Posted 1 year ago | by Catoshi Nakamoto
Overview of Key Points from the DEFIT Launch and a Community-driven FAQ
As the launch for Digital Fitness (DEFIT) on the YFDAI LaunchPad comes to a close, we put together a token raise summary of key points along with frequently asked questions about the project.
Now that we have completed the DEFIT public sale, we would like to thank our great partner, Ferrum Network, who was instrumental in working alongside our team in launching DEFIT. It was an absolute pleasure working with the DEFIT team through the entire process, and it showed with an overwhelmingly successful pre-sale and public sale rounds.
From the quantity and quality of great questions asked by many of you in the YFDAI community, it’s clear that you share as much excitement as we do about DEFIT, our second LaunchPad project, and its prospects of becoming a well-known and well-supported crypto project for years to come!
DEFIT Review & Key Points
If you aren’t yet familiar with DEFIT, please read our introductory article on the highly-touted project here. The introductory article also included an overview of the LaunchPad qualifying criteria that DEFIT had to pass, as well as our pre-sale process.
As our community continues to grow rapidly, it’s worth repeating that all YFDAI stakers and farmers that have been staking/farming for a minimum of 30 days are automatically eligible for our LaunchPad presale token offerings.
We always ask that eligible YFDAI stakeholders still register for our launchpad pre-sale to ensure that the distribution of pre-sale allocations is only to those that wish to purchase, and so that we can maximize the individual allocation max of all pre-sale participants.
We also published an overview of the DEFIT public sale, and you can review that article, along with a recap of the DEFIT pre-sale, here. We decided to maintain our process of whitelisting wallet addresses for the public sale in order to honor the YFDAI ethos of transparency and democratization while reducing overall gas fees wasted and deny bots from taking part, both which would have prevailed if we held the public sale without a registration form.
The public sale had a maximum cap of $750 USDT per registered wallet, and it sold out two minutes after launch.
Note: The distribution period will be over 6 months total for the Angel Round and 5 months total for the Private Round of the DEFIT pre-sale.
Pre-sale buyers will receive 20% from the Angel Round and 80% from the Private Round of the pre-sale.
You can view the detailed tokenomics here: DEFIT — Detailed Tokenomics
Finally, a summary of the token distribution schedule:
Next, let’s dive into the DEFIT FAQ.
If you missed the highly informative AMA that took place recently, or maybe you just want to review DEFIT, the following FAQ should help get you up-to-speed.
- What was DEFIT’s starting market cap for the TGE? The DEFIT market cap at the time of the Token Generation Event will be $252,080.
- How does the DEFIT token work with the 360Wellness app? What are the use cases for the token on day one and going forward?The DEFIT team has launched a mobile application that’s been generating revenue since last November. The DEFIT token will be implemented as a real alternative to credit card payments within the app.Here are a couple examples:
For one, staking will be one of the uses, as DEFIT is an incubated company of YFDAI and FAS (Ferrum Advisory Services). Once staking is in place, the buying mechanism for staking fees, coin buybacks with 10% profits and more will be possible through the mobile application.
Moreover, DEFIT will be used to provide a whole suite of rewards to incentivize and encourage user-beneficial fitness activities. Rewards for referrals will also be given.
The DEFIT token will also be the mechanism by which Instructors & Coaches can make their services more visible and wider reaching within the app.
Digital Fitness is also bringing gamification and will use the token to drive adoption, loyalty and retention of users making the token an essential part of the app’s ecosystem.
- Will DEFIT be incorporating NFTs into its project?
Actually, the DEFIT team does believe NFTs can become a core value of their app, where there is an NFT for each individual’s journey, and as a user progresses through their fitness and wellness journey they’ll be able to upgrade their NFT (sort of like a Pokemon). These types of benefits for users which incorporate NFTs are currently in the works.
- Why should the community trust DEFIT?
YFDAI has made sure that DEFIT — and each project that launches through Launchpad — has an audited smart contract. This requirement is in place to increase trust and transparency, and to honor the YFDAI ethos.The DEFIT smart contract successfully passed the audit done by Blockchain Consilium. Moreover, all of the DEFIT team members have successfully gone through KYC, which is another YFDAI requirement for a project to launch on Launchpad.
- How does the DEFIT coin and 360Wellness app leverage blockchain technology?
DEFIT is on a mission to bring the fitness world-at-large onto the blockchain ecosystem, including top fitness influencers, Instagram models and the every day human being. Secondly, they are leveraging blockchain to enable gamification via DEFIT token integration in-app in a valuable and user friendly way. As well, blockchain is used within the app to improve data privacy and security in the health and fitness industry so as to ensure user data protection. Lastly, blockchain helps to cut out the middleman. Within the app, DEFIT provides direct access to the same experience of downloadable videos on the public blockchain.
- How will DEFIT handle the issue of high gas fees for ETH?The DEFIT team is currently exploring alternatives such as Binance Smart Chain where the cost of transactions can come down greatly inside of the 360wellness application. The team plans to onboard 1 million users by the end of 2022, and so usage of the DEFIT token within the app is a key component.
- How can early investors really help DEFIT grow?Beyond participating in the token sales, downloading the 360wellness app and using it to track your health & fitness efforts, the DEFIT team welcomes help with spreading the word about its mission! Moreover, if you’d like to bring new fitness influencers or align the project with fitness or nutrition companies that align with the company’s mission the team would be happy to hear from you! Please join the DEFIT Telegram channel to inquire: https://t.me/app360wellness
- What will create demand for the token (besides giving benefits on purchases) and what prevents/compensates for sell pressure if this token works as a reward? Essentially, what’s the DEFIT token’s utility beyond rewards?
