FAQs

The Basics

What is FarmBit?

FarmBit is a platform that allows you to put your crypto tokens into action and earn high yield in stable currencies. FarmBit takes care of the process for you.

Who Can Subscribe To a Pool?

Anyone! You just need FMB tokens and you are good to go.

What is FMB?

FMB is the cryptocurrency issued by FarmBit Protocol and trades with the FMB symbol.

What is the minimum investment amount?

No minimum amount of FMB. You can start from anywhere.

Can I sell my FarmBit NFT?

Yes, but we are building a FarmBit NFT marketplace where you can safely trade NFTs. It should be ready before the end of Q2 2022.

I have a problem or question. Who can I contact?

Feel free to ask questions in our Telegram or Twitter community. If you are having an issue with investing in a FarmBit pool, contact us at [e-mail].

How do I invest in a pool?

Go to farmbit.io/app, select a pool, and view the pool to subscribe with FMB tokens in your wallet. Make sure you accept the subscription agreement that outlines the general structure, risks, terms, and conditions of your investment.

There are several factors to consider when deciding on a pool to invest in. This A-Z guide on FarmBit pools for investment will help you make an informed decision.

Are there associated Gas Fees?

No. There are no gas fees.

What are the requirements for KYC?

No KYC is required if you are interacting with the pools with a web 3 wallet, you are completely responsible for your data. Nevertheless, our mobile app launching later in Q1 of 2022 will require KYC for some regions.

I have subscribed to a pool. Now what?

You are a diamond hand. Wait for the asset maturity date to unsubscribe with your FarmBitl NFT and automatically receive back your FMB tokens and yields in BUSD.

How does APY work?

The calculation of APY in crypto is the same as it would be in traditional finance, and the goal is similarly to come up with a percentage yield.

The APY is calculated in a simple interest format where the daily yield represents the interest rate that you can earn, depending on the number of tokens you subscribe to a pool.

The formula is as follows:

Daily yield = The number of total tokens subscribed × (Pool APY ÷ 365)

For example, if you’ve subscribed 10,000 FMB for guaranteed APY at 40% in stablecoin, you can collect 10.9 BUSD the next day. The calculation is represented as 10,000 × (0.4 ÷ 365) = 10.9 BUSD.

Assuming 10,000FMB is equivalent to $10,000 BUSD.

What does it mean if a pool is closed?

If a pool is in Asset Maturity state, this means the pool can not accept new subscriptions, you will have to check other pools.

How does earning USD from investing in FarmBit pools work?

You simply subscribe to a pool and get to share in the discount of their receivables (invoices, warehouse receipt, real-estate loans) when payment is due.

How secure are FarmBit pools?

Several audits have been performed on our entire protocol. These audits can be read HERE.

Can I subscribe with other cryptos, aside from FMB?

At the moment, you can only subscribe with FMB tokens. But subsequently, we'll employ more stable currencies and also have the ability to subscribe with your local currencies.

Where can I find details about FMB tokenomics including circulating/total supply?

Details regarding the FMB token can be found HERE.