Quantstamp Earn
Protect your deposits via Chainproof and earn interest safely
What is Quantstamp Earn?
Quantstamp Earn makes it easy to earn interest on DAI sitting in your Samsung Blockchain Wallet.
Why should I use it?
Most of the time, when DAI is sitting in your blockchain wallet or an exchange, it is not earning interest.
You are not earning passive income.
With Quantstamp Earn, you earn passive income while saving DAI. We also made sure Quantstamp Earn is intuitive and a smooth experience for users.
More importantly, all deposits are insured for 1 year by Quantstamp’s Chainproof, a protocol that provides users with compensation in the event that funds are lost due to a security vulnerability!
How does my DAI generate interest?
Your DAI is earning interest through decentralized protocols vetted by the security experts at Quantstamp. These protocols allow users to lend DAI and other digital assets in exchange for interest. When you deposit DAI into Quantstamp Earn, Quantstamp Earn lends your DAI through these protocols to generate interest for you.
Aside from simplifying the deposit process, Quantstamp Earn also insures your deposit for 1 year via Chainproof.
How much interest do I earn?
The amount of interest floats and differs from minute to minute. You always earn the interest currently displayed on the main page. The current value of your investment (your original deposit plus the earned interest) is also displayed on the main page. All the funds will be transferred to you when you decide to withdraw.
In the example scenario, let us say you deposited 1000 DAI on Monday. If the APR on Monday was 3.5%, then 7% on Tuesday and 12% on Wednesday, you would earn 7.5% on average for the three days. If you decide to withdraw at the end of Wednesday, you would receive approximately 1000.62 DAI.
When can I withdraw my DAI?
You can withdraw your DAI at any time.
Does Quantstamp Earn accept currencies other than DAI?
Quantstamp Earn currently accepts deposits in DAI only. Other assets may be supported in the future.
Can I lose my DAI?
Your DAI deposits are insured for 1 year by Chainproof.
If a security vulnerability leads to the loss of your DAI managed by Quantstamp Earn’s vetted lending partners, you can collect a reimbursement equivalent to the amount of DAI that you originally deposited.
Example Scenario: Let’s say that 11 months ago, you deposited 100 DAI which earned 3 DAI worth of interest. If you are hacked and lose all of your DAI, you are eligible to receive a reimbursement of 100 DAI from Chainproof.
If your funds are affected by a hack, visit the Quantstamp Earn app to collect your reimbursement. Powered by Chainproof’s smart contracts, it will be available immediately without any delay or processing period.
What happens to my insurance after 1 year?
When you withdraw your DAI from Quantstamp Earn, 25% percent of the interest generated is used to cover the cost of your Chainproof coverage.
The 25% is deducted “in the background.” This means that you will receive the full APR displayed to you on the Quantstamp Earn app at the time of withdrawal. This also means that you will receive your entire Quantstamp Earn Balance at the time of withdrawal.
Example Scenario: Let’s say your Quantstamp Earn Balance is 105 DAI. If you withdraw, you will receive 105 DAI in your Samsung Blockchain Wallet.
Who pays for the insurance?
When you withdraw your DAI from Quantstamp Earn, 25% percent of the interest generated is used to cover the cost of your Chainproof coverage.
The 25% is deducted “in the background.” This means that you will receive the full APR displayed to you on the Quantstamp Earn app at the time of withdrawal. This also means that you will receive your entire Quantstamp Earn Balance at the time of withdrawal.
Example Scenario: Let’s say your Quantstamp Earn Balance is 105 DAI. If you withdraw, you will receive 105 DAI in your Samsung Blockchain Wallet.
Who has access to my account?
Quantstamp Earn is powered by Ethereum smart contracts. These smart contracts do not allow anyone other than YOUR own Samsung Wallet account to access your deposit. Make sure to safely store your recovery phrase that corresponds to your Samsung Blockchain Wallet! If you lose your phone and your recovery phrase, not even Quantstamp will be able to recover your funds.
How should I store my recovery phrase and what are the consequences if I lose it?
