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Frequently Asked Questions (F.A.Q)
The Frequently Asked Questions section will help users find answers to their questions and clearance to their concerns.
Our team has collected a list of the most asked questions on our social media channels.
- 1.What is POSI:POSI is Position Exchange’s native BEP20 token empowering its ecosystem. Unlike most of the recent tokens created by other exchanges mainly for crowdfunding purposes and for reducing the trading fees, POSI comes with a different and unique approach. All the fees and revenues from the protocol will be distributed back to all POSI holders by a mechanism called Buy-Back and Burn fully on-chain. This would mean, just by holding POSI you’re a stakeholder and will be able to receive a share from the revenue.
- 2.What is the APY?Annual percentage yield is a way to measure the amount of money earned on an interest-bearing account, annualized over the course of a year. In other words, this is a way to measure how interest compounds over time.Compounding interest is the interest you earn on your interest. It means interest that’s paid both on the principal (that is, your deposits into the account) and on the interest you’ve earned. That’s what makes it such a powerful tool for investing, as compounding can make it possible to build wealth over the long term. This is different from simple interest: Simple interest represents interest earned on the principal deposit only.
- 3.What is the APR?What Is An Annual Percentage Rate (APR)? The monetary value or reward that investors may earn by staking their crypto tokens in the Pool. The percentage will determine the value. The rewards start to be earned instantly after staking.
- 4.What is POSI bounty?To make the auto-compound actually work, you have to trigger the function on the smart contract. This function can be triggered every 7hours but must be performed manually. The lucky first person who can manage to claim that bounty triggers the compound function of the contract and gets rewarded with POSI for doing the job.
- 5.Why are the Vault gas fees are high compared to staking?As we are operating on BSC, the gas fees are calculated and charged by BSC each time you are making a transaction on the smart contract. When you want to stake in the Vaults, several contracts functions will be conducted by a simple click, swapping a token for another to have an equal balance of both, getting LP tokens, staking LP tokens, auto-compounding every 7 hours. so the gas fees you pay are for all these transactions.
- 6.How can I cancel my bidding NFT Card in the NFT marketplace?Auction Rules:
- 1.Each time you participate in the auction, you need to increase the price by 10%. After the countdown ends, the auction item will be obtained by the last bidder;
- 2.20% of this increase is obtained by the previous bidder, and 80% by the seller;
- 3.After the auction is successful, the market will charge 3% of the seller's revenue as a service fee, of which 100 % is added to the Position Exchange NFT Pool;
- 4.When the auction countdown is less than 1 hour, the auction end time will be extended by 10 minutes for every successful bid;
- 5.After the auction is over, the seller can go to the details page to claim the auction proceeds, and the buyer can claim the NFT
- 6.once you bid, you cannot cancel it. You need to wait for the next bidder to bid, if there comes a next bidder, and when the auction is over you can collect back your bidding price.
- 7.What are the use cases for Posi?POSI token holders can generate passive income by staking their tokens in the staking pools and receive rewards in return - See Staking section.POSI token can holders can farm LP tokens - See Farming SectionPOSI token can be used to cast NFTs - See NFTs section.POSI token holders can participate in the platform’s governance by proposing and voting for changes.POSI token holders will be sharing a 1% fee from transactions while just holding the tokens.POSI token holders can perceive Trading Protocol fee discounts And much more to come.