FAQ

Frequently asked questions

General

What is a Blockchain?


Blockchain is a digital register composed by sections grouped in “blocks”, chained in chronological order, which integrity is granted by cryptography. The data contained in a blockchain is immutable, once written is no longer editable or ereaseable.




What is a NFT (Non Fungible Token)?


A non-fungible token is a special type of cryptographic token representing something unique; non-fungible tokens are used to create digital verified shortage, digital propriety and/or interoperability of resources on more platforms. NFTs are used in different specific applications that require digital unique objects as crypto art, collectible objects and online games.




What is ERC1155?


ERC1155 is a standardized type of NFT that gives rarity to a single token; for example can only exist 10 copies of a token representing a work of art.




What is ERC20?


ERC20 is a fungible token divisible as other cryptocurrencies such as Ethereum and Bitcoin.




What is a token?


Tokens are cryptocurrencies that are emitted on other cryptocurrencies blockhains. In lingo “token” is used for single entities for NFTs and fungible ones.




What is a SMART CONTRACT?


Smart contracts are blockchain technology based softwares. They define rules and penalties of an agreement, as a traditional contract does. The main difference is the presence in the software of the if/then functions, which make automatic the payment when a determinate condition happens.




What is FEE?


A commission paid; in blockchain ambit it can refer to the commission that has to be paid to do the transaction.




What is a STABLECOIN?


Stablecoins are cryptocurrencies that unlike Bitcoin have a stable price because they are connected to a stable exchange method: for example, 1 xDai is always equivalent to 1$.




What is STAKING?


Staking means blocking some assets (e.g. money, ERC20 tokens... ) to gain some rewards in exchange; this reward can be a cryptocoin or other. Usually the amount of the rewards depends on the duration of time of the staking.





Swap

How does the swap protocol works?


Owners of NFTs of the SNAFU Collective can swap NFTs into $SNAFU tokens, a digital currency (ERC20 token) based on xDai blockchain. The NFTs of the SNAFU collection can be swapped at any time for a maximum amount of 1000 $SNAFU. The amount of $SNAFU that the user will receive will be dictated by the rarity of the NFT: for example, an NFT with rarity 1 (i.e. there is only one edition) will have a value of 1000 $SNAFU, on the contrary, an NFT with rarity 100 will have an equivalent value of 10 $SNAFU. Similarly, anyone can swap $SNAFU for an NFT present within the pool (the cost will always be dictated by the rarity of the NFT). Thanks to this mechanism, the SNAFU collective intends to give liquidity to its artworks: the NFTs can always be resold even without bidders. The pool will also take advantage of Blockchain technology to ensure security and decentralization.

Each time an exchange from NFT to $SNAFU takes place, 5% of the $ SNAFU will be sent to the DAO which can decide what to do with it.




Who burns or mint the $SNAFU tokens during the swap?


$SNAFU tokens are minted and burned by the smart contract. The smart contract code is verified so you can check it here: https://blockscout.com/xdai/mainnet/address/0x27B9C2Bd4BaEa18ABdF49169054c1C1c12af9862




Who receives the $SNAFU tokens during the swap?


The swap smart contract mints and burns $SNAFU tokens during the swap: if you swap your NFT for $SNAFU then the smart contract is minting $SNAFU tokens for you and increasing the supply, otherwise, if you swap $SNAFU tokens to buy an NFT then the smart contract will burn those $SNAFU, decreasing the supply.




Who gets the 5% fee of the swap?


Each time an exchange from NFT to $SNAFU takes place, 5% of the $ SNAFU will be sent to the DAO, and the community will vote on what to do with that money.





Farming

What is FARMING?


Yield farming, also known as liquidity mining, is a way to generate rewards with cryptocoin participation. In other words, as already told, it means to block some cryptocoins and obtain reward.




What is an LP token?


A token given by Honeyswap when someone adds liquidity to an asset.





$SNAFU

What is $SNAFU?


The symbol of the coin of the SNAFU Collective DAO.




What is Honeyswap?


A decentralized exchange based on the xDai blockchain, similar to Uniswap based on Ethereum.




What is an exchange?


Exchanges are websites in which is possible to exchange virtual currencies with traditional money. Is possible, for example, to change Bitcoin in euros and viceversa.




What is the $SNAFU supply?


We have a smart contract managing the token. The smart contract is used also as a swap protocol: you can swap NFT of our collection for a max of 1000 $SNAFU (based on the rarity of the nft) and you can also do the opposite. When you swap $SNAFU for NFT the $SNAFU tokens are burned by the contract, when instead you swap a NFT for $SNAFU, those tokens are minted by the contract. So the supply will go up or down based on the swaps.
You can read more about it here: https://www.nftsnafu.org/swap
And here: https://www.nftsnafu.org/snafu-token




What is the contract address?


