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The FACTR Token
The FACTR Token

Here is everything you need to know about the FACTR.

Updated over 5 months ago

The FACTR token is the fuel of the Defactor ecosystem, a governance and utility token that has a variety of uses. By holding the FACTR token, you have the ability to vote on the strategy and direction of the project and are eligible for rewards in the form of staking.

Operators that build on Defactor technology contribute by taking part in the BuyBack process, where revenue generated from business activities is used to buy back the FACTR token from the open market and circulate it back to the various ecosystem wallets. This creates a circular economy for our holders and community.

In this article, we cover topics on:

  • How to add the FACTR token to your wallet

  • How to buy the FACTR token

  • How to move old tokens from the BSC Chain

  • What do I do if my token address is not the same as listed?

  • Moving tokens between Ethereum and Polygon

  • What can you do once you have the FACTR token

Adding FACTR to your MetaMask

If you have bought or received some FACTR tokens, then the first thing you should do is ensure you can see it in your MetaMask wallet. Here is how to add it.

  1. Open the MetaMask extension on your browser, or the Metamask app on your mobile device. You can do this either on the Polygon or Ethereum network.

  2. Next, at the bottom of the wallet window, click “Import Tokens”.

  3. In the field labelled “Token contract address” paste the following (this is the contract address for the FACTR):

    0xe0bCEEF36F3a6eFDd5EEBFACD591423f8549B9D5

  4. Next, click “Add custom token”.

  5. Finally, click “Import token”. The token will now be added to the token list in your wallet.

You should now see your balance of FACTR tokens.

  • If it is zero, make sure you are using the right wallet address where you held the legacy token.

  • If you are still unable to see a balance and you believe they should have been airdropped the token to that wallet address, then contact us through our message portal on the bottom left and we will help you out.

NOTE: If you purchase Defactor on Ethereum then use the same token contract address, following the instructions above but on the Ethereum Network.

How to buy the FACTR token

You can buy FACTR right now on Uniswap.

  1. Go to the Uniswap page and connect your wallet.

  2. In either Polygon or Ethereum mode, select the bottom token dropdown.

  3. Paste the contract address for FACTR into the dropdown, then select the Defactor token when it is listed.

A warning might appear because the token is not fully monitored in token sites such as Coinmarketcap yet, but if you use the correct token address, then you have nothing to worry about.

You can now decide how much FACTR you wish to buy and complete the transaction. If this is your first time using Uniswap you will have to do two transactions, the first is to approve the currency you are buying Defactor with.

What to do with your old FACTR tokens?

If you've purchased FACTR tokens located on the BNB or Ethereum chains in the past. Don't worry, those tokens have not lost their value. To locate your tokens, you can log in with the same wallet address you used on the BNB or Ethereum chain, on the Polygon chain.

When we made the transition to the Engage web app, we moved your tokens to the Polygon chain as we no longer support the BNB chain on the web app. If you wish to transact, stake or sell your FACTR tokens, you can do so by moving them between Ethereum and Algorand using the Polygon chain. The text below provides an example explanation of how to move your tokens between Polygon and Ethereum.

I do not see my tokens purchased on the BNB chain.

If you have bought tokens on the BNB chain after June 2023, it is unfortunate news that you may have bought false FACTR tokens. We no longer operate on the BNB chain hence any tokens bought will likely not have been on the list of trusted token exchanges.

Please be aware that the FACTR token is always listed in capital letters and never small letters, conduct substantial research before purchasing any future tokens, FACTR or otherwise.

What to do if my token address is not the same as listed?

If you notice that your FACTR token address is 0xdefac16715671b7b6aeeFE012125f1E19Ee4b7d7 instead of 0xe0bCEEF36F3a6eFDd5EEBFACD591423f8549B9D5 which is listed on many token buying platforms, please be aware that we have now moved onto a new token address.

Your old tokens, whether it existed on Ethereum or Polygon, have now been collectively transferred to Polygon under the new token address. All you have to do is sign in to your wallet onto the Polygon chain, and those tokens should be valid for use now.

Bridging Defactor between Polygon and Ethereum

It is possible to move your FACTR tokens between the two blockchains.

  1. Go to the Polygon Wallet dApp. Select the "Proof of Stake" tab.

  2. Click on “Native Bridge”.

    A pop-up will ask you to connect your wallet, and if this is your first time it will ask you to sign in as well. Just follow the prompts and then you will see the following window.

    Depositing means removing tokens from Ethereum and moving them to Polygon. To withdraw means the opposite, sending tokens back to the Ethereum Chain. Select the right option. In this example we will move FACTR from Ethereum to Polygon, so we use the deposit tab.

  3. To bridge FACTR, you will need to add the FACTR token. Where it defaults to “ETH” on the form, click the drop-down arrow, then type "FACTR" into the form field. The FACTR token should appear, and if not, paste the token address in the field.

  4. Next, click "Add custom token".

  5. After a brief pause, it will show the details for FACTR. Click the “Add FACTR’’ button. You will now be able to select FACTR as the token to bridge. Click the token name.

    You will now see FACTR as the token to move.

  6. Choose the amount of FACTR you wish to move then click "Transfer". A window will appear explaining that the transfer will take between 22 to 30 minutes and that you cannot cancel the transaction.

  7. Follow the prompts, until your wallet asks you to confirm the transaction. Once you have confirmed the transfer will begin. Please note again that once enacted you cannot cancel it.

Staking your FACTR

Instead of just leaving your FACTR in your wallet, you can stake it right now and earn a yield of up to 25%.

Engage offers five staking pools with varying lockup periods on Ethereum, Polygon, and Algorand:

  • No lockup with 5% APR*

  • 30-day lockup with 7.5% APR*

  • 90-day lockup with 10% APR*

  • 180-day lockup with 25% APR*

  • 360-day lockup with 40% APR*

* All APR / APY are paid out in FACTR tokens

To learn more about our staking protocols, and how to stake your FACTR, visit this article to learn more.

If you have any questions then please contact us by clicking on the blue messenger icon on the bottom right of your browser or visit our Help Center and we will try to get back to you as soon as possible with an answer.

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