A Fida token is a modern version of a loyalty point but it has a number of additional benefits and characteristics.
1) They don’t expire
2) They can increase (and decrease) in value
3) They can be traded for other similar tokens
4) They can be transferred to others
Stablecoins are tokens where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities. The idea is that the value of stablecoins don’t fluctuate unlike other tokens e.g. 1USDC = $1.
Yes provided those stablecoins are also ERC-20 tokens.
1) Go to https://www.fidaapp.io/ and click “Launch App”
2) You will then need to connect your Venly wallet where your tokens are stored.
3) Once you connect your wallet you can see your token balance
4) You can choose which tokens you want to trade your Fida tokens for. Please note the value of Fida tokens and other tokens can change. There is also a transaction fee of 0.5% for every transaction.
This can be done through your digital wallet. You need the wallet address of the person you want to send your tokens to. Never send any tokens to someone you don’t know and always check the wallet address in advance of any transfer.
If you choose you can earn more tokens through a process known as liquidity providing.
Tokens like Fida are the digital currency of the protocols they support. Like any currency liquidity is important so there are always buyers and sellers.
When a protocol is first launched there aren’t as many buyers and sellers as there would be in an established protocol so incentives are created for users to provide liquidity.
Liquidity is provided in pairs of tokens i.e. you need 2 tokens to provide liquidity to a protocol. You are rewarded with liquidity provider (LP) tokens in exchange for the liquidity you provide.
These LP tokens can then be staked to earn additional tokens for as long as you are providing liquidity. The number of additional tokens you earn depends on how many other people are also providing the same service.
You can withdraw the liquidity you provide at any stage and keep the tokens you have earned.
Of course. You don’t have to do anything with your tokens besides earn them on purchases and redeem them for goods and services.
Liquidity providing, staking, stablecoins are all relatively new concepts and terms and it does take a while to get your head around them but they are becoming more widely adopted practices every day.
You can see the current value of a Fida token here
Yes that functionality will be available later in 2022.
Some tokens use Proof of Work (PoW) for every transaction that requires high energy consumption. Fida is using a different mechanism known as Proof of Stake (PoS) which doesn’t use high energy consumption. You can read more about PoW and PoS here.