We are excited to announce that SFT Protocol now supports interaction with FVM on the Filecoin mainnet! This is not only an upgrade to our product, but also an important initiative in building the FVM ecosystem. Next, we will introduce how to use SFT Protocol through FVM. If you are not familiar with SFT Protocol yet, we will provide a brief introduction later in this document.
Using SFT Protocol with FVM: A How-To Guide
1. Adding FVM to your Wallet
- Go to Chainlist.
- Click on “Add to Metamask”.
2. Launch SFT Protocol
Navigate to the SFT Protocol website at https://www.sftproject.io/. From the ‘Products’ dropdown menu, select ‘Mint SFT’, and then connect your wallet.
Once you connect your wallet, you can switch between BSC and FVM. By selecting FVM, you can participate in staking for FIL on that network.
1. Adding FVM to Your Wallet
① Metamask Wallet
Copy and paste this link https://chainlist.org/chain/314 into your wallet browser to access the site.
② TP Wallet
Select Filecoin FVM in the wallet.
2. Launch SFT Protocol
Open https://www.sftproject.io/ using a wallet browser, using TP Wallet as an example.
Then go to “Mint SFT” and connect your wallet to see the switch button.
Congratulations, you have successfully switched to FVM. You can now utilize FVM assets for staking purposes.
How to add FVM’s Assets to the wallet
If your assets are not on the FVM chain or wallet, please use the OKX exchange.
To use the OKX exchange:
Download link: https://www.okx.com/cn/download
1. Purchase FIL on the OKX exchange.
2. Copy the address beginning with “Ox” or “f4” from your wallet.
3. Paste the wallet address starting with “0x” or “f4,” as shown in the following image:
4. Follow the exchange’s procedure to withdraw to your wallet.
How does SFT Protocol Work with FVM and LSD?
SFT represents the staked FVM’s FIL in Filecoin, which includes the initial deposit and stake rewards. SFT tokens are minted when FIL is deposited and destroyed when FIL is redeemed. The number of SFTs is directly linked to the FIL staked in Filecoin on a 1:1 basis.
The SFT Protocol’s Farms module is a platform where users can earn income from FIL tokens by staking SFT tokens. Currently, the Farms module offers two revenue models: demand income and three-month fixed income. By using SFT on the Farm, users can easily earn more than 10% profit (FIL) which can be harvested every day.