Through January 31, all 1INCH holders can take a share from a 5,000,000 SFP reward pool by participating in the Holding Challenge from SafePal!
SafePal, the first and only crypto hardware wallet backed by Binance, recently launched its token, SFP, and will distribute 5,000,000 SFP among participants who complete holding challenges in the SafePal app.
Users who swap and hold 350 1INCH tokens for 7 days before January 31 are eligible to collect a share of the reward pool. Below is a step-by-step guide for participating in the holding challenge.
Step 1: Download and set up the SafePal app
Download the latest version of the SafePal app from the SafePal download page.
Adjust the settings, including the security password, login pattern, etc.
Step 2: Create a SafePal software wallet
Create and set up a SafePal Software Wallet by following this link.
Don’t forget to keep your seed phrase in a secure location!
Step 3: Swap 350 1INCH tokens using the SafePal swap feature
Click the Swap tab in the SafePal app and create a swap order for 350 1INCH tokens. A swap order will usually be completed in 15–30 minutes. Please, wait for the completion of the swap. The exact amount of 1INCH tokens will be calculated at the time of swap. A step-by-step swap tutorial can be found here.
Step 4: Hold 350 1INCH in your SafePal wallet for 7 days
Once the swap order has been completed, head over to the dApp Store in the app and click the ‘Claim SFP’ dApp. Select the 1INCH task and click ‘Join Now’. Then, you will see a countdown to the final share of the challenge reward pool.
Please, note that you will not be able to claim the share if the 1INCH balance is below the swapped amount during the holding period. If the balance falls below the limit, you will have to wait until the countdown is refreshed on the page and start holding again.
Step 5: Take your share of the reward pool and wait for the final distribution
Congratulations! Now that you have held 350 1INCH for 7 days, you will be automatically credited with a share of the 5,000,000 SFP reward pool. Campaign data will be announced and SFP tokens will be credited to your wallet accounts on February 3. Follow SafePal on Twitter or Telegram for announcements and updates!
When will I get my SFP?
The Holding Challenge will end on January 31, 2021. Campaign data will be announced and SFP tokens will be credited to your wallet accounts on February 3. The SFP balance credited to your wallet account will be transferred to your Binance Smart Chain (BSC) address before exchange listing.
How is my share calculated?
15–18 partners are participating in the SafePal Holding Challenge. Users can select any tasks to take part in the Holding Challenge. Each task represents one share of the total SFP reward pool. The more tasks a user completes, the more shares they can take from the total SFP reward pool.
By the time the campaign ends on February 1, all participants who finish the ‘Swap, Hold & Earn’ tasks will share the 5,000,000 SFP reward pool. The SFP amount each participant receives is calculated based on how many participants are sharing the pool and how many tasks the participant completes. The calculation formula is:
Single Participant’s SFP Reward = [5,000,000 / Number Of Total Completed Tasks] * Number Of Tasks Completed By The Participant
My swap order is stuck. What should I do?
Swap orders might take longer to be completed in case of:
- Extreme market volatility
- Blockchain network congestion.
In the former scenario, your swap order might have failed because the slippage exceeded the limit. Please, go to your swap orders, select the order that you want to process, choose whether you want to continue with it or apply for refund, enter the security password and confirm the execution.
If the latter is the case, please, wait for the order to go through. Rest assured that the SafePal Holding Challenge will run through January 31, therefore, you will have sufficient time to swap and hold the asset in the wallet.
Does SafePal Swap charge any fee?
SafePal charges a 0.3% service fee on each swap order.