An interesting real world use case that answers this is related to the massive amount of centralization that is happening with big companies such as Google or Apple.For example, right now many people are funneled into using these tech giants if you want to download the DEFIT app as they are the platforms that are the most well-known and used.The DEFIT team would like to shift away from this centralization with the DEFIT token and Digital Fitness mobile application, to provide a decentralized solution powered by blockchain.
This can be done by allowing for a payment method alternative to Google Play or iOS. iOS currently is taking a massive 15% commission cut for any company using their app platform. With DEFIT this won’t be added on top of the cost for instructors or trainers and this will benefit the DEFIT business model.
- What have been some of the DEFIT team’s accomplishments to-date?
The DEFIT team started as a bootstrapped project more than a year ago and has now become an investable business. The team won the Pitchdeck Asia top Startup awards 2020 and was featured at the Asia-Pacific FIT Summit last December in Singapore. All this attracted investors and recently the team closed its equity seed-round for a total of $300,000 USD.Moreover, a 2-week outreach campaign to fitness professionals in Singapore led to 26 onboarded instructors within the app.
- Tell us a bit more about the pain points the app focuses on solving.As the world’s first wellness habit tracker, users record and analyze how well they train, feel, eat and sleep, all in one place. The mobile app gives a unique and personalized wellness score (WLNS score) and recommendations to lead a better and healthier lifestyle.Digital Fitness and the DEFIT token merges the at-home and online gym experience with the digital currency world where users can “earn while they burn.” DEFIT is built for mass adoption by its fast growing community of trainers and users globally that are actively engaged with 360Wellness across 172 countries.
- What’s the main source of revenue for the app?The main revenue generation will be driven by the increase in users joining the live classes which are planned alongside the project’s goal to onboard 1 million users by 2022. Moreover, the more the token is used with the extra discounts the more the DEFIT team will be able to buy back and burn the token.This will increase the demand and scarcity of the DEFIT token.
- Besides the partnerships with YFDAI and Ferrum Network, are there any other partnerships that DEFIT currently has in place?Yes! The DEFIT team has come to an agreement to partner with BPI France, the French Tech and the Chamber of Commerce to open up its first BU (Business Unit) and they are receiving significant subventions for the purpose of creating jobs and establishing their first teams in France which will be focused on launching DEFIT in Europe.
- What are the benefits of using the DEFIT token?Investor Benefits
-Staking DEFIT tokens
– Burning mechanism of staking fees will be in effect once it begins
– Buyback of coins with 10% of Profits coming from the mobile applicationUser Benefits
Referral rewards will be given to users for onboarding friends and family onto the mobile application, and achievement rewards will be based off fitness, nutrition, recovery and sleep tracking on the 360Wellness tracker
– Top users will be featured in the App
– Top Wellness User Trending
– Top Coin User Features
– Welcome Gift driving acquisition
– Based on an instructor or coach’s most popular media channel (E.g. Facebook, Instagram, Twitter), a % based token will be granted once a company and instructor profile are successfully set-up.
– Extra visibility and higher ranking in top search results based on Digital Fitness’ specific formula of ranking the coaches on the marketplace.
See the bottom of this FAQ for more benefits.
- What are the next goals coming up for the DEFIT app development roadmap that the community can expect?
The next specific goal for Digital Fitness’ app development is the integration of connected devices for tracker automation so as to help users successfully track fitness activities, sleeping time and overall, to reduce the need for manual inputs.You may also take a look at the Digital Fitness Company Roadmap at the bottom of this FAQ.
- Is it a plan of the team to create a bridge on the app where users can acquire the DEFIT token directly (with credit/debit cards) without having to go to an exchange?
As the DEFIT Dev teams are currently working on the project’s Web app launch and mobile additional features (e.g connected wearables, Netflix-like experience categorising live classes , one-to-one coaching, on site group and PT sessions booking, etc) the DEFIT product team is now fully focused on UI/Ux for blockchain wallet interaction to make it as simple and intuitive as possible to adopt $DEFIT in-app and as such acquire DEFIT too, to top up wallets and get the benefit of extra privileges such as VIP events and additional discounts on coaching and related sport apparel products and merchandising.Also, at the moment the team is exploring all options regarding layer 2 or cross chain integration to address the gas fee and network congestion of the Ethereum network.
- Will the daily DEFIT payouts start from the first day, and how will it work exactly?Token releases will occur as instructed on the tokenomics outline, as per the vesting schedule and compounding, so you can claim them as you wish, either frequently or when fully released if you prefer.You can view the detailed tokenomics here: DEFIT — Detailed Tokenomics
- When will DEFIT be listed on exchanges?Listing on SafeSwap and Uniswap will happen at the same time, Wednesday, April 7th at 5 PM UTC.
Please continue to voice your questions and feedback in our main Telegram community channel. As we release more information on upcoming LaunchPad projects and the evolution of the YFDAI ecosystem as a whole, please stay tuned to our community announcements in Telegram so that you never miss out on a pre-sale, public sale, airdrop or competition!
Farming — https://farm.yfdai.finance
Staking — https://stake.yfdai.finance
Website — https://yfdai.finance
Telegram Community — https://t.me/yfdaifinance
Telegram Announcements — https://t.me/yfdai
Discord — https://discord.gg/S3GRXRC
Bitcointalk — https://bitcointalk.org/index.php?topic=5295276.new#new
Reddit — https://www.reddit.com/r/YFDAI
Original article published on YFDAI’s Medium.