FAQ

What is the WeDeFi signup Bonus?

As a one-time signup bonus, WeDeFi gives you 100 borrowed FSN to earn with.  We also give you 0.4 FSN to cover over 400 transactions in gas fees and you own short address / universal short account number(USAN).

What is Available Balance?

The available balance is the total number of tokens you can use today in the WeDeFi Wallet.  This number includes borrowed balances with current start date, as well as your whole or full tokens.

What is a Full Token?

Full tokens are tokens you own from today until forever or until you send the token to someone else.

What is Borrowed Balance?

Borrowed balance refers to tokens that you have limited time to use starting on current day and ending at a set date in the future.  These tokens are known as borrowed tokens.  Using functionality from Fusion, a token can have its ownership split across time so that instead of spending or risking the full value of the token, only slices of values are utilized.

What is Upcoming Balance?

Upcoming balance refers to tokens that will become whole or full token at some point in the future.  Utilizing Fusion’s functionality, ownership of the token is set at some point in the future.  Once this date in the future becomes present, users have access to a whole token.

What is the Earn tab?

WeDeFi’s Earn gives you the ability to grow your stash through either a stable Interest that is paid out daily or earn outsize returns in a risk-free lottery game. Look for more ways to growth our wealth in the future.

What is Interest?

Interest allows you to deposit tokens, even borrowed tokens, to generate a stable return in the form of more FSN tokens. You can deposit as much or as little as you want, and can withdraw at any time. Instead of having your FSN idling in your wallet, Interest lets you earn ~20% returns in passive income.

How do you generate Interest?

WeDeFi gives you the innovative financial opportunities created by blockchain.  The interest you receive comes from “Staking” in blockchain.

What is Staking?

Staking allows blockchain protocols--the revolutionary backbone of a transparent and accessible finance ecosystem for everyone--to check that transactions are real and store this information.  In return for providing this service, people who stake are paid a reward.

Why is your Staking solution safer than others?

The short answer – unlike other pools, you are never at risk of losing your coin or token.

Consumer Staking returns are generally provided by 3rd-party operators who run Staking Pools.  Pool operators take care of the blockchain headache in return for a portion of your Staking return.   In other Staking Pools, you give up ownership of your token so that if that Pool is hacked or closes, you lose all of your tokens, forever!  

With WeDeFi, ownership of your token is never risked when you Stake.  Through the magic of Fusion blockchain, WeDeFi commits only a portion of the full time value of your coin to the Staking Pool.  In such a way, you are guaranteed to have the full remaining time value of your coin, even if the Staking Pool closes.  

I deposited / withdrew / sent / was sent coins, when do they show up?

Balances are usually updated within one minute, though they may sometimes take up to a few minutes.  We use blockchain to protect your assets and process your transactions in a secure, cost efficient, and stable environment, which may sometimes result in slightly longer times to update.  To refresh the page and get most up-to-date balances, hold and drag down on the application.  Regardless, WeDeFi is still much faster than traditional finance transactions that take over one day or even a week to process!

I deposited to Interest, when does interest start accruing?

You start accruing interest the following day of your deposit, as measured in UTC.  For example, if you deposit 10 FSN on March 1st at 23:59 UTC, you will start accruing interest March 2nd.  If you deposit 10 FSN on March 1st at  00:01 UTC, you will start accruing interest March 2nd.

When do I get my interest?

Interest is calculated at the end of the day (in UTC) and deposited in your wallet shortly after. That’s right, daily deposits directly in your wallet, without any work required from your part.

I withdrew from Interest today, will I get interest for today?

You do not earn interest on the day that you withdraw but you do receive your coin within minutes, typically under 1 minute.  For example, if you withdraw 10 FSN on March 1st at 23:59 UTC, you will not earn any interest for March 1st.

Why do my Interest deposits of whole token show as Borrowed in Deposit Detail?

By depositing only 1 year of your token value, WeDeFi is able to create a Staking solution that is safer than others.  This 1 year, which starts from date of deposit to 1 year in the future, is then classified as a Borrowed token.  Have no fear, you still own your token! If you go to Position details screen, you will see the Future portion of your token in the Upcoming balance, safe in your own wallet. If you withdraw your deposited tokens, WeDeFi automatically looks for and combines your borrowed tokens with matching upcoming tokens to create whole tokens.

How does WeDeFi determine which tokens I want to deposit in Interest?

