Create a Simple Pool

Let's jump into creating your first BennyFi Pool

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Last updated 1 year ago

Create a Simple Pool

Let's jump into creating your first BennyFi Pool

STOP: Before you begin:

This exercise will require approximately 5 to 10 BENY tokens

You must also create a reward token that will be distributed through your new pool.

The purpose of this exercise it to walk you through the pool creation process as quickly as possible. Don't worry if you don't understand everything, we will be going over every aspect of the process in detail later in the documentation. For now, sit back, relax and let's jump into Pools!

Let's log into your Pool Manager account.

After you log in, you will be presented with the Composer's main page. Let take a look at the header.

Menu Button - hides or displays the menu
Contract Icon - Shows which version of the platform you are logged in to. Here we are logged into the 'MainNet' contract. There are other test versions of the contract that can be used for testing. More about that later
Resource Status Bar - displays the current contract resource utilization
Help Icon - brings you to this document
Log Out - Logs you out of the current account
Pool Manager Profile Picture - launches the profile page which shows all the information about your specific account
Language Selector - At the bottom of the menu is a language selector. Composer currently supports English, Spanish and Japanese.

Click on 'Create Pools'

You are now on the 'Create Pools' page. Every BennyFi pool is governed by terms, so the pool creation process starts with defining the pool's terms. You have three options regarding pool terms:

Copy and modify a template
Use terms you previously created and saved or,
Create a new set of terms

For this pool, we are going to use the first option. Let's toggle the 'Template terms' on and pick one to copy.

You are now presented with a list of templated terms. Templated terms are used as a short cut for creating new terms. You can copy these terms, customize them and then save them as your own terms for future use. Now click on the 'No Staking Token Required Pool' template. This is a simple pool with two participants that distributes a reward token.

Now, let's modify this template to distribute our reward token. Click on the 'copy' icon next to 'No Staking Token Required Pool' . Because this is a 'Template', the Terms dialog will appear with the Terms data already populated. Have a look around. There are a lot of fields here, but don't worry, we will go over them in detail in the 'Creating Terms' section. For now, we're just trying to get your first pool up and running as quickly as possible. Two things to note here:

This is a 'Manager Funded' pool meaning that the Pool Manager is supplying the reward token. You will be modifying this template to distribute the reward token you created in the 'Creating Tokens' section.

The 'Pool Manager entry fee' is set to 100%. Every pool has a cost, an 'Entry Fee'. The Entry Fee can be allocated between the Beneficiary, Pool Manager and the Participants. In this Template, the Pool Manager is paying 100% of the entry fee. The effect of this is that the User/Participant doesn't have to have BENY tokens to enter the pool. More about Entry Fees in the next section. For now, let's leave this at 100%. Next, click on the 'Distribution' link so we can modify the reward token.

You have to configure three components in order to create a BennyFi pool: the pool, the terms and the distribution or payout. This dialog is where you define the distribution, or who gets paid what. Have a look around. Again, there's a lot going on here, but don't worry we will go over this in detail in the next section. Reading across the top summary line, we can see that these terms distribute a Reward of 100 BENY tokens, which is supplied by the Pool Manager. All Participants, meaning everyone who enters the pool, will equally share 50% of the Reward. The remaining 50% of the reward will be split between two Winners 75% to the first winner, 25% to the second winner. Finally, 100% of the Rewards distribution vests in 0 time, meaning that all the tokens are distributed as soon as the pool closes. Now, click on the 'Edit Action' on the 'maintoken' line so we can change the Reward token.

Now, lets use the distribution editor to change the Reward token from BENY to the FREE token that we create in the 'Creating Tokens' quick start. Select the token you created from the token drop down list. You can change the 'Total Reward' amount if you would like.

Ok let's save our changes by clicking on 'SAVE". You may need to scroll down a bit to see the 'SAVE' button. Once our the changes are saved, hit 'Confirm' to save the entire distribution. Note that a distribution can have multiple parts. This simple example only has one token distribution.

Now, you should be back on the 'Terms' dialog. Click on 'Submit' to store your new terms to the blockchain. Note that these terms specify a 1 hour 'Enrollment Time Out'. This means that the pool will cancel after 1 hour if it does fill up. You can increase the enrollment time to the current maximum of 120 hours to give your user more time to find it.

Now lets create a pool with the terms you just created. Click on the 'Create Pools' link again. That will take you back to the 'Terms' page. Click the '+' sign next the our new 'No Staking Token Required Pool' terms.

The 'Create Pool' dialog will appear. Enter a 'Pool Name'. Select 'No Staking Token Required' from the category drop down so users can find your pool easily. Enter a 'Pool Description'. Finally enter the pool start date and time. You must choose a date and time in the future. Add at least 10 minutes to the current time as your start time. You pool is now configured. Click on 'SUBMIT' to execute your first pool.

Back on the main page, click on 'View Pools' to see your new pool. Your pool will be in a 'NOT STARTED' state until its start time.

Once the start time arrives, your pool will change status to 'OPEN' and will be visible to users.

CONGRATULATION! You have created your first BennyFi Pool!

Remember, these terms are now stored under you profile and can an be reused. You can create a new pool with using these terms in one click.