Boosts
A Boost is an exclusive feature of the Premium Wallet that allows you to earn extra interest at a rate of 3% AER over a 60-day term. Interest from the Boost is paid monthly directly into your Premium Wallet. After the 60 days come to an end, the matured amount will automatically transfer into your Premium Wallet.
You can track all boost activity through your premium transaction history by selecting View all in the Premium Wallet dashboard.
Creating a Boost
To create a Boost, you must have funds in your Premium Wallet by completing a Premium Transfer. To create a boost, follow these steps:
1. Select Premium on your dashboard.
2. Select Create Boost within your chosen currency wallet.
3. Select the Available Boost displayed.
4. Enter the Amount to Invest and view the Estimated Earnings.
5. Disable automatic renewal of your boost (Optional).
6. Select the Terms and Conditions, read them and select I Agree to proceed.
7. Select Next to confirm your Boost details.
8. Select Confirm to send the Boost for Checker Approval.
Amount to Invest
The figure entered in the Amount to invest field will be committed to a 60-day fixed term. Once an amount is entered, the Estimated Earnings fields will be calculated automatically:
Estimated Interest Earnings – Estimated interest earned on the Amount to invest.
Estimated Maturity Amount – Estimated interest earned + the Amount to invest.
Automatic Renewal of a Boost
You can enable or disable automatic renewal of your Boost at any point prior to one month of the mature date.
If you cannot renew a Boost in time, you can always create a new one.
Finalising your Boost
Once a Boost is created, it will appear in the Maker Request section where it can be approved or rejected.
If approved, the status will update to Sokin pending, indicating that Sokin is reviewing the Boost request. If further approved by Sokin, the status will change to Active, and the Boost will begin.
Approved Boosts are debited from the Premium Wallet and appear as Active or Matured below the Premium Wallet currency.
