RoboFi Ecosystem Review/Tutorial | Is This The Best Crypto Trading Bot?
RoboFi is the first DeFi platform to bring DABots. The platform is fully secure and transparent and it offers DABots thru Initial Bot Offering.
RoboFi Ecosystem has various components/features. Using/understanding anything new can be a bit challenging. So, I will try to explain all features in this article.
1. What are DABots
DABots are computer programs to trade and yield earnings. DABots is powered by the DAO principle and blockchain technology.
I think RoboFi combined DAO+Bots to name it DABots(Decentralized Autonomous Bots).
What is a DAO?
The full form of DAO is Decentralized Autonomous Organizations. DAO is a blockchain-based organization(or company) that is governed by a native crypto token. Anyone with governance tokens can vote on important matters directly related to the DAO.
Participants of DABots:
- Stake Users: Those who stake/deposit crypto-assets into the DABots to earn profit.
- Governance Users: Those who purchase and hold DABot’s governance token. Governance users can control various settings of DABots and they also earn a portion of the bot’s earnings.
Types of DABots:
- DEX: DEX bots trade on decentralized exchanges like Uniswap, Sushiswap, Pancake, 1inch etcetera. These bots accept staking of DEX-tradable tokens only. For example, ERC20 tokens on the Ethereum network, BEP20 tokens on the Binance Smart Chain network etcetera.
- CEX: CEX bots trade on centralized exchanges like Binance, Kucoin, Huobi etcetera. Some of these bots also trade on equity markets and/or Forex. These bots accept staking only in sTokens. sToken is a mirror copy of a crypto asset. For example, sUSDT is the mirror copy of USDT, sETH is the mirror copy of ETH etcetera.
- Farming: Farming bots are providers of liquidity pools of AMM-DEX to earn trading commission fees. Framing bots accept the staking of tokens that are supported by liquidity pools and these bots also earn yield farming income.
2. RoboFi Wallet
This Wallet is RobiFi’s official wallet. RoboFi Wallet supports all popular coins and tokens, including ERC20, BEP20 etcetera. You can use the RoboFi wallet to swap, stake, harvest, and for everything that RoboFi Ecosystem has.
You need to register a new account to create a RoboFi Wallet. After creating a new RoboFi Wallet, the wallet password cannot be changed.
Also, If you lose the mnemonic phrase, wallet password, and private key, RoboFi cannot reset nor retrieve them for users. So always remember to write down these details and keep them in a secure place.
However, If you don’t want to do all these things, RoboFi also gives you an option to connect everyone’s favorite MetaMask wallet.
Connecting MetaMask is a better option for those who don’t want to create a new wallet and write down everything.
3. RoboFi Store
RoboFi Store is a place to list and regulate all bots in the ecosystem. Here you can find all DABots: Pre-IBO, In-IBO, and After-IBO.
RoboFi Store also helps bot creators to manage their bots through different phases of the Bot Life Cycle.
Bot Life Cycle defined 3 phases of DABots during their lifetime.
I. Pre-IBO Phase(Bot Genesis)
Pre-IBO indicates the phase when DABots are created by the Creator.
In This Phase:
- A bot creator must deposit VICS Token to own the G-Token of his new DABot.
- Bot creators can define initial bot settings and parameters. After that, RoboFi will automatically create a set of smart contracts for the new DABot.
- DABots doesn’t have funds to trade. Bots need to wait for the next phase to be able to raise initial funds.
- DABots in this phase are denoted with the tag IBO START [Countdown-Timer] in RoboFi Store.
II. In-IBO Phase(Initial Bot Offering)
This is the phase where creators offer bot tokens (C-Token and G-Token) to the community and raise an initial fund for bots.
In This Phase:
- DABots targets to raise an initial fund for trading activities. This initial fund is called IBO CAP. Since the bots are raising initial funds, they do not distribute rewards in this phase. The bots will start to distribute rewards in the After-IBO phase.
- Anyone can become pioneer stake users by staking crypto assets as an early investor (a.k.a early-bird). These users get Certificate Token (C-Token) for their staking and then, they have the privilege to buy bot Governance Tokens (G-Token) at the IBO price.
