Introduction to the BENE Factory
Benefactory Protocol is many things. To start, it is a permissionless decentralized exchange (DEX) based on Ethereum, built on xDai Layer 2 scalability infrastructure. By utilizing xDai chain for transactions, Benefactory allow users to trade any ERC20 token and experience fast and secure transactions with incredibly low fees.
Benefactory is empowering traders whilst, removing the costly obstacles to entry DEXs for the general crypto user, while incorporating a community-focused governance structure and a honest token distribution model. Yield farming and liquidity mining opportunities will stimulate the growth of a strong liquidity-providing ecosystem.
BeneSwap site is Currently in Development
Up to this point, everything may sound familiar. However, this is where it all changes. Alongside our Liquidity Mining we have added a staking platform. This is not any old staking platform, as it offers users the opportunity to stake their verified* Nonfungible Tokens alongside their Fungible ones. This gives users the ability to earn profit just by hodling their collections. However, we have taken this even a step further, allowing users to obtain stablecoin loans on said collections. By storing their items on our platform, users are able to obtain a loan at rate of colateralization at or below 150% of the loan they wish to obtain. This is completed completely through AUDITED smart contracts. This also means that users have the ability to stake pieces from their collection, obtain a loan on the piece, and invest that loan in any of our yield products. More information on this can be obtained upon request, and a complete detailed whitepaper including all pertinent information is currently being completed.
Second to our BENE DEX, with all of the above attributes, is the part of which we are perhaps second-most proud of — a lossless crypto lottery platform, similar to that ran by PoolTogether, called BenePool. However, as is our M.O., we have taken the standard and run it to its logical conclusion. Our pools will begin with the inclusion of USDC, DAI, and USDT. This will expand as requests from our community grow. What differentiates our platform from the aforementioned is that rewards are given in the form of a variety of items. Winners of each pool will have the option to choose, prior to pool initiation, as to whether they want to receive a mystery NFT collectible, a 50/50 split** of the prize pool (awarded in a variety of tokens), or a ticket to one of the many events detailed below. In the beginning each pool will start with one winner. This can be changed through proposals on our BeneForum.
As laid out on all of our social media channels we aim to serve not only profits to our users, but also to better the world that we all live in. We plan to do this by sharing some profits with causes voted on by the community. This will begin with the donation of 50% of the prize pools (the other half from the split with the pool prize winner**) to homeless ventures that we have partnered with. This initial distribution will also include the donation of any profits made through any part of the platform. We, as a team, will not be taking ANY profit from ANY parts of the platform for the entire first year. This can be altered ONLY through community voting. For the first donations, we will be working with a small community-project here in our teams’ location called TS Haven Ministries. If you would like more information on this please let us know!! We would love to share their information with you!
As aforementioned, we are hosting/partnering with a superfluity of different ventures and events in the coming 12 months. This includes both virtual and IRL crypto meetups, local gatherings, academic performances/presentations, and community building events. More than 70% of these will host a giveaway or airdrop for attendees. The winner of all pool prizes will have had the opportunity to choose a free ticket to some of these as a prize. This choice will only be available before the start of each pool, for each user.
As we hope all of you are aware, we maintain a token on the xDai platform called $BENE. It is currently only available through Public Sale which will be described in a coming article and shared across all of our social media. This token will serve initially as a utility token, assisting us in garnering liquidity for exchange on HoneySwap and BeneSwap. You can obtain ONLY through Public Sale until further notice. We will make you aware when liquidity has been added to the aforementioned. We are planning for listing on CoinMarketCap and CoinGecko immediately after the completion of our Public Sale. As detailed in our tokenomics, there is a Total Supply of 2,100,000 $BENE. The distribution of this ULTRA scarce token is available in the same tokenomics form. We will be selling the token for 1 $XDAI during Round 1 of the Public Sale, 3 $XDAI in Round 2, and will be launching liquidity on both aforementioned DEX platforms with a price of 5 $XDAI. We STRONGLY recommend anyone interested get in on the Public Sale as soon as possible as only 315,000 $BENE will be sold during the entire sale. For questions, please refer to our tokenomics article. For questions on adding $XDAI to MetaMask, or for using the xDai chain, please continue reading.
Configure custom RPC in Metamask wallet
Before you can interact with the xDai chain, you need to set up your Metamask wallet. If you do not already have Metamask installed on your browser, you can download it here https://metamask.io/.
Setup your custom RPC to connect to Metamask:
- Open Metamask, and select “Custom RPC” from the Network Dropdown.
2. “Custom RPC” Settings, add in the xDai network details and click Save:
- Network Name: xDai
- New RPC URL: https://rpc.xdaichain.com/
- Chain ID: 0x64 (100)
- Symbol: xDai
- Block Explorer URL: https://blockscout.com/poa/xdai
xDai chain recommended settings:
https://www.xdaichain.com/for-users/wallets/metamask/metamask-setup
Connecting to a Hardware Wallet
Instructions for using Metamask with a Ledger or Trezor: https://metamask.zendesk.com/hc/en-us/articles/360020394612-How-to-connect-a-Trezor-or-Ledger-Hardware-Wallet
Transfer any ERC20 from Ethereum to xDai
Similar to the leading DEX, Uniswap, anyone can trade any ERC20 token on Honeywap. If a token is not currently supported on Honeyswap, users can transfer any ERC20 token from Ethereum to xDai and provide liquidity to allow instant token swaps. They will then earn fees each time other users will trade through that trading pair.
Users will have to use OmniBridge UI to transfer any ERC20 from Ethereum to xDai. Any user can initiate this initial transfer. Once the token exists on xDai, it can be transferred back and forth using the same UI.
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Step by step tutorial to transfer any ERC20 from Ethereum to xDai:
Moving Dai to xDai
IMPORTANT: The only exception is for transfer Dai to xDai. The transfer is done through a simpler UI using a dedicated xDai chain bridge.
Step by step tutorial for moving Dai to xDai:
https://www.xdaichain.com/for-users/converting-xdai-via-bridge/moving-dai-to-xdai
Buy xDai with fiat
Alternatively, to avoid paying swap and bridge fees, you can now buy xDai with your local fiat currency through Ramp platform here:
BlockScout
BlockScout is a full-featured explorer for xDai. It is available here:
https://blockscout.com/poa/xdai/
With BlockScout you can:
· view blocks, transactions, accounts, balances, token transfers
· access blockchain data via API functions
· read and verify smart contracts
By utilizing Layer 2 for transactions, Honeyswap users will experience fast and secure transactions with incredibly low fees. At the time of writing, the cost for a ‘fast’ transaction (~30 seconds) on Ethereum stands at $1.14.
In comparison, transactions on xDai chain network can be confirmed in milliseconds, with an average of 5 seconds and at a cost of
0.000262742 xDAI ($0.000263 USD)
Please keep checking back as new information is rolling out daily regarding Benefactory Protocol. We hope to see you and speak to you soon. To stay up-to-date please join our social media channels!
Discord: https://discord.gg/DcvqUkv7
Telegram: https://t.me/joinchat/-yaJC4nXt4A1MmUx
Twitter: https:twitter.com/FactoryBene
Reddit: https://www.reddit.com/r/BeneFACTORY_Token/
