What is the supply? How do I wrap?
After the success of our first Medium article, I immediately began exploring options to further develop on this platform. Thank you to everyone who liked, shared and provided feedback.
FAQ: Volume 1 is the genesis of a new community development program that will produce regular Medium articles dedicated to singular topics. I will attempt to answer all branching questions under one article. Notably, more visual multimedia will be utilised compared to previous articles.
Our plan is to have a dedicated page to store all FAQ articles. Allowing for questions to be answered in detail and to be easily accessible.
This article will explain;
- Supplies of both tokens
- How to migrate (wrap) your tokens
- How the wrapping contract works.
With the VIP — 7 governance vote almost completed, I believed these questions were urgently required to be answered. YFV users will soon be required to wrap all their tokens over to VALUE, because after the decided time from the vote (approximately 31st October), YFV will no longer be supported by Value DeFi.
Explaining supplies of YFV and VALUE
The most asked question for this topic is clearly, “What is the max supply of VALUE”. A critical question asked by investors to define potential inflation rates. Unfortunately this question is difficult to understand by just looking at numbers. CoinGecko and CoinMarketCap take a significant amount of time to update their API, so the data displayed is often incorrect.
Disclaimer: Supply amounts displayed are numbers taken at time of writing.
YFV
YFV Token Address: 0x45f24BaEef268BB6d63AEe5129015d69702BCDfa
Total Supply: 4.5m YFV
- YFV Wrapped (Locked): 2.5m YFV
- Remaining (Circulating): 2m YFV
The remaining 2 million YFV must be migrated to VALUE (at 1:1) using the Official Wrapping Contract at www.valuedefi.io/wrap.
VALUE
VALUE Token Address: 0x49e833337ece7afe375e44f4e3e8481029218e5c
Current Supply: 4.3m VALUE
- Staked in Pools/Vaults: 3.6m VALUE
- Not Staked (Circulating): 730k VALUE
Max Total Supply: 6.7m VALUE
- Current Supply: 4.3m VALUE
- Remaining Emissions: 400k VALUE
- Remaining YFV to be Wrapped: 2m VALUE
How to migrate (wrap) your tokens
The Value DeFi team has made this process seamless with a single transaction using a simplistic UI design. Reminder: After the date decided in VIP — 7 the wrapping contract will be removed from the Value DeFi site.
Step 1: Load the Wrap UI
For users still holding YFV, please use the following link: www.valuedefi.io/wrap
You will have until approximately 31st October before the Wrap UI is removed from www.valuedefi.io
Step 2: Connect your wallet
If you don’t own/control a wallet from the list displayed, I suggest creating a MetaMask account.
The setup process is very easy, and the same account can be used on any computer, laptop, tablet or smartphone. Use this Link: https://metamask.io/
Step 3: Enter Amount
Choose the amount of YFV you wish to migrate to VALUE through the wrap contract. You can only enter an amount that is equal to, or less than your total YFV count.
In this example, I can choose anything number from 0.1–100, since my wallet has 100 YFV.
Step 4: Initiate the contract
After entering an amount to swap, the UI will automatically display the amount of VALUE you will receive.
This number is always 1:1, you will never lose tokens by wrapping.
Click ‘Wrap’ to start the contract.
Step 5: Approve transaction
This example uses MetaMask’s Confirmation window. This may vary between wallets.
Simply confirm the transaction, and the contract will automatically deposit your new VALUE!
I suggest you use ‘EDIT’ on ‘GAS FEE’ and increase the amount of allowed gas usage to ensure the transaction is confirmed quickly.
How the wrapping contract works
Click link to view the Wrapping Contract Address, available at anytime.
Designed for simplicity, the Wrapping Contract uses a user-friendly ‘one-click’ interface that automatically submits data into the contract. Wrapping automatically interacts with the contract and completes the process in one-transaction, even with several components. The process can be broken down into 3 stages.
- YFV amount is entered, then sent to the Wrap Contract
- VALUE is created (minted) at a perfect 1:1 ratio
- The YFV used is locked away in the contract, while the newly created VALUE is sent to the user’s wallet (same wallet the YFV came from).
I hope this has explained the process to you. Thank you for reading! If you have further questions please message me on Discord. My inbox is always open.
Value DeFi’s Discord Link: https://discord.gg/rsEN3hd
Community Manager: @Prod