Our contract is verified and you can check it here: https://blockscout.com/xdai/mainnet/tokens/0x27B9C2Bd4BaEa18ABdF49169054c1C1c12af9862




How to add $SNAFU to Metamask?


There are a few ways to add $SNAFU on your metamask: 1) To add the $SNAFU token to your metamask go to the token page on Blockscout and click on the metamask logo: https://blockscout.com/xdai/mainnet/tokens/0x27B9C2Bd4BaEa18ABdF49169054c1C1c12af9862/token-transfers 2) Add $SNAFU token to your Metamask to see and use your tokens. Go to "Add Token" -> "Custom Token" -> 0x27B9C2Bd4BaEa18ABdF49169054c1C1c12af9862 3) Go to our SWAP page and click on the "+" button.





DAO

What is a DAO?


A DAO (decentralized autonomous organization) is an organization in which activity and executive power are obtained and managed through codified rules, such as computer programs called Smart Contracts. DAO's financial transactions and the rules of the program are stored in a blockchain type database.





Buy NFTs

What is Unique.One?


Unique.One is a decentralised non-profit platform owned and managed by the Digital Arts community, bringing together Artists, Creators and Collectors. It is the main marketplace where SNAFU NFTs are minted and sold.




Where can I buy NFTs of the SNAFU Collective?


You can find our NFTs on Unique.One marketplace, Unifty NFT Market or on our SWAP Application.
Go to our "NFTs" section, choose the NFT you want to buy and click on the url on the description: it will bring you to the marketplace page of that NFT.




What is the currency you need to use?


You can use XDAI coins on NFTs in sale at Unique.One Marketplace. On Unifty marketplace instead you will need to use WXDAI. WXDAI are the same as XDAI but to obtain them you will need to swap you XDAI to WXDAI on Honeyswap. You can also use $SNAFU tokens to buy NFTs from within the SNAFU Pool.




What is Unifty?


UNIFTY is a new hub for NFT projects to mint, buy, sell, swap and create NFT farms with just a few clicks! No coding or difficult contract interactions required while you are fully owning your contracts.




How to get WXDAI?


To convert your XDAI to WXDAI you need to swap them in Honeyswap: https://honeyswap.org/





xDai Blockchain

What is xDai Blockchain?


xDai is a sidechain of Ethereum (same smartcontracts that runs on Ethereum can be run on xDai, it's an EVM based blockchain). You can use bridges to move tokens and NFTs from a blockchain (like Ethereum or Binance Smart Chain) to xDai or viceversa.
Read more here: https://www.xdaichain.com




How can I bridge money from Binance Smart Chain?


To bridge from BSC to XDAI you have to do those steps:
1) Swap BSC to DAI on Binance chain (use pancake swap)
2) Bridge those DAI to xDai chain by using this bridge
https://bsc-to-xdai-omnibridge.web.app/
3) Now you will receive "DAI (from BSC)" on xDai
3b) Switch the network of your metamask to xDai chain (if you don't have it go to chainlist.org and click "add" on xdai chain)
4) you now need to convert those tokens into wrapped xDai first and then those into xdai
4b) go to https://xdai.component.finance/ and swap from DAI (BSC) to WXDAI
4c) go to https://app.honeyswap.org/#/swap and swap WXDAI to XDAI
Of course you will need a few cents on xdai chain to pay the transactions. There are a few ways to obtain some xdai:
1) Ask in our telegram group for a few cents, we'll send you
2) Go to xdai community group (@xdaistable) and ask for some help!




How can I bridge money from Ethereum?


If you come from Ethereum you can use https://bridge.xdaichain.com/ to bridge DAI from ETH to xDAI, or if you are from Binance Smart Chain you can use the Binance Bridge https://bsc-to-xdai-omnibridge.web.app/ .
Finally you can withdraw DAI directly from AscendEx (ex Bitmax) to xDai chain with almost 0 fees, or you can use https://ramp.network/ to buy xDai directly in xDai chain paying fiat currency.

Of course you will need a few cents on xDai chain to pay the transactions. There are a few ways to obtain some xDai: 1) Ask in our telegram group for a few cents, we'll send you. 2) Go to xdai community group (@xdaistable) and ask for help.




How to add xDai to Metamask?


To add the xDai Chain to Metamask you can go here and click "add" on xdai chain: https://chainlist.org/ or, if you are from mobile, follow this guide: https://www.xdaichain.com/for-users/wallets/metamask/metamask-setup . Mobile apps that support xDai network: AlphaWallet, Metamask, MrPelerin




How much do I need to pay gas on Metamask on xDai Chain?


On xDai chain you NEVER need more than 1 GWEI as gas price, Metamask usually set a default 20 GWEI, you should change it manually to 1 GWEI to save money on fees.