Staking FITFI token is only possible on the Step App staking platform. Meanwhile, further plans to expand staking options may come up in future upgrades.
Before diving into the guide for staking FITFI, what is FITFI, and what are its uses?
FITFI is the native token of the Step App move-to-earn game. FITFI, also called Fitness Finance, is a brilliant blend of DeFi and fitness.
In other words, Fitness Finance features the incorporation of blockchain-based rewards into health and fitness.
Therefore, with this new innovation, people can earn money or incentives by participating in health and fitness activities. These programs that incorporate Fitness Finance are called move-to-earn games.
Just like regular play-to-earn games, move-to-earn games allow people to enjoy the web3 experience by converting their real-life exercise data to rewards.
One of these apps is Step App. It is an upcoming Avalanche-based web3 gaming platform that provides token rewards for data from users’ exercises.
Step App has put in place several ways to reward its users for running with their SNEAK NFT Sneakers.
Players can earn from challenges and tournaments. These can include regional or global tournaments where players participate in challenges to win rewards from the prize pool.
Also, players can earn by betting on the outcome of a challenge or tournament event. Microtransactions can also earn participants some bucks. There are many choices.
Step App Ingame Economy: FITFI and KCAL
Step App features an incredible ecosystem economy powered by a dual token system. The first one is the FITFI token which is the governance token of the game.
FITFI token gives voting and decision-making power to holders and players. It is also useful for buybacks and burns within Step App.
Apart from this, players can earn extra passive income by staking their FITFI tokens for token yield rewards, loot boxes, or NFT packs.
Although staking is flexible, players and holders can lock their tokens to earn royalty discounts, token rewards, and skins.
The other token, KCAL, is the utility and purchase token of the game. Players can mint NFTs or buy in-game assets with their KCAL tokens.
It is also the main reward token that players will earn for running with their SNEAK.
Staking FITFI Token
One of the importance of the FITFI token in Step App is providing a passive earning opportunity for players via Staking.
Staking FITFI in Step App is perpetual; therefore, there are no time restrictions. Staking FITFI enables players to earn drop tickets for NFT collections, including Lootboxes, token rewards, SNEAK drops, and other exciting rewards.
Meanwhile, in the currency staking campaign, stakers can win only Lootboxes that contain different in-game NFT assets like skins, Avatars, tags, or SNEAKs.
Once players stake their FITFI, they earn a drop ticket for every 100 FITFI tokens staked daily.
Once a Lootbox is released, a snapshot of each player’s staked asset will be taken. Subsequently, a lottery will take place, and Lootboxes will be awarded to random users.
Therefore, the higher your stakes, the higher your Drop Tickets for the Lootbox lottery. However, during the draw, a user can only win a maximum of 5 Lootboxes.
However, before you can stake FITFI, you need to set up your Metamask wallet and buy the token from an exchange. FITFI is available on CEXes like Crypto.com or OKX.
You can also buy the token on TraderJoe DEX with your AVAX token. Therefore, if you have a Binance account, you can buy AVAX and swap with FITFI on TraderJoe.
Steps on How To Stake FITFI
Here are the 3 steps to stake FITFI tokens on Step App:
- Set up your Metamask wallet
- Buy FITFI token
- Stake FITFI
1. Set up your Metamask wallet
To set up your Metamask wallet and add Avalanche network:
Open and log in to your Metamask wallet.
Go to the Network dropdown and select ADD A NEW NETWORK.
In the boxes provided, fill in the following Avalanche network details:
- Network Name: Avalanche Network
- New RPC URL: https://api.avax.network/ext/bc/C/rpc
- Chain ID: 43114 or 0xa86a
- Currency Symbol: AVAX
- Block Explorer URL: https://snowtrace.io/
Then Save the settings. This will automatically switch your network to Avalanche.
To add FITFI token to your Avalanche-enabled Metamask, click Import Tokens in your wallet.