If you have a mix of borrowed tokens with different maturity dates and whole tokens, WeDeFi deposits from the shortest maturity date to the longest maturity date.  Whole tokens are sliced into 1-year borrowed token that is deposited to Interest.

Why is there 0.1 FSN left in my wallet after I deposit to Interest?

The wallet keeps this amount of 0.1 FSN on hand so you will have enough balance to pay for the Interest Withdraw and Deposit transactions. You can Send this 0.1 FSN, but you may have to purchase FSN to cover subsequent Withdraw and Deposit Transactions.

What is Safebet?

Safebet is a no-risk, no-cost lottery.  Whether you win or lose, you always get your ticket cost back. Each game has a guaranteed lottery prize provided by WeDeFi.  If enough players join, the prize will grow as well!  The more you play, the more chance that prize will grow.  

Safebet is a “King-of-the-Hill” game where the player with the lowest Magic Number is the King.  When the game ends, the last King standing wins the prize.  Each ticket purchased gets a Magic Number, which utilizes blockchain technology to ensure uniqueness and fairness.  Want to learn more about Magic Numbers? Read our FAQ section on how Magic Numbers are generated.

Buy a bunch at once or buy one a bunch of times—strategize based on whether you want to be king early on or snipe in at the end.

Do I really get my ticket cost back at end of Safebet?

Yes, you do! Unlike traditional games where the money you spend to buy tickets is gone for good, the token you spend on tickets here magically return to you after a period of time.  This period of time varies based on the game: jackpot prizes have longer play times and longer return times, smaller prizes will have shorter play times and shorter return times.

For example, say I buy 1 ticket at 10 FSN on March 1st.  At the end of the game on March 10th, you fail to win.  On March 1st + 60 days (depending on the game rules), the 10 FSN automatically is in your Available balance as a whole token.  You can always your upcoming tokens in the  FSN Position Detail-> Upcoming Tab.

When can I expect a Safebet game to start / end / payout / return?

Each game has its own combination of start date, end date, reward payout date, and return date for ticket costs.  All dates are shown in the Game Details page of the game.  All dates are defined using UTC.  

For example, if a game ends on March 1st, players can play until 23:59.59 UTC of March 1st.

How are Safebet Magic Numbers generated?

Magic Numbers use blockchain’s cryptography system to ensure uniqueness and fairness.  They are calculated using the hashed sum:
1. your deposit transaction ID/Hash
2. a sequential number based on the count of tickets bought you bought in the play
3. the block hash.    

For example, assume you buy N tickets in one play.  The transaction ID/Hash of your play is X, the number of tickets you bought is N, and the block has is Y.

Each Magic Number is calculated:
1. First ticket Magic Number = Hash(X + N+ Y)
2. Second ticket Magic Number = Hash((Hash(X + N + Y) + 1)  
3. ...
4. N ticket Magic Number = Hash((Hash(X + N + Y) + N)

All N Magic Numbers are unique.

What is hashing?

Hashing is used to generate values from a string of text using mathematical function and used often to protect security of original string.  Hashing is one of the core components that protect blockchain transactions between parties from being tampered with.  Read more here.  

Why should I write down my Key Phrase?

Your key phrase or mnemonic is your key to your wallet.  If you lose access to your phone and you haven’t written down this phrase, you will NOT BE ABLE TO RECOVER YOUR WALLET.  It’s gone. WeDeFi does not store your Mnemonic anywhere in our servers.  The beauty of decentralized finance is that each person can be their own bank without having to rely on 3rd parties.  At the same time, it means you are also responsible for protecting and backing up your access to your wallet.    

PLEASE WRITE DOWN YOUR MNEMONIC AND STORE IT IN A SAFE PLACE.  If someone accesses this key, they can take over your wallet and by extension, your assets.  Worth repeating: if you lose the key, you lose access to your assets and WeDeFi can not assist you.  

What is a short address  / universal short account number (USAN)?

Think of this as an alias for the long wallet addresses. It is unique and matched to your wallet address.  Anyone in the WeDeFi wallet ecosystem and even the Fusion protocl can find you with the short address.  You can not use short account numbers outside the WeDeFi or Fusion ecosystem.

What is the Username for?  

Your WeDeFi username is unique and linked to your wallet.  Other WeDeFi users will be able transact with you using your username, including sending you tokens.    Decentralized does not have to be depersonalized. If you lose your wallet mnemonic, you lose your username!  Yet another reason to make sure your mnemonic is backed up and stored in a safe place.