- IBO Price of the G-Token is the cheapest price compared to the Regular price after IBO. Users need to have VICS Token to be able to buy G-token.
- Users won’t be able to buy the bot’s G-Token without staking in this phase.
- DABots in this phase are denoted with the tag IBO END [Countdown-Timer] in RoboFi Store. Bots will move to the After IBO phase to continue to receive more stakings from users until bots reach the MAX CAP.
III. After-IBO Phase
After the end of the IBO Phase, the Bots move to the After IBO phase. DABots will continue to accept more stakings until the MAX CAP is reached. MAX CAP is the maximum crypto assets under management that a bot wants to handle.
In This Phase:
- Anyone can stake crypto assets. The staking will be paused when MAX CAP is reached and will be automatically resumed if some users unstake or withdraw the funds.
- Anyone can buy G-tokens (if not sold in the previous phase) at the Regular price + commission fee.
- DABots expect to have a larger fund. A larger fund will help the bot to trade and generate earnings.
- DABots will distribute rewards to all participants (stake & governance users) and bot creators in the After IBO phase.
- DABots in this phase are denoted with the tag IBO ACTIVE in RoboFi Store.
4. RoboFi Treasury
RoboFi Treasure is a bridge to convert popular crypto assets to sToken. sToken is a mirror copy of a crypto asset and can also be stored in RoboFi Wallet.
You can convert your crypto assets to get a copy or sTokens. For example, sUSDT is the mirror copy of USDT, sETH is the mirror copy of ETH etcetera.
Currently, You can find 5 Crypto Coins: USDT, BUSD, ETH, BNB, and USDC in the RoboFi Treasury.
The conversion rate is always 1:1. For example, you can convert 100 USDT to get 100 sUSDT, 1 ETH to get 1 sETH etcetera. And conversation rate will still be 1:1, even if you convert the mirror copy back to the original crypto asset.
The mirror copy or sTokens can be used to stake into CEX DABots. And at any time, you can get back the original crypto asset by converting the mirror copy.
5. RoboFi Exchange
Currently, RoboFi Exchange is in development and I think will be live soon.
RoboFi Exchange is the place where users can buy and sell bot tokens.
Bot token's total supply is limited by design, which means bot tokens may not be buyable when all bot tokens are already sold out in the early phase(IBO or Staking).
So what RoboFi Exchange will do is, it will allow any users to sell bot tokens with other users if someone else is willing to pay a good price.
6. RoboFi Lending
RoboFi Lending is in development. This will be a decentralized lending platform that will allow users to borrow funds.
Suppose you want to stake in DABot but the DABot accepts only BUSD or BNB but you don’t have either of these coins instead you have WETH and you don’t want to trade WETH for BUSD or BNB.
So what you can do is you can deposit WETH to borrow BUSD and BNB to stake into the DABot.
Normally, The value of borrowed assets is less than the value of the collateral assets. For example, You can borrow $70 worth of assets by depositing $100 worth of assets as collateral.
However, I think RoboFi will also introduce Leverage Lending which will allow users to enjoy more benefits. You should also remember the higher risk of Leverage lending.
Anyways, we will talk about risk factors in another article because currently, these features aren’t available in the RoboFi Ecosystem but will be available in the future.
7. RoboFi Earn
RoboFi Earn feature will allow the users to receive stable earnings.
As you already know crypto market is very volatile and because of volatility users can suffer some losses. But The RoboFi Earn feature acts like bank saving interest. Users can deposit their crypto assets and receive stable earnings without any risk.
Again, Currently, the RoboFi Earn feature isn’t active so I cannot tell you about this in detail.
I will try to write a separate article when RoboFi Exchange, Lending, and Earn feature will be live.
VICS Token & Bot Token
VICS Token
VICS is an important utility token to run different business functions on DABots.
As a bot creator, you must have VICS Token to be able to list your bots in RoboFi Store, compute bot governance token value, and join the IBO.
And as a user, You must have VICS Tokens to be able to buy governance tokens of DABots. Rewards from bot governance tokens will be also paid in VICS.
