Introducing FREQUENCY MINING To The DeFi Ecosystem: See How We Change the Game (A Step By Step Tutorial On How To Earn Deposit Reward On Haze Finance)
INTRODUCTION AND IMPORTANT ANNOUNCEMENT
Hello Haze community, let the drum roll begin! Today we are here to introduce to the DeFi ecosystem, for the first time ever, a brand new mining system: Frequency Mining, a new term coined by the Haze Finance team.
But before we talk about Frequency Mining, there are a few important changes that we’d like to address first. Even after the publication of Haze tokenomics article, the team did not stop thinking if there is an even fairer way of launching. Just earlier today, we indeed have come up with an EVEN FAIRER TOKEN DISTRIBUTION for Haze Finance users. In our old token distribution model, 40% of the HAZE tokens are given to LP mining and 40% are given to Frequency Mining (also known as deposit reward), however, this might not be the most ideal way of distributing HAZE tokens since Frequency Mining allows users to earn HAZE tokens with just ½ of the capital compared to LP mining. Therefore, we have changed the HAZE token distribution to 20% LP mining and 60% Frequency Mining, giving users who have less funds better opportunities to earn HAZE tokens(users can read the updated tokenomics article here). And this is not the only change we have made, in our previous model, the token emission is reduced by 20% every month. In the new model, this is still true for LP Mining, but different for Frequency Mining. For Frequency Mining, all of the first 1 billion BUSD deposits get rewarded with a set standard, making the Frequency Mining as fair and transparent as possible. We will reward each 1k BUSD deposit with 1.5 HAZE; 10k BUSD deposit with 6.75 HAZE; and 100k BUSD deposit with 60 HAZE, adding up to a total of 600,000 HAZE tokens. The Frequency Mining (deposit reward) ends when we hit the 1 billion BUSD target, users will no longer get rewarded for their deposits after this. These changes are made with our best intention to make sure that everyone, no matter how much money they have, gets a level playing field in participating.
Because of these major improvements, we have to redeploy our contract. And because we have already introduced timelock in our contracts, it will take 24hr for this change to take place, we will have to delay our Frequency Mining (deposits reward) start time for a few hours. The deposit reward’s new starting time will be Friday (March 5th) 7pm EST.
*Important update on March 10th, 2021: Per community suggested, Haze Finance has decided to move to Frequency Mining v.2. Starting from March 15th, 2021 7pm EST, Haze Finance will reduce the reward emission rate by 0.2% per 1 million increase in total volume. We strongly encourage readers to read the update here*
Okay, now we can finally introduce the center of today’s article, Frequency Mining. In traditional mining users deposit/stake their assets in the protocol and let the funds run and generate tokens as reward, in this case, the more money one has, the more token reward he/she receives. It’s another one of those “the whale takes it all” games. But we are here to change this. In Frequency Mining, users are not only rewarded based on how much money they have put in, but also by HOW MUCH WORK they have put in. Not so clear? Let me give an example here: Michael has 100,000 BUSD to deposit and Jess has 10,000 BUSD. Michael deposits all of his 100,000 BUSD in Haze Finance at once and receives his corresponding HAZE tokens reward. Jess, starts off with less funds than Michael, decides to work harder by depositing her 10,000 BUSD in Haze Finance multiple times. She receives her rewards, withdraws the funds, then deposits her 10,000 BUSD again, and repeats this process for 10 times. Since Frequency Mining rewards the users based on both the amount of money and the amount of work, after 10 rounds of hard work, Jess receives THE SAME AMOUNT OF HAZE TOKENS REWARDS AS MICHAEL DOES, BUT WITH 1/10 OF THE FUNDS THAT MICHAEL HAS. And if Jess were to repeat the process for 100 times? Yes, she receives the same amount of HAZE tokens reward as someone who deposits 1 million of BUSD once, with just 1/100 of the capital! This is officially the revolution of the shrimps!
STEP BY STEP TUTORIAL ON HOW TO DEPOSIT AND WITHDRAW FUNDS:
Below is a step by step tutorial on how to participate in Frequency Mining on Haze Finance:
- First you will have to connect your wallet, you have the option of MetaMask or Binance Chain Wallet. Noted that if you are using MetaMask, you will have to switch your network to to Binance Smart Chain not its default Ethereum Mainnet setting, you can do so by following this tutorial here: (https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain)
*Important Update: For those of you that are in Asia or unable to withdraw the funds even though you have the passkeys, the problem is caused by the not globally unified Binance RPC endpoint (I will explain more of this in our FAQ article) but in order to solve this problem all you have to do is change your RPC URL, I have written this tutorial in a separate article here*
2. After the wallet is connected, you can come to the “DEPOSIT” section and choose the amount of BUSD you’d like to deposit to contribute to the anonymity sets, you have 3 options of anonymity sets to choose from: 1k, 10k or 100k. The “TOTAL VOLUME” section shows you the total amount of BUSD in the anonymity set that you choose to deposit in; the “TOTAL DEPOSITS” shows you the number of unique deposits in that anonymity set.
3. After you select the desired amount of funds that you’d like to deposit in the protocol, you can hit the purple “DEPOSIT” button and it will lead you to the next screen that gives you your passkey. Please make sure you have copied and backed up your note somewhere in your computer before you mark the “I have backed up secret note” section. I usually double and triple check that I have the passkey copied down properly by making at least 3 copies on my computer! YOU WILL NOT BE ABLE TO WITHDRAW YOUR FUNDS AND IT WILL BE GONE FOREVER WITHOUT YOUR PASSKEYS. After you have checked multiple times to make sure you have backed up properly, you may proceed and click the purple “DEPOSIT” button.
4. Now you have just deposited your funds in Haze Finance, and this is the next screen you will see. There’s no time restrictions on when the users can withdraw, but we suggest that users wait for at least 24 hours before withdrawing their funds so that there’s enough number of unique deposits accumulated before the withdrawing, making it hard for observers to track the origin of the funds.
5. Here is the process for withdrawing funds. After connecting the wallet, you can now paste your passkey to the “ENTER PASSKEY” section. After you have pasted your passkey, it shows you the amount that you have deposited, the subsequent unique deposits after you and how long it has been since you deposited.
6. You then enter the wallet address where you want the funds to go to in the “ENTER RECIPIENT ADDRESS” section and click the purple “WITHDRAW” button
7. Now you have just withdrawn your funds from Haze Finance and you can migrate to BscScan to check your transaction status!
That’s it! As simple as that!
Now, let the revolution of the shrimps begin!