This will take you to a window where you can add custom tokens with their token address. To check the token address for FITFI, simply go to Coinmarketcap.com. Search for FITFI and copy the strings of characters in CONTRACTS.
Paste the address in the section provided for Token Address in Metamask. Hit ‘Enter,’ and other details will load automatically.
Tap IMPORT to add FITFI to your Metamask.
2. Buy FITFI Token
After setting up your wallet, it’s time to load it up with FITFI tokens.
To do this, you can use CEX exchanges, including Hotbit, Kucoin, Crypto.com, or OKX. Therefore, if you have an account on any of these exchanges, you can easily get the token and transfer it out to your Metamask wallet.
For this guide, we’ll be using OKX since it is faster and cheaper. Here’s how to set up a new OKX account and buy FITFI tokens.
- Sign up on OKX
- Buy USDT
- Swap USDT for FITFI
- Withdraw FITFI to Metamask
1. Sign up on OKX
Navigate to OKX.com on your browser. You can also download the mobile app on Google Play Store for Android or App Store for iOS devices.
On the homepage, click SIGN UP on the top right side of the navigation bar.
Input your email address or phone number, then choose a strong password. Alternatively, you can sign up with your Google mail or Telegram account. Verify your email to continue.
Once you’re done, a welcome message will pop up, asking you to Deposit Crypto or Buy Crypto with your local currency.
On the navigation bar, go to Account > Security Settings. Set up your account security by verifying your phone number.
2. Buy USDT
FITFI is available as FITFI/USDT on OKX. Therefore, you can only buy the token with USDT.
To buy USDT, go to BUY CRYPTO on the top right corner of the navigation bar. You can complete purchases with P2P trading. You can also use e-payment services or credit/debit cards.
Once you’ve funded your account with USDT, you can now swap it for FITFI.
3. Swap USDT for FITFI
On the top navigation bar, go to Trade > Basic Trading.
On the asset list menu, search for FITFI/USDT. Tap the result and click BUY. Switch order from LIMIT to MARKET. Input the preferred amount of FITFI you want to buy and click BUY.
After funding your OKX account with FITFI, transfer the asset to Metamask.
4. Withdraw FITFI to Metamask
To withdraw your FITFI tokens, go to Assets > Withdraw on the navigation bar.
On the withdrawal page, select FITFI as the asset you want to withdraw. Tap Continue.
To complete withdrawal, copy your FITFI deposit address in Metamask. Go to Metamask and tap receive on under FITFI token.
Copy the deposit address and paste it into your OKX withdrawal page. Specify the amount and approve the withdrawal.
Within a few minutes, the asset will reflect in your Metamask wallet.
3. Stake FITFI
Now, to stake FITFI, you need to go to the Step App staking website and dedicate your tokens. Here’s how to stake the token:
- Navigate to the Step App staking website at https://staking.step.app/
- On the homepage, tap CONNECT WALLET. Sign the Metamask prompt to approve the connection.
- After connecting your wallet, your FITFI balance will show on the staking interface. Input the amount of FITFI you want to stake and tap STAKE.
- Approve the transaction in your Metamask wallet, and that’s all.
After staking your token, you’ll see the number of Drop Tickets you can earn daily. Also, you’ll see the countdown before the next snapshot, all from your staking dashboard.
FITFI Staking Information
Staking FITFI on Step App features a perpetual and flexible lock. Therefore, you are free to do anything with your asset, even when it is staked.
However, once you stake your FITFI, you have to wait for the cooldown period of 14 days to be over before you unstake it.
Although you can unstake during the 14 days cooldown period, you will have to pay a penalty fee of 16% of assets removed. The penalty fee goes to the game’s DAO.
Meanwhile, Step App will continue to provide several lottery events after unveiling the Lootbox event.
The advent of Step App, Fitness Finance, and other move-to-earn programs is a great advantage to improving sound body and mind.
It will further put away the dangers of a sedentary lifestyle and disease complications from obesity. With these new innovations, people will be motivated to get outside, keep fit and earn income from it.