When you set up your Samsung Blockchain Wallet, the Samsung Blockchain Wallet provides instructions on how to safely store your recovery phrase. Safely storing your recovery phrase is important because it is the only way to recover your funds in Quantstamp Earn and your Samsung Blockchain Wallet in the event that you lose your phone or your Samsung Blockchain Wallet PIN number.
The key to safely storing your recovery phrase is to write it down on a piece of paper or on a device that will never connect to the internet. Your recovery phrase is basically your password to all of your funds. If anyone gains access to your recovery phrase, they can withdraw all funds in your Samsung Blockchain Wallet and Quantstamp Earn account.
If you lose your recovery phrase, Quantstamp nor any other third party can help you recover your funds in the event that you lose access to your Samsung Blockchain Wallet. Due to the nature of blockchain technology, only someone with access to your recovery phrase can recover your funds. Quantstamp will never store or ask you for your recovery phrase.
How can I add more DAI to my Quantstamp Earn account?
If you already have a Quantstamp Earn Balance and want to deposit additional DAI, you first need to withdraw all of your funds. After withdrawing your funds, redeposit your DAI along with the additional DAI you want to deposit. After Ethereum processes your transactions, these deposits will be reflected in your Quantstamp Earn Balance. Your entire new deposit will be insured by Chainproof for 1 year counting from this moment.
How do I start earning interest?
1. Download the Samsung Blockchain Wallet
First, download the Samsung Blockchain Wallet app at the Galaxy Apps store. When you open the Samsung Blockchain Wallet for the first time, either import an existing wallet or create a new one. This wallet will be connected to your Quantstamp Earn account and the recovery phrase associated with your Samsung Blockchain Wallet will also allow you to recover funds from your Quantstamp Earn account.
2. Create a new wallet
If you don’t import an existing wallet, you need to create a new one.
Follow the steps recommended by the Samsung Blockchain Wallet while setting up a recovery phrase (aka your private key).
The most important part of this process is safely storing your recovery phase. Do not store this phrase on your desktop or on a device with internet access. Write down your recovery phrase on paper or store it on a device that will never connect to the internet. If anyone gains access to your recovery phrase, they can withdraw all funds in your Samsung Blockchain Wallet and Quantstamp Earn account.
Also, if you lose your private key, Quantstamp or any other third party will be unable to recover your Quantstamp Earn and Samsung Blockchain Wallet funds in the event that you lose access to your Samsung Blockchain Wallet. You can lose access to your Samsung Blockchain Wallet by losing your phone or your Samsung Blockchain Wallet PIN number. Due to the nature of blockchain technology, only someone with access to your recovery phrase can recover your funds. Quantstamp and Samsung will never store or ask you for your recovery phrase.
4. Set Up Your Quantstamp Earn Account
When you open up Quantstamp Earn for the first time:
Allow the connection request
Click “Create a New Account”
Click “Save New Account”
Review your transaction details
Click “Confirm” and enter your Samsung Blockchain Wallet PIN
Ethereum will start processing the creation of your Quantstamp Earn account. Once the Ethereum transaction has finalized, you are ready to deposit DAI and start saving with Quantstamp Earn.
How do I deposit DAI into Quantstamp Earn?
Have the DAI you want to deposit in your Samsung Blockchain Wallet
Open the Quantstamp Earn app
If you haven’t created or imported a Quantstamp Earn account, do so now
Select the amount of DAI you want to deposit and click “Approve”
Review your transaction details
Click “Confirm” and enter your Samsung Blockchain Wallet PIN
Once the deposit is processed, you will receive a notification at the top of your screen. This deposit will also be reflected in your Quantstamp Earn Balance.
How do I withdraw my DAI?
Open the Quantstamp Earn app
Click “Withdraw”
Click “Confirm Withdrawal”
Review your transaction details
Click “Confirm” and enter your Samsung Blockchain Wallet PIN
When your withdrawal has successfully processed, you will receive a notification at the top of the screen. Your DAI is now available in your Samsung Blockchain Wallet.
Note: When you withdraw DAI from Quantstamp Earn, you are withdrawing your entire DAI balance. You cannot withdraw a fraction of your DAI at a time.
