Stake DEFIT Tokens and Earn High APY

360Wellness has created a new way for people to improve their well-being through online coaching classes from health professionals. The app — which was recently launched on iOS and Android — features an innovative wellness tracker that helps users keep track of their day-to-day activities. At the heart of the 360Wellness ecosystem is DEFIT.

Overview of DEFIT Tokens

DEFIT is a cryptocurrency built for mass adoption by app users. The token aims to provide the 360Wellness community with their own virtual currency as a reliable, secured, and instant payment alternative to fiats to proceed with transactions. It is built as an ERC-20 token and is interoperable with other Ethereum-based tokens.

The DEFIT tokens implement a Proof-of-Stake model to reach consensus, meaning users can also get to stake their tokens to generate a high yield for locking their tokens for a specific period.

How does DEFIT Staking Work?

Staking is the process of participating in the process of validating transactions to secure the network in return for rewards. 360Wellness also works on a PoS mechanism, wherein users can stake DEFIT tokens to help secure the network in return for token rewards.

The platform offers three different ways to stake DEFIT coins:

Beast Mode Pool

In this pool, the total cap for DEFIT is kept at 250,000 tokens. The minimum time period to receive a yield on staking is 30 days, wherein users will get about 5% APY. However, this pool matures after 60 days, after which users are eligible for over 25% APY on their staked DEFIT tokens. Beast Mode has a total reward of 10,274 DEFIT tokens.

Pump Pool

The Pump Pool allows users to stake at a cap of 300,000 DEFIT tokens. The maturity period in this pool is of 90 days, and the users will receive about 45% APY on the locked tokens at the end of the period. However, the minimum time to receive early rewards is 45 days to get about 10% yield annually. The Pump has a total reward of 33,288 DEFIT tokens.

Weekend Warrior VIP Pool

Though the cap for DEFIT tokens to stake in this pool is similar to Pump Pool, the rewards are better. Users can stake their tokens for a minimum of 45 days to receive an APY of 15%. This pool gets mature after 90 days and gives out about 65% yield on the locked tokens. The Weekend Warrior VIP has a total reward of 48,083 DEFIT tokens.

Following, here’s a guide to help users through the staking process. Please note, It is strongly advised to stake on desktops in preference to mobile devices.

Staking Steps:

  1. Download and install the Ethereum based web wallet MetaMask;
  2. Add DEFIT contract address to your MetaMask. This is the contract address: 0x84cffa78b2fbbeec8c37391d2b12a04d2030845e
  3. Go to our staking website;
  4. Select the staking pool you wish to contribute to (Beast Mode, Pump or Weekend Warrior VIP Pool) and press “Stake Now” (when it opens);
  5. Connected to the Ethereum Network, authorize your MetaMask to be connected to the staking smart contract;
  6. After exploring the pool page and you are ready to stake, enter the amount and press “Stake”;
  7. MetaMask will pop up. Allow MetaMask to spend your DEFIT (i.e. send your DEFIT to the staking contract) and press “confirm”. IMPORTANT NOTE ON TRANSACTION FEES: you can edit the Ethereum Network gas fee in MetaMask by pressing “edit” and choosing a custom gas fee. Note that lower fees have slower transaction times.
  8. Next, confirm your staking transaction is accurate and press “submit”
  9. MetaMask will pop up. Confirm your transaction in MetaMask, and remember to edit the gas fee if you wish to change the increase or decrease transaction speeds.
  10. Finally, wait until the transaction goes through (see countdown on the right corner of page), and after a few seconds your stake should be confirmed!

Closing Thoughts

While 360Wellness has kept 20,549 tokens as a reward for staking DEFIT tokens for a minimum period, the maximum incentives users can earn is 91,645. The staking process will start Monday 1pm UTC, April 19th, 2021.

If you have any questions or concerns, please do not hesitate to ask an admin on our Telegram channel.

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