Fry 2.0 FAQs
General Overview
What is FRY 2.0, and why is it important?
FRY 2.0 is an updated token ecosystem for Fry Networks that segments the original FRY token into specialized tokens. This approach enhances functionality, rewards distribution, and monetization opportunities, fostering transparency and long-term stability.
What are the tokens in FRY 2.0, and what are their uses?
FRY (Governance Token): The core token for governance in the Fry ecosystem, granting voting rights for network decisions. It is also used for:
Transaction fees on the NFT marketplace (fry.market).
Staking platform fees (fry.farm).
Purchasing BYOD (Bring Your Own Device) licenses.
fVPN: A token for Bandwidth Miners, rewarding users who contribute network bandwidth, ensuring reliable data transfer and network performance.
fNODE: Supports decentralized storage and compute capacity, including:
Reward Decentralization Nodes: Facilitate equitable reward distribution.
Storage Validator Nodes: Ensure data integrity and redundancy.
Storage Decentralization Nodes: Provide scalable, decentralized storage solutions.
fSENSOR: A token for environmental and energy-related sensors. Potential subcategories include:
fWEATHER: Meteorological data collection.
fRADIATION: Radiation monitoring.
fENERGY: Energy production and consumption metrics.
fGPS: Location-based data tracking.
fDB: General-purpose data collection for decentralized applications.
Conversion and Staking
What happens to my FRY 1.0 tokens?
FRY 1.0 tokens can be converted to FRY 2.0 or segment tokens:
FRY 1.0 to FRY 2.0: 80:1 ratio.
FRY 1.0 to segment tokens (e.g., fVPN, fNODE): 40:1 ratio.
When does the token conversion process begin?
Conversions will begin once all miner types are monetized and FRY 1.0 rewards are fully phased out, expected within 1–2 years.
Is staking required for miner registration?
Yes, staking FRY 2.0 is mandatory to register miners. Additional staking is required for verification benefits.
What happens to staked tokens if verification fails?
If verification fails or you withdraw from the process, your staked tokens will be returned.
Will nodes have a staking requirement?
Yes, nodes will require staking fNODE tokens. The exact staking requirement will be finalized by December 1st, 2024.
Rewards and Claiming
What are the initial reward rates for miners?
Segment Miners (e.g., fVPN, fNODE): $1/day at launch.
Node Miners: $5/day at launch. (Rates may fluctuate based on token prices.)
How do I claim rewards?
Rewards must be claimed manually:
Standard Claim: Full rewards after one month.
Accelerated Claim: Immediate rewards with a 30% fee.
What happens to miners still earning FRY 1.0?
Miners earning FRY 1.0 will continue until their specific segment token is fully monetized.
Governance and Tokenomics
What is the maximum supply of each token?
FRY 2.0: 1 billion tokens.
Segment Tokens (e.g., fVPN, fNODE): 2 billion tokens each.
How does governance work?
FRY 2.0 holders can stake tokens to participate in governance decisions, with a 6-month lockup period to ensure stability and long-term engagement.
Transition and Liquidity
Will FRY 1.0 and FRY 2.0 have trading pairs?
No, there will be no direct trading pairs. Liquidity will be supported through separate LP farms for each token to minimize sell-off pressure.
What happens if I hold FRY 1.0 but don’t convert it?
FRY 1.0 can still be held, but its utility will phase out as FRY 2.0 and segment tokens become the network standard.
Ecosystem and Rationale
Why is Fry Networks transitioning to a segmented token model?
This segmentation:
Clarifies each token’s role and purpose.
Aligns miner rewards with the data’s marketability and value.
Improves transparency and stability.
Enables Fry Networks to scale with a sustainable monetization model.
What is the rationale behind the conversion rates?
Conversion rates reflect changes in token supply while ensuring a fair transition and maintaining value for FRY 1.0 holders.
Next Steps
How do I prepare for FRY 2.0?
Monitor announcements about the conversion timeline.
Decide how to allocate FRY 1.0 between FRY 2.0 and segment tokens.
Plan your staking strategy for miner registration and governance participation.
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