Recommendations on How to Withdraw TFT from Liquid

#1

Hi all,

In case you missed it, in late July, Liquid announced that ThreeFold Token (TFT) will be taken off of the exchange starting August 21 2022 – a development related to Liquid being acquired by FTX earlier this year, as the exchange is now “undergoing a process of streamlining its services and token offerings.” So, we wanted to make things as clear as possible about what to do next.

Withdraw your TFT from Liquid

If you’re holding TFT on Liquid, you will need to withdraw your TFT from Liquid to a TFT wallet like ThreeFold Connect (see below). Liquid stated they will continue withdrawal support even after the delisting. Nevertheless, we highly recommend you to withdraw your TFT from Liquid by the 21st of August, as it is not clear how long that period will last.

To withdraw your TFT from Liquid, please follow the 5 simple steps in their documentation here. It’s a pretty simple process:

  1. Hover over the “Wallets”-button on the top-right corner of the Liquid page after signing into your account. Then select “Withdrawals” and choose TFT as the cryptocurrency you would like to withdraw.

  2. If this is your first time withdrawing crypto from Liquid, the exchange will ask you to whitelist the withdrawal address. You just need to verify the new wallet address to which you’d like to transfer your TFT:

  • State the wallet address (for some wallets a memo is needed as well)
  • Enter the 2-factor authentication code
  • Click on the “Add Address”-button
  • Confirm / whitelist the wallet by entering the confirmation code Liquid will send to your email address
  1. Enter the wallet address and the amount of TFT you’d like to withdraw. If required by the receiving wallet, enter the respective memo ID / payment ID / destination tag. When sending your TFT to your TF Connect Wallet, no memo is required.
  • We highly recommend testing the process with a small amount of TFT first to make sure everything goes smoothly and the address was entered correctly. I tested it with the required minimum of 23 TFT, and then withdrew the rest after the 20 TFT (23 TFT minus the 3 TFT transaction fee from Liquid) safely arrived in my wallet.

  1. After checking that all details are correct, enter the 2-factor authentication code and hit the “Confirm”-button to start the withdrawal process.

  2. Liquid will send you a confirmation link via email. Confirm the withdrawal request by clicking on the link. And there you go!

Liquid will keep you updated on the withdrawal process via email.

EDIT: If you’re withdrawing a high amount of TFT, you might receive an additional email from Liquid’s support team asking you to confirm your withdrawal request again. Simply respond to their email that the withdrawal is intentional and you’d like them to process the request – your TFT should arrive within the next few minutes.

Store your TFT safely in ThreeFold Connect

If you just want to keep your TFT safe, we recommend you to withdraw them from Liquid to the Stellar address of your TF Connect Wallet (in this case, no memo is needed during the whitelisting / withdrawal process).

Buy, Sell, & Provide Liquidity on Stellar

If you’re looking to store, trade and swap TFT, or provide liquidity, we also recommend you to withdraw your TFT to Stellar – the main blockchain for the minting of TFT and the distribution of farming rewards. Find out more about Stellar and its role in the TFT ecosystem, and learn how to use Stellar here. We’ll be sharing resources on providing liquidity on Stellar soon.

Good to Know

  • We’re exploring the feasibility and synergies for a meaningful partnership with Algorand – including making TFT available on Algorand order books.

  • The team is also doing some incredible work on developing our own financial technologies, including the Liquidity Pool concept and the P2P Wallet, both expected by early next year.

  • We’re currently improving our TFT documentation to ensure the easiest experiences for all and more resources are coming soon

Let us know if you have more questions or anything is unclear – we’re happy to help and eager to improve our resources for you.

Please note that the ThreeFold Token (TFT) is not an investment instrument. Also, this is not investment advice, everyone is free to make their own choices. So, do your own research and read our disclaimer.

5 Likes
TFT will be delisted on Liquid – what now, and what next?
#2

Thanks @hannahcordes :pray:t3: Would appreciate any feedback from the community as well! What else is needed? We’re currently working on a post or posts about how we can drive liquidity as a community on Stellar.

4 Likes
#3

Hey Sam! Just posting what’s been said on Telegram here on the Forum:

Since we are aiming at a stellar/threefold liquidity pool, referring to the official liquidity pool and general documentation by stellar might be the simplest:

  1. What is a liquidity pool:
  1. How to add liquidity pair on Stellar X:

Very easy to follow video:

  1. If needed for step 2, a quick guide on how to add a TFT trustline on stellar X

3.1 https://stellarxhelp.zendesk.com/hc/en-us/articles/360052077231-How-to-Open-Close-a-Trustline

Also, a TF forum guide on how to do this, but with stellarterm.com

3.2 Storing TFT on Hardware Wallets

Another guide on how to do it with interstellar

3.3 How to Buy TFT on Interstellar

So in essence, the information is already out there.

We can make a simple guide on the TF forum with the information above presented in a digestible form.

Let’s see what the TF community thinks!

3 Likes
#4

Awesome! Thanks for sharing this here as well, @Mik :bulb: :pray:

2 Likes
#5

Thank you @hannahcordes for this valuable post! :pray:

3 Likes
#6

You can also check out this post on Stellar-Based Wallets, Exchanges, & Tools which gives you a brief overview on the Stellar ecosystem for TFT.

And we’re working on adding more detailed information on these options to our documentation :writing_hand:

1 Like
#7

Thanks @hannahcordes for the awesome post!

2 Likes