The Fetch.ai and Mettalex teams are pleased to announce the launch of the first Phoenix program, designed to offer FET token stakers high-yield rewards in the form of MTLX tokens.
This initiative represents the second MTLX distribution campaign aimed at FET token holders. Over a three-month period, a total of 250,000 MTLX tokens will be distributed to participants who stake their FET tokens.
Eligibility and Participation
Both existing FET stakers and new participants looking to stake their tokens are eligible to receive MTLX rewards. The program is structured to be accessible and rewarding for all involved.
How the Program Works
- Three-Month Campaign: The program begins on February 19, 2021, and concludes on May 19, 2021.
- Attractive Rewards: Mettalex has allocated a fixed reward pool of $2,000,000 worth of MTLX tokens, averaging over $22,200 per day at the current MTLX price of $8.
- No Lock-up Period: There is no mandatory lock-up period for staked FET tokens. Accumulated MTLX rewards can be claimed at any time.
- Daily Snapshots: User rewards are calculated daily at 12:00 PM UTC and displayed on the staking interface.
- User-Friendly Interface: To stake FET tokens and earn MTLX rewards, users can visit the staking portal and follow the provided instructions. For assistance, users can reach out to moderators via the official Fetch.ai Telegram channel.
- Simple Enrollment: After staking FET tokens, users must enroll in the Phoenix program by clicking the "Enroll" button in the dedicated section on the staking page and confirming the transaction via their MetaMask wallet.
This initiative is projected to increase the effective annual yield for Fetch.ai stakers to 51% during the program's duration.
How to Stake FET Tokens
Staking FET tokens is straightforward:
- Ensure you hold FET tokens in your MetaMask wallet. The staking interface currently supports MetaMask, and you will need some Ethereum to cover gas fees.
- You can purchase FET tokens on supported exchanges or decentralized platforms like Uniswap. Always verify the contract address (0xaea46A60368A7bD060eec7DF8CBa43b7EF41Ad85) to avoid acquiring outdated tokens.
- Add FET as a custom token in your MetaMask wallet using the correct contract address.
- Navigate to the staking webpage and connect your MetaMask wallet.
- Select the amount of FET you wish to stake and follow the two-step process: first, approve the amount, and then complete the staking transaction.
Remember, never send tokens directly to the smart contract address. Always use the official staking interface to avoid irreversible losses.
👉 Explore staking strategies and tips
Frequently Asked Questions
How can I learn more about staking FET?
You can find detailed resources about FET staking, including blog posts and video broadcasts, on Fetch.ai’s official Medium page and YouTube channel. These materials cover node operation, staking mechanisms, and updates.
What should I do if my enrollment transaction fails?
If your transaction fails during enrollment, try editing the gas limit in MetaMask—doubling it is often effective. A recommended gas limit is 214,000. Use the advanced settings to adjust this parameter.
When can I unstake my FET tokens?
You can initiate unstaking at any time, but tokens are subject to a 21-day unbinding period. Only tokens staked during the program are eligible for MTLX rewards.
Will there be more staking programs like this for FET holders?
Yes, an additional 750,000 MTLX tokens are planned for distribution in similar programs over the coming months.
I have old FET tokens. How can I swap them for new ones?
If you hold old FET tokens, refer to the official token migration blog for instructions. For tokens purchased on certain exchanges, you may need to contact support with your transaction hash. Centralized exchanges typically handle the swap automatically.
What should I do if someone impersonates an admin?
Official Fetch.ai moderators will never initiate direct messages offering rewards or requesting funds. Report any suspicious accounts immediately to the official admin team.
About Mettalex
Mettalex is a decentralized derivatives exchange focused on commodity trading, designed for traders, liquidity providers, and physical commodity holders. As one of the first major applications built on Fetch.ai technology, Mettalex aims to democratize access to the $20 trillion commodity market through decentralized finance.
The platform utilizes Fetch.ai's autonomous economic agents to provide secure real-world price data. Later, Mettalex's automated market maker will migrate to Fetch.ai's infrastructure for enhanced optimization.
MTLX is a governance token that enables holders to vote on key parameters, such as:
- Selection of market makers
- Creation of new markets
- Use of exchange fees
- Spread percentages for liquidity pools
- Buy-back and lending rates within pools
About Fetch.ai
Fetch.ai is an artificial intelligence lab based in Cambridge, building the infrastructure necessary for autonomous software agents to perform economic activities on behalf of individuals, machines, and organizations. Their open-source network allows users to leverage AI capabilities for complex coordination tasks using secure, world-class datasets.
For more information, visit the official Fetch.ai website.