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How to use
A presentation of Pakt features
The first thing you need to do when you start using Pakt is to link your Google account to your wallet address.
This is done to ensure that you won't be able to use your Google account with another wallet. This is so you can only do one pakt of a particular type at a time.
⚠️ There is currently no way to unlink your wallet address and your Google account so you need to be careful and not lose access to your wallet.
There are multiple types of pakts you can create:
The Meditation, Activity and Steps pakts will be verified by reading data from your Google Fit account.
After choosing one of these types, you'll need to pick a goal. If you connect your Google account, you will see how you did last week and can pick a goal accordingly. Goals for verified pakts are always a daily average for one week. This means that you don't have to reach the goal every day to succeed, you can always come back from a bad day by doing more the next day.
Each goal is associated with a level. And each level has a maximum amount of PAKT tokens that you can bet. The higher the level, the higher the interest you gain on the amount you bet if you succeed:
The amount you can lose is always four times what you can win.
For example on level 5, you can bet 500 PAKT tokens. If you succeed, you win 6 new tokens (1.2%*500) and get back a total of 506 tokens. If you don't reach your goal, you lose 24 (4*6) tokens and only get back 476 tokens from your bet.
Note that when you make a pakt for the first time, you will have to confirm 2 transactions: one for the token approval and one for the pakt creation. We (consciously) use the unlimited approval pattern by default for the improved experience. If you don't want to approve an unlimited token transfer, you can change the approval amount in the transaction details on MetaMask before you confirm.
Custom pakts are a way to set your own goals. At the end of the pakt, you'll have to tell if you succeeded or not. As there won't be any verification, you can't win tokens with custom pakts, but it's a great way to challenge yourself as long as you are honest with the result.
You only have to fill a description and the amount of tokens you want to bet. For the description, try to be as specific as possible so that you'll know precisely if you succeed or not.
Note that if you don't succeed in a custom pakt, you will lose all the tokens you bet.
If you succeed a pakt, congratulations! You now have 2 options:
- 1.You can extend your pakt for one more week. You need to bet new tokens and put at risk the tokens you already won. This allows you to keep your pakt going for multiple weeks without paying the unlock fee.
- 2.You can unlock your funds and get your newly won tokens. There is a fix flat fee you need to pay.
If you don't reach your goal don't worry, you'll do better next time! Unlock your funds to get back the majority of your bet. Note that in this case, you don't pay a fee to get your tokens back.
For a custom pakt, you will have to be honest and choose the option corresponding to your result. If you succeed, you'll be able to either extend the pakt for one more week, or unlock your funds and get back your tokens. If you don't succeed, the tokens you bet will be lost.