Challenge Types
Find out which HaloFi challenge is right for you
HaloFi is a unique savings concept that offers four broad types of challenges. These are suited for different types of users, and each come with their own set of benefits. Choosing the right challenge depends on your goals and savings habits. If you prefer to make frequent deposits, both the Custom and Fixed savings challenges may be suitable options. If you're looking for a long-term investment, one of the Hold challenges could be a better fit.
Four challenge types
In this section, we explain the four different type of challenges that are available in HaloFi. These are different game types, each with their own set of rules and requirements.
They can be split up based on two criteria: - Whether or not a user can freely chose how much they to deposit when joining the challenge - Whether or not there is a long "waiting round" at the end of the challenge
1. Fixed Savings
Deposit amount ($): fixed (equal) for all players
Rounds duration: equaldeposit round and waiting round length
Example: a challenge where everyone commits to depositing 20 USDC each week. The final deposit is followed by a one week waiting round, before funds can be withdrawn.
2. Custom Savings
This challenge allows for custom deposit amounts - allowing users to choose the total amount of money they would like to save. All users can decide how much they want to deposit each segment, at the time of their first deposit. Once the challenge has been joined with a specific deposit amount, all next deposits (for that user) in that challenge will have to be of the same amount.
Deposit amount ($): flexible (decided by each player when joining)
Rounds duration: equaldeposit round and waiting round length
Example: a challenge where each joiner can set the amount of USDC they would like to deposit each week. Karen commits to saving 5 USDC a week, whereas Chad commits to saving 500 USDC weekly. The final deposit is followed by a one week waiting round.
3. Fixed Hold
For Holding challenges, there are one or more deposit rounds, which are followed by a waiting round with an identical or a longer duration. This makes it easier for someone to commit to long-term holding a certain token. It also reduces the number of smart contract interactions. These can also be considered "Staking pools" or "Staking challenges".
Deposit amount ($): fixed (equal) for all players
Rounds duration: a longer waiting roundthan deposit round
Example: a challenge where everyone is required to deposit 0.01 ETH weekly, during four weeks. The final deposit is followed by a three month waiting round, before funds can be fully withdrawn.
4. Custom Hold
Similar to Fixed Holding, but with custom (flexible) deposit amounts. The deposit amount (for each segment) is decided by each player when initially joining the challenge
Deposit amount ($): flexible (decided by each player when joining)
Rounds duration: a longer waiting roundthan deposit round
Example: a challenge where Karen commits to saving 0.05 ETH monthly and Chad commits to saving 1 ETH monthly, for three months in a row. The final deposit is followed by a six month waiting round, before funds can be fully withdrawn.
Combining challenge types with yield strategies
Every HaloFi challenge needs to be combined with one yield strategy.
Each of the four challenge types can be combined with any of the available yield-generating strategies, as well as a No Yield strategy. Which strategy can be chosen, will depend on the underlying asset that is used to save in (i.e. supported savings currency). The combination of chosen yield strategy and savings currency, will determine the ultimate risk profile of each challenge.
The challenge type, savings currency and strategies are determined at time of pool deployment. They cannot be changed after the smart contract has been deployed.
More details on our Github:
Last updated
