FAQ
Frequently Asked Questions
General
Is it safe to contribute in Envoy?
Please do your own research and decide for yourself.
Envoy representatives will never ask to contribute any funds directly.
Is Envoy audited?
Envoy has been audited but you should move forward with care as we are still in beta phase. Bugs or exploits could exist alongside the possibility of losing 100% of your contributed funds.
pageTokenomicsWill any official representative of Envoy give investment advise?
No, never - please be aware of scammers that pretend to be Envoy representatives.
Feedback and Support
If you have questions or need help, we can assist you through the following channels:
pageCommunityIf you have feedback or have found a bug, please refer to the following channels to make us aware:
Github
Product
What is Envoy?
At Envoy, we have the ambition to create a metaverse world where NFT collectibles get a meaningful purpose and connects and rewards brands, creators, celebrities and their fans in a rewarding way.
What services or products Envoy provides?
Collectors Platform (platform for NFT enthusiasts)
NFT Label (marketing & development)
Will Envoy have a NFT marketplace?
For now Envoy is not developing their own Marketplace, our goal is to integrate marketplaces by API to our Collector Portal. By doing this users will have the ability to showcase all their NFTs in one place and have the option to sell their NFTs through Envoy. In a later stage Envoy might consider building their own marketplace.
About blockchain
What is blockchain?
A blockchain system is a decentralised system that stores information that is verified by cryptography. It is the technology that supports cryptocurrencies.
What are smart contracts?
Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.
What is an NFT?
An NFT is a non-fungible token. It is a digital certificate of authenticity on a blockchain for a unique digital asset. For example, rare trading cards or other authentic collectibles. An NFT can represent items such as audio files, photos, video- and other digital files. NFTs are unique because they are numbered and tokenized with an ERC-721 smart contract. There is a limited supply of them, and each one is unique to the person who owns one.
What is LP-Farming?
In an LP farm, a user deposits crypto into a smart contract that programmably facilitates a liquidity pool. Such a pool functions as a decentralized trading pair between two, or sometimes more, cryptocurrencies, and the trading is made possible by the crypto supplied by LPs.
In exchange for deposits, DeFi apps reward LPs with what are called LP tokens — e.g. SLP tokens for Sushi liquidity providers. These tokens can be used to retrieve your underlying deposits from the liquidity pool at any time plus any interest you’ve accrued by way of trading fees.
These LP tokens are important, because DeFi apps that run liquidity mining programs set up “staking” interfaces for depositing these LP tokens. This locks in your liquidity and automatically and continuously earns you governance token rewards for as long as your LP tokens are staked.
What is Staking?
In a stake farm, users deposit crypto into a smart contract that programmably facilitates a staking pool. Rather than being a decentralized trading pair, a staking pool is akin to a decentralized vault for a single kind of asset. It doesn’t facilitate trades but rather secures deposits.
These farms provide an easier experience for people compared to LP farms. That’s because stake farms only require users to deposit a single asset to earn passive income in contrast to serving as an LP on a DEX and thereafter staking LP tokens, too.
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