Contrax FAQ
Frequently asked questions about Contrax and using the dAp.
What Stage is Contrax in?
Contrax is currently in its beta phase. We are live for you to use right now. Currently, all listed vaults are tested. Our smart contracts have been penetration tested by the open source hacking community at Immunefi. We continue to offer a bug bounty for any critical vulnerabilities.
How do I use Contrax?
We have created our quickstart page for newcomers. You can read about the Basics of DeFi. If want to start from the first step, go to the Wallet Set-up guide and follow the links at the end of each page to go through every step you need to get started.
Which vault should I join?
We cannot give your financial advice, but we can tell you some basic good practices: research the tokens you are staking, because these will be the tokens you are in while you earn. Pay attention to the APY, which represents your expected yearly increase percentage, but it can vary over time, and represents your expected change in token amount regardless of the dollar value (for example: A 10% APY on ETH would mean 10% more ETH amount by the end of the year, irrespective of the ETH price)
Is Contrax safe to use?
Yes, not because we are saying “trust us,” but because you don’t have to trust us! Unlike a centralized exchange, a true dApp is open source and non-custodial, meaning you always control your tokens using the smart contracts. Even if the team disbands, or gets hacked, or the website goes offline, you can always get your funds from the smart contract they are in.
Is there a token or a DAO? Is there an airdrop?
Contrax intends to become a DAO governed by the TRAX token after its beta launch. Contrax plans to have an airdrop of tokens to its beta users based on the USD value of their stake at the time of airdrop. We are still exploring how to structure its DAO, tokenomics, and airdop at this time.
How do I get my funds out of Contrax?
You can withdraw from the vaults at any time. You can see how to withdraw on the Earn page. Once again, you will always be able to withdraw even if the site goes down, using the smart contracts themselves. By design, a smart contract cannot ever be modified or taken down.
How do I give feedback to the team?
You can reach us by any of our social media channels, with our preference being our Discord. Just pop in and message an admin. You can also find our social links on our About page.