarcity component we are introducing is in the rewards process. As you're aware, Actifit rewards users in multiple tokens, including AFIT, HIVE, STEEM, BLURT and SPORTS.
The new scarcity aspect we are introducing to AFIT, is that while you can always earn other token rewards, yet to earn AFIT tokens, you need to maintain a balance of at least 5,000 AFIT on your actifit.io wallet.
So users who already have the balance will continue to normally earn AFIT rewards in addition to the other reward tokens.
For users who do not own or maintain 5,000 AFIT on your actifit.io wallet (not on hive-engine or BSC, tokens need to show under your AFIT balance on actifit.io), your rewards will not include AFIT tokens, until you can recuperate a minimum balance of 5,000 AFIT.
We believe this approach will be valuable for Actifit ecosystem, and will help prioritize price growth and long term reward sustainability.
Digifinex Results In Progress⏳
We know many of you participated in the digifinex giveaway and are awaiting the results, thank you for that! We are working with the digifinex team on getting the final results across, so we should be able to update you hopefully by tomorrow on the outcome, and if we reach the voting threshold, the AFITX airdrop will be distributed across all participants, as well as the extra gleam contest reward.
Stay tuned!
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5 years this has been happening to me, it started here, around people that are still here. Homeland security has done nothing at all, they are not here to protect us. Dont we pay them to stop shit like this? The NSA, CIA, FBI, Police and our Government has done nothing. Just like they did with the Havana Syndrome, nothing. Patriot Act my ass. The American government is completely incompetent. The NSA should be taken over by the military and contained Immediately for investigation. I bet we can get to the sources of V2K and RNM then. https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem
What if we utilise the transferred AFIT in BSC (exchange to other tokens maybe), our locked HBD in actifit wallet will be locked (or lost) forever?
Will we get anything from the locked HBD similar to getting 20% interest while putting HBD into saving?
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Good question I wait too for answer!
Let's wait then! :)
BUY AND STAKE THE PGM TO SEND A LOT OF TOKENS!
The tokens that the command sends are: 0.1 PGM-0.1 LVL-2.5 BUDS-0.01 MOTA-0.05 DEC-15 SBT-1 STARBITS-0.00000001 BTC (SWWAP.BTC)
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You will be able to recover your HBD by returning your AFIT tokens from BSC to HIVE.
We will lock the HBD on Hive for the period you transfer your AFIT tokens to BSC and you will receive 50-50 of generated HBD earnings.
so actifit will be taking 50% of hbd earnings, on top of the 1 hbd/1% fee for bridging? will those be distributed to users monthly like savings does, or only received when we bridge back? if the latter, will our locked hbd compound? i realize that this is meant to protect user & investor value, but it seems like a lot, even accounting for tx fees on bsc.
Even I have the same question. Waiting for reply
https://twitter.com/dhafiz34/status/1526914567758135296
https://twitter.com/AndersonSBrad/status/1527044394053943296
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Nice to see there's a bridge, but this isn't going to equalize the price between Hive-Engine and BSC, is it? It's not worth arbitraging when the price on BSC is $0.11 and we'd need to add 0.1 HBD per AFIT.
By the way, do you mean regular HBD from my wallet or SWAP.HBD from Hive-Engine?
It's regular HBD, not SWAP.HBD.
Our intent as explained is to protect users and investors. There could be opportunities for arbitrage, depending how prices move.
Price equalization is on the table, particularly with our additional scarcity component, and depending on price movement/market volumes/liquidity we will be revisiting HBD rate required.
I love the project and I'm not going anywhere but seems like another way to sell BSC tokens at market price. There is no benefit for HE AFIT token holders. Maybe we just need to accept that BSC and HE tokens are just different tokens with completely different value and stablish a direct exchange market between them.
thanks for your nice words!
Our long term vision is that prices across chains will come closer together. Our whole purpose of this is to preserve value across chains, and to maintain interest of our users and actifit ecosystem, avoiding major price dumps, all in the while creating extra scarcity for the AFIT token.
Combining those aspects, with the huge potential of growth on BSC in liquidity and volume, we believe progressively HBD requirement will decrease over time and reach 0 at one point.
So you lock up 50 hbd to tranfer 500 AFIT? 50 dollars to transfer 50 dollars worth of afit? Then you swap afit for another token and you need another 50 dollars worth of hbd to move them again? That sounds like a lot of hbd to have just sitting around. The afitx token doesn't help with this at all?
no not really, you do lock HBD if you wish to move AFIT from h-e to BSC, but you would reclaim those back if you wish to move your AFIT the other way around.
As explained above to reeta0119 in regards to AFITX, we wanted to use a stable coin to avoid price fluctuations and potential loss of locked value for our users.
Why would I want to move my Afit the other way around If I swapped them for something else on BSC? The AFIT is gone and my HBD is?
Exactly. It's total BS....are you going to answer this @pjanssen or @actifit ?
Isn't good if you would have choosen afitx to get locked instead of HBD which is the governance token. More afitx locked should help the token economy.
Also what about the returns on locked HBD?
our choice for HBD was because it's a stable coin, and so it doesn't risk fluctuating its value over time, so we are preserving the interests of our users across chains.
Actifit team, please answer this.
hey @oldtimer, if you utilise, transfer, sell,... your AFIT in BSC, you are completely free to do so.
To redeem your HBD, you would need to rebuy AFIT tokens on BSC, and send them back onto hive-engine, which would allow you to reclaim your tokens.
You do not lose your right to HBD tokens.