stBFG is an internal token of BetFury and it maintains almost the same utilities as the BFG token. stBFG has no contract address and is not based on any chain but is backed up with real BFG tokens stored on the on-chain lock contract.
What Are the Main Differences Between BFG and stBFG Staking?
stBFG staking is a game-changing feature designed to reward true BFG holders. By just holding stBFG tokens on the balance, you can enjoy double rewards in the staking pool compared to holding BFG alone.
The only way to obtain stBFG is through the conversion process. To receive stBFG, you must convert your BFG tokens to stBFG, granting you a chance to receive double APR in the staking. stBFG is equivalent to the BFG token at a 1:1 ratio and it can be used on the platform almost similarly to the BFG token. Additionally, conversion of stBFG to BFG comes with a lockup period. All converted BFG tokens will be locked on the on-chain contract, which users can track on the Binance Smart Chain.
What Is the Lockup Period for My BFG Tokens?
Conversion of BFG to stBFG entails a one-year lockup period. All stBFG tokens converted back to BFG prior to the end of lockup period will be subject to a 50% penalty fee. Once the lockup period is over, you can make a conversion at a 1:1 ratio.
stBFG maintains almost the same utilities as the BFG token, so stBFG can be used for placing bets on the platform. Wager with stBFG will also be taken into account when it comes to the rank system. However, stBFG does not have a contract address and is not based on any chain. Therefore, stBFG cannot be deposited to and withdrawn from the platform. Apart from that, stBFG cannot be traded for other tokens except for BFG.
What Happens With stBFG Tokens That I Obtain During the Game Activity?
All stBFG tokens obtained as part of the gaming activity do not have any lockup period can be converted back to BFG at a 1:1 ratio without a penalty fee.
Will the Distribution Amount From the Staking Pool Change?
Rewards for BFG and stBFG holders will be taken from the current staking pool. Therefore, 3% from the total staking pool will now be distributed between BFG and stBFG holders. When it comes to rewards distribution, stBFG holders will be enjoying x2 APR.
How Are the Rewards Calculated?
Let’s take an example when a daily distribution from the staking pool is $50,000 and there are three users in the pool.
· User 1: 100 BFG
· User 2: 1,000.00 BFG
· User 3: 750 stBFG
To calculate the rewards per user, we initially need to determine the number of tokens in the pool. stBFG is counted with a coefficient of x2. Therefore, the number of tokens in the staking pool = 100 + 1000 + (750 x 2) = 2,600. In this case, each token is entitled to $19.23 ($50,000 / 2600). The rewards will be distributed as follows:
· User 1: 100 x $19.23 = $1,923.08
· User 2: 1,000.00 x $19.23 = $19,230.77
· User 3: (750 x 2) x $19.23 = $28,846.15
· Total: $50,000.00
When BFG Tokens Get Locked In and Unlocked From the On-Chain Contract?
To streamline operations and minimize additional costs, BFG tokens will be transferred to the lock contract once a day. In the event of an early redemption, withdrawals will occur weekly from the contract to ensure efficient processing. BetFury reserves the right to change or amend this schedule at its sole discretion. Despite the aforementioned operations, once converted, users will see immediate changes in their balances on the platform without any delays.
