Lock & Earn
The users can lock cryptocurrencies for a fixed-term period and earn ordinary deposit APR, plus an amount of Folks Reward Token (frToken).
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The users can lock cryptocurrencies for a fixed-term period and earn ordinary deposit APR, plus an amount of Folks Reward Token (frToken).
Last updated
Lock & Earn is a different way to deposit an asset. The user locks their crypto-asset for a fixed-duration and accepts not to use the fToken until the end of the designated term. To repay the commitment, the user receives ordinary deposit APR, plus an amount of Folks Reward Token: frToken, proportional to the length of the locked period. When the locking period has ended, the user will be able to withdraw the fToken and claim their deposited assets. Have a look at the Rewards Aggregator page to learn more about the frToken and how to best use them.
During the locked period, you will not be able to withdraw your deposited assets or use the fToken as collateral.
Click on the Farm Deposit button in the navigation bar of the web app.
From the available to Lock & Earn section select the asset you would like to provide.
Choose the locking period.
Type in or use the slide bar to specify the amount you would like to lock and click on continue.
If this is the first time you have provided this token, you will be asked to opt-in to the frToken that you will receive in exchange for your deposit. Thus, click on Opt-in.
Click on the Lock & Earn button.
You will receive a message indicating success if the process has been completed properly.
The longer the locked-in period, the higher the interest rate earned.
If you are using Pera Wallet, please remember to confirm the operations from your smartphone.
Once the locked-in period has ended, the user will be able to redeem their deposited assets.
Click on the Farm Deposit button in the navigation bar of the web app.
From the My Locked Deposits section select the asset you would like to redeem.
A special modal with the Lock & Earn info appears, if available click on the continue button.
If you have never held this kind of fToken, you will be asked to opt-in to the fToken you will receive.
Confirm the operation.
You will receive a message indicating success if the process has been completed properly.
If you are using Pera Wallet, please remember to confirm the operations from your smartphone.
The folks rewards token or frToken, is the asset distributed to users for performing operations on Folks Finance. frToken is instrumental to the system's operations, and the protocol itself mints them. They are distributed when users repay their loans' interests, or provide liquidity through Lock & Earn. These tokens should be traded with the rewards token through the rewards aggregator.