Bot Token
Each DABot can issue two types of crypto tokens G-Token and C-Token.
The total supply of both the tokens is limited but the G-token is unique, while the C-tokens may be various depending on bot specification.
The price of G-tokens is decided by the Bot creator and G-Tokens also act as governance shares of DABots.
Certificate tokens or C-tokens represent the proof for each staking. When any user stakes crypto assets to DABots, they will get C-Tokens as confirmation.
Users can earn rewards from both tokens but holding G-Tokens give you the power to change bot settings.
Steps To Use RoboFi
1. Register an Account and Create a Wallet
Go to RoboFi Registration Page → Enter your Email Address, a Secure Password, and Accept T&C → Click Register Button.
After that, Login into your account, and Add a Wallet popup will appear. If you already have a wallet, select the Import Wallet option, and To create a new wallet select New Wallet.
On the next screen, Enter a name and secure password for the wallet. Please remember to save the password in a secure location. You won’t able to access your wallet without a password or mnemonic phrase.
On the next screen, You will see your Mnemonic/Recovery Phrase. Write down this on paper and keep it in a secure location.
On the next screen, You need to verify the mnemonic phrase. Put all the words in the correct order.
Now the last thing you need to do is, Check all the boxes and click Confirm to create the wallet.
Done, You have successfully created a new RoboFi Wallet.
2. Swap sTokens using RoboFi Treasury
Go To RoboFi Treasure → Select the coin you want to swap in the first field, it will automatically select the second field → Enter the amount you want to swap → Click the Swap button.
If you’re swapping for the first time, you will see Enable button instead of the Swap button.
After that, Enter your wallet password and click Confirm. Make sure you have enough BNB coins to cover the gas fees.
If you’ve connected Metamask to the RoboFi, you need to confirm the transaction from the Metamask.
After swapping to sToken successfully, You will see your balance in your RoboFi or Metamask Wallet.
3. Stake to DABots
You can stake to DABots In-IBO Phase and After-IBO Phase. The staking process in both phases is the same. So, I will show steps for one and you will understand both.
Go to RoboFi Store → Select DABots you want to stake in → Click on the + Sign.
I selected the In-IBO Bot but even if you will select After-IBO Bot, you will need to click on the same + sing.
After that, A Popup will appear like the below screenshot. Enter the amount you want to stake → Accept All T&C → Click Confirm. I am staking for the first time that’s why I am getting Unlock Wallet button. After unlocking the wallet, I will see the confirm button.
Also, Bot accepts staking only in sToken so you need to swap using RoboFi Treasury as shown in the previous step.
After confirming the transaction, You will see your staking amount under My Stake.
You can follow the same process to stake in the After-IBO phase.
4. Buy Governance Token
You can buy G-Token In-IBO Phase and After-IBO Phase. However, the Price of G-Token in the After-IBO phase will be higher as explained earlier in this article.
The buying process in both phases is the same. So, I will show steps for one and you will understand both.
Go to RoboFi Store → Select DABots you want to stake in → Click on the + Sign.
I selected the In-IBO Bot but even if you will select After-IBO Bot, you will need to click on the same + sing.
As explained earlier in this article, You need VICS Token to be able to buy G-token.
Also, You need to stake to the bot if you want to buy G-Token In-IBO Phase and you can purchase without staking in After-IBO Phase but the price will be higher.
After clicking on the plus sign, A Popup will appear. You can follow the on-screen instructions to complete the transaction. I don’t have VICS Token so I cannot show you the steps to buy G-Token but the steps are almost similar to staking.
Now, This article has come to an end. I hope you found this article helpful. However, if you have any queries and questions, please ask in the comment section below.
About RoboFi
RoboFi (www.robofi.io) is a Defi platform that envisions a marketplace for revolutionary Dao crypto trading bots. Through its IBO (Initial Bot Offering) system, community members can maximize their earnings in an easy, simple, and secure way. We create a safe and transparent environment based on blockchain technologies that help developers bring crypto trading bot platforms to the market. In addition, individuals will have easy access to these bot applications, thereby generating more earning opportunities. RoboFi ecosystem is fueled by the $VICS token.
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