Dear SafePal community,
SafePal is excited to announce the launch of a SFPlus reward pool with onchain UX ecosystem WalletConnect, from 26th Feb – 1st March 9 AM UTC, 2025. The reward pool will provide exclusive benefits for SFPlus stakers in the form of 5000 WCT.
The WalletConnect Token (WCT) is an important utility token of the WalletConnect Network, launched by the WalletConnect Foundation. WCT plays a key role within the WalletConnect Network, helping to fuel UX innovation across web3 and enable a more usable onchain landscape.
Powering the onchain UX ecosystem, WCT will have four key functions focused on providing both individuals and organizations with the ability to better shape the user experience standards of the future digital landscape we are collectively building, and ensure that the evolution of onchain experiences is driven by real user needs. Holders have a stake in the future of onchain UX and to participate in community-driven innovation.
The four key functions of the token are:
- Fees: WCT holders may propose, discuss, and decide upon the introduction of fees through governance mechanisms as a long-term economic model of the network. These would be used, for example, by projects to pay for network services like relay usage.
- Rewards: Tokens are distributed by the Network as incentives to keep the Network secure and efficient.
- Staking: Users can stake tokens to receive rewards and take part in governance.
- Governance: WCT holders can vote on proposals and changes, giving the community control over the network’s development through decentralized governance.
For more details about WalletConnect Network and the WCT token, please view here.
Participants will be able to look forward to more reward pools with future partnerships and collaborations. To get started with SFPlus, simply download the SafePal App here and select the banner or SFPlus icon in the wallet section, followed by the WCT reward pool tab as shown below. Note that the SFPlus icon will only be visible if you have updated to SafePal App 4.7.7. and above.
Users can also learn about the other utilities of SFP below the WCT Reward Pool tab. Participants will earn a score based on the amount of SFP staked in SFPlus and the length of time staked.
Important: The score for participants will continue to accrue as long as the SFP remains staked in SFPlus, meaning that loyal participants will be able to increase their score over time and automatically participate in any subsequent reward pools that are launched in SFPlus.
Staking Rules
A base score and time-based score can be earned from staking SFP:
Base Score= 1-1 SFP amount staked (awarded immediately upon staking)
Time-based Score = 1%(of the base score) additional per day, up to maximum 100% bonus
Example: If a user stakes 100 SFP, a base score of 100 will be awarded, with an additional 1 point per day awarded for the time-based score up to a maximum of 100 additional points awarded in 100 days.
Note: The maximum score per wallet that can be achieved is 5000. There will also be a point reduction to the score whenever users unstake their SFP.
Interested participants can refer to the blog post here under the ‘What’s included in SFPlus section” to learn how the score will be calculated (subsequent reward pools will follow a similar structure):
Users who stake SFP will then be able to earn a share of rewards from the pool, which will be calculated on an hourly basis in proportion to the individual scores of respective wallets/participants over the total score.
The allocation will be displayed in the reward dashboard and updated in real time:
Hourly Reward Pool = Total Reward Pool ÷ Total Event Hours = 5,000 WCT ÷3 days = 5,000 WCT ÷ 72 hours ≈ 69.444 WCT
Percentage share of hourly reward pool = Individual User score ÷Total Score for all participants for that hour
WCT allocation earned for that hour = Percentage share (for respective participant) x Total hourly reward pool
For example, if the person staking SFP has a score of 5000 and the total score of all participants for that hour is 50000, the particular person will earn the following allocation for that hour:
5000 ÷ 50000 x 69.444 WCT = 6.9444 WCT
After completion of the event, participants can see how to claim their rewards in the respective event tab, or access past events via the “Rewards History” tab.
Full Disclaimer
Activity Rules
SafePal reserves the right to disqualify participants that are deemed to be spammers or illegally bulk-registered accounts, as well as activities that display attributes of exploitation or market manipulation.
SafePal reserves the right to cancel or amend any activity or activity rules at our sole discretion.
Not Investment Advice
This activity does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the article’s content as such. SafePal does not recommend that any cryptocurrency should be bought, sold, or held by you.
Cryptocurrency investment is subject to high market risks. Please invest cautiously. SafePal will not be responsible for any investment losses. SafePal will not be liable whatsoever for any direct or consequential loss arising from the participation of its activities.
Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
Non-Endorsement
The appearance of a third party on SafePal and its activities does not constitute an endorsement, guarantee, warranty, or recommendation by SafePal.
Do conduct your own due diligence before deciding to invest in any third-party projects or use any third-party services.
About SafePal:
Founded in 2018, SafePal is a next generation non-custodial crypto wallet suite backed by Animoca Brands, Binance and Superscrypt. The suite empowers access to decentralized and centralized finance on 100+ blockchains across its hardware, software, and browser extension wallet solutions.
Encompassing a diverse mix of crypto asset management solutions like cross-chain swapping, trading and yielding tools, centralized exchange (CEX) mini programs, a banking gateway and Visa card for users — SafePal serves over 20 million users globally across 200+ regions and countries in 16 languages.
SFP is a decentralized BEP-20 and ERC-20 token fuelling the SafePal ecosystem with various utilities such as discounts on SafePal products, staking boost and airdrop rewards, seamless conversion to gas tokens, and more.
Stay informed about SafePal here
About WalletConnect:
The WalletConnect Network, powered by the WalletConnect Token (WCT), is the onchain UX ecosystem.
From its beginnings in 2018, the WalletConnect Network has been the backbone of a growing onchain UX ecosystem, enabling millions of users to connect with thousands of apps and explore a digital world designed for ownership.
Since its inception, the WalletConnect Network has facilitated over 220 million connections, and 35 million users worldwide have trusted WalletConnect to power their Web3 experience.
As the Network, market, and technology evolve, the WalletConnect Foundation envisions a robust suite of new functionalities and applications to be built on the WalletConnect Network. Advancements in areas such as identity, payments, onchain service charges, permissions and security are all innovations that participants of the WalletConnect Network are uniquely positioned to build and scale, all serving the mission to improve UX.
As the network continues along its ambitious path, those who value interoperability, connectivity, standardization, and consensus, and truly believe in a thriving digital future fueled by onchain innovation designed to truly make an impact are welcome to join and participate in building the onchain UX ecosystem. WalletConnect does not administer or control this campaign.
