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!
Actifit supports cross-chain decentralization. Support our efforts below:
- Support our witness @actifit on Hive, vote for us or set us as proxy on actifit profile, via peakd, or hive blog.
- Support our witness @actifit-he on Hive-engine, vote for us on Tribaldex.
- Support our witness @actifit on Blurt, vote for us or set us as proxy on Blurt Witness Page.
- Support our block producer actifittelos on Telos, vote for us here.
@actifit team
Posted Using LeoFinance Beta
@taskmaster4450, I guess the AFIT-HBD shstem dedcribed above is something that could eventually gives value to HBD as per what we discussed yesterday?
Posted using LeoFinance Mobile
Wait, why do I have to enter my Active key to bridge over to BSC? I would never EVER enter my Active key anywhere. Just the thought makes me want to reset my master password right away. Why no Keychain?
And do I understand it right that I have to pay MORE HBD than the AFIT is worth, just to bridge it over - plus a fee? The current AFIT price is $0.10 on BSC, I send 50 AFIT and bond 5 HBD plus 1 HBD fee, then I sell the 50 AFIT for 5 BUSD. Now I own 5 BUSD but have 50 AFIT and 6 HBD less (for which you now get 20% APR). And since I sold my 50 AFIT, I also don't ever get my HBD back? I am sure I misunderstand something here. Please enlighten me. 😅
loool, no dont reset it just now
Yea we have not integrated keychain yet, as it requires a reintegration across our whole site. Yet I would argue keychain is not safer than using actifit. But would definitely respect your choice where to put your keys. We do intend to have keychain integrated across actifit as well.
The intent of the bridge is to preserve value across chains. Right now the break even price is around 10 cents at BSC. If the price goes higher, then you are definitely profitable for selling AFIT on BSC. There are some cool arbitrage scenarios to think about ;) yet we are simply avoiding large price dumps and protecting our user and investor interest by this mechanism. As volume, liquidity, and price across chains develop, I believe we will see prices getting closer together, and the HBD requirement dropping, till it reaches a point where it is no longer required.
Your HBD sure you are entitled for them, but to get them back you would need to send back AFIT to h-e, which would unlock your afit + hbd.
Posted Using LeoFinance Beta
Thank you for the explanation. Regarding the active key, I could easily send my AFIT to a new and empty HIVE account and risk-free bridge over, until you have integrated Keychain.
About the arbitrage scenario, I made some basic calculations and the result is actually quite impressive for those who take advantage of it.
Scenario 1: AFIT Price on BSC > $0.10 ➡ Bridge 10,000 AFIT from H-E to BSC
AFIT BSC = $0.12 | AFIT H-E = $0.0012 Buy 10,000 AFIT (H-E) = $12 Bridge 10,000 AFIT (H-E ➡ BSC) + 1,000 HBD bond + 10 HBD fees (= $1,022) ➡ sell 10,000 AFIT (BSC) = $1,200 Result: $178 profit + $1,000 HBD bond on HIVEScenario 2: AFIT Price on BSC < $0.10 ➡ Bridge 10,000 AFIT from BSC to H-E (only works with active $1,000 HBD bond)
AFIT BSC = $0.08 | AFIT H-E = price irrelevant Buy 10,000 AFIT (BSC) = $800 Bridge 10,000 AFIT (BSC ➡ H-E) + fees 10,000 AFT (H-E) and get $1,000 HBD bond back Profit: $200 + 10,000 AFIT (minus Bridge fees)I guess that explains why the price of AFIT on Pancakeswap is constantly coming back to $0.10 (I guess you can call this a peg). Arbitrage is already in full swing. Still not sure what to think about it but I will keep an eye open for any larger price swings to the upside to try this out.
Thank you for doing these calculations! It didn't make sense until I read this!
Great to have you on the show yesterday.
It is always fun to get caught up to speed on @actfit. This was one of the first move-to-earn applications.
You are far ahead of all other applications. Everyone on Hive should be using this application.
Posted Using LeoFinance Beta
Great being there with the amazing cryptomaniacs! :D
Posted Using LeoFinance Beta
I've done my part to have 5000 AFIT in my wallet. So excited with the news from the team.
$AFIT is one of the most active tokens in HIVE recently :)
It's really a GEM to hold long term
Posted Using LeoFinance Beta
Really cool to see your progress. Did you see a increase of active users when you got linked with BSC?
I would be curious to know too! I noticed the price moving around a bit lately 👌
Posted using LeoFinance Mobile
yep we have! increase in retention, signups, active users...
Posted Using LeoFinance Beta
This is sweet! Been awaiting the Bridge, now some cross over to do.
Posted Using LeoFinance Beta
Will this situation increase the price of AFIT token?
Much progress since the last time I visited actifit. Lemme see if I can stock some now🥰
Posted Using LeoFinance Beta
How I can transfer the AFIT from BSC to HE if I haven't had any locked HBD?
Posted using LeoFinance Mobile
you would need to lock some HBD to perform the transfer
Posted Using LeoFinance Beta