Hey guys,
I read through your documentation and I see that:
100% of platform fees generated are distributed to holders proportional to their share of the $OCTO circulating supply. Snapshots determine whose holdings are eligible at each monthly distribution. Payouts are made in stablecoins directly to eligible wallets (liquidity providers excluded) and do not require staking or claiming.
So what wallets are eligible wallets? When is this snapshot taken?
Thanks 🙂
Thanks for your question @farstrider777, if you hold in your own wallet, then provided you meet the snapshot requirements, you're eligible. Basically, remember this:
Not your keys, not your fees.
Snapshots taken at beginning and end of each month.
OctoFi Thanks 🙂 I will hold it in MyEtherWallet. If you don't mind me asking what are the snapshot requirements?
farstrider777 As long as you hold at least the same amount of OCTO at the time of the second snapshot at the end of the month, you are eligible for the fee distribution. No minimum as far as I know.
my dear Octolings, does metamask+hardware wallet meet the requirements for receiving the fees? or do i have to set a specific wallet for the $octo holdings?
Thanks!
mbb MetaMask should be perfectly fine. There is no OCTO-native wallet. I am holding in MetaMask as well 🙂 Happy Hodling!
amazing, Thanks for the prompt reply and help! 😄
I think I have some heartache, sold a few of my OCTO in Feb, I think this means no fee distro? I held from November! It was forever!
Why Octomeo, Why!?
What will the rewards be in March, is it the same or were those fees accumulated from since the early days?
octomeo You can always check fees.octo.fi to see how much the platform has collected. There is a transperancy dashboard in the works to see everything simplified on the website. In Feebruary there were around 20k in there, and those finds where collected in about 2-3 weeks in February. At march 8th those fees got distributed to the eligible wallets. At the moment we have around 10k in the fee wallet, just in 4 days (i think that speaks for it self)
If your OCTO are on a cold wallet do you still get the fees? They will see the wallet address as a hodler correct? I'm new (few months in crypto) so pardon my question if it is silly.
crazykale Yes, you can receive fees at any ethereum address you hold the keys to. A cold wallet fits that criteria.
Awesome! Thank you for the reply.
I have a wallet holding OCTO since 22-Nov-2020 though I don't see a incoming transaction at the mentioned date 08-Mar-2021. Is there maybe a minimum amount of OCTO to hold anyway?
emage For the first fee distribution, you needed to HOLD 10.32 to qualify for $1 worth of DAI. Anything lower than $1 in DAI wasn't feasible as it would have cost more in fees that the amount sent out. You can always check here to see who qualified for the previous month: hodl.octo.fi 🙂
