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How to Transfer MINDS On-Chain and Earn More Rewards

MindsMar 19, 2021, 6:40:38 PM

Token rewards are distributed off-chain every day to users who contribute to the network. 

Off-chain tokens can be transferred on-chain once per day for a maximum of 25,000 MINDS per transfer.

Here is a summary of the differences between off-chain and on-chain:

  • Stored on Minds servers (centralized)
  • Easier to use
  • No transaction fees
  • No web3 client required
  • Does not allow you to earn Holding and Liquidity rewards
  • Can be transferred on-chain
  • Stored on web3 wallets (decentralized)
  • Complete ownership
  • High transaction fees
  • Requires web3 client
  • Allows you to earn Holding and Liquidity rewards
  • Cannot be transferred off-chain

To transfer your MINDS on-chain, follow these steps:

Step 1 

If you have not yet connected a web3 wallet to your Minds account, please first complete the steps in our How to Connect Your Wallet guide. 

Step 2

Once you have connected your wallet, go to Wallet in the main navigation on Minds.

Step 3

Click the ellipses menu next to your connected wallet and select Transfer On-chain. 

Step 4

Here, you will be prompted to complete any remaining steps in order for your account to be eligible to transfer on-chain. These steps include:

  1. Verify a phone number
  2. Upgrade to Minds+

These steps are required to protect the integrity of the token economy and reduce fraudulent behavior. They are also required for regulatory reasons. Phone numbers are never stored on Minds servers, they are encrypted on the fly and are only used to create a unique identifier for your account so we can better detect fraud.

Step 5

Once your account is eligible, enter the amount of off-chain tokens you want to transfer on-chain. 

You can only transfer a maximum of 25,000 MINDS per day, and you cannot transfer more than your off-chain balance allows. 

Once you have entered the desired amount you wish to transfer, select Transfer.

Step 6

After you select Transfer, you need to open your web3 client and select to Confirm the transaction. 

You may also choose to edit the gas fee in this step, but it is recommended that you use the default gas set by your web3 client for the best chance of having the transaction completed in a reasonable amount of time.

Step 7

After you Confirm the transaction, your transfer request has been created successfully. Monitor the transaction ID on Etherscan for status updates.

All transfer requests are reviewed by Minds admins within 48 hours to prevent token manipulation and fraudulent behavior from negatively impacting the token economy.

You will receive a notification whether Minds has accepted or rejected your transfer request. If your request is accepted, your tokens will be transferred on-chain. If your request is rejected, your tokens will be refunded to your off-chain balance, but you will not recover any gas fee spent on the transaction. 

Once you have MINDS in your on-chain address, you will start earnings Holding Rewards based on your share of the total connected on-chain supply of MINDS :) 

Banner art credit to @insomniari

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