Locking WOZX tokens to mint
Locking WOZX tokens is required in order to be able to contribute to Energy Efficiency Projects. A number of tokens equal to 10% to 20% of the cost of implementation will be locked for the whole duration of the project.
WOZX holders can decide to lock their tokens only to participate to the distribution of the returns of the platform without making any contribution. They will get a proportional share of 1% of the returns generated by all the projects funded and implemented through Efforce platform.
Once tokens are locked there is no grace period and the action is irreversible. Tokens will be unlocked at the end of the project, when it will stop to generate returns. This process is governed by a smart contract on chain so make sure you are ready to keep your tokens locked for a long time before approving the locking transaction. There is no way back once it is done.
You can lock your tokens on the project page of Efforce DApp. Connect your Metamask wallet and choose the project you want to contribute to from the list (or look for it by looking for the project title in the filter input).
Once you find the project in the list click on the relative "Lock tokens" button. A new window should appear with an input field in which you can write how many tokens you want to lock. The minimum is 1 WOZX. A small message should appear over the input field stating how many tokens you need to lock in order to gain the right to mint 1 NFT. Once you write an amount in the field another message should appear under it stating how many NFTs you will be able to mint with that amount of tokens locked.
When you have decided how many tokens you will lock you can proceed with the locking procedure by clicking the "Next" button. A confirmation message will be prompted asking for confirmation to lock the displayed amount.
Clicking yes will activate the locking procedure. Two transactions are needed. Your Metamask should now ask you to confirm the first one: an allowance transaction which allows a third party (our smart contract) to have the right to securely carry out a transaction of a certain amount of tokens in your wallet, which are associated with your address. Once this transaction gets confirmed on chain Metamask will prompt a second transaction. This time is going to be the actual deposit transaction which will deposit the selected amount of tokens in the locking contract.
Locking tokens is time sensitive. The sooner after the locking contract is deployed, the better. Efforce team will take a snapshot of token lockers after a certain amount of tokens are deposited in the contract or after a certain period and will whitelist those addresses for a guaranteed mint. All the addresses not whitelisted won't have a guaranteed mint and, if NFTs sell out, their tokens will be locked in the contract till the end of the project.