Deposits Withdrawals and Transfers
Step by Step Guide to Deposit, Withdraw, and Transfer Funds on Xeenon
Last updated
Step by Step Guide to Deposit, Withdraw, and Transfer Funds on Xeenon
Last updated
Xeenon's payment processor is on the Arbitrum blockchain, make sure any funds you send To or From Xeenon are on the Arbitrum Network.
In this guide, we will be using Coinbase to demonstrate how a Xeenon user can bring funds into and out of the Xeenon credits. However, you are free to use any exchange you are comfortable with using.
Acquire Ethereum (ETH) and DAI: First, you need to have a small amount of ETH (around .00007 per transaction) to pay for validator fees on the Abritrum network. If you don't already have ETH in the wallet, the most simple way of getting some is to purchase ETH on Coinbase, along with your desired deposit amount in DAI via your Coinbase account.
Send ETH and DAI to your Xeenon Wallet: To send ETH or DAI from Coinbase to your Xeenon wallet, first navigate to your Coinbase account. Click on "Send", choose ETH or DAI, then enter the amount you want to send, and input your Xeenon wallet address. Be sure to select the Arbitrum network before confirming the transaction.
You can access your Xeenon wallet address through the platform by hovering over your profile in the top right and copying the address underneath your display name.
Deposit DAI for Xeenon Credits: Once you have DAI in your Xeenon wallet, go to the 'Deposit' tab under the Manage Funds page on Xeenon. Input the amount of DAI you want to convert into credits, and confirm the transaction. Your balance will be updated with the corresponding number of credits.
Credits on Xeenon are always pegged to DAI at a ratio of 100(Credits)=1(DAI).
Creators can withdraw their earnings instantly on Xeenon
Unfreeze your account: First, you need to request our backend to unfreeze your withdraws. This is important to check for any pending transactions and if necessary, initiate KYC verification. KYC is only required if you've earned more than 1 million credits or $10,000 on the platform.
Withdraw your funds: Once your account is unfrozen, you can withdraw your funds. The withdrawal transaction process costs around 8-12 cents on the Arbitrum blockchain, equivalent to about 0.00005 ETH.
Remember that if you stream more than a few hours per week on Xeenon, you should earn enough ETH every two weeks to cover the withdrawal cost. We pay out creators in ETH every two weeks from our Livepeer Orchestrator that facilitates video transcoding.
After you complete the withdraw process, you will notice that the Manage Funds page will display some amount of DAI, this next section is a guide on moving DAI from your wallet (Xeenon) -> your bank account.
Navigate to the 'Transfer' Tab: Go to the 'Transfer' tab under the 'Manage Funds' page on Xeenon.
Enter the Coinbase Wallet Address and Amount: Input your Coinbase wallet address and the amount of DAI you want to transfer. To find your Coinbase receive address, click on "Receive" while signed in to Coinbase and be sure to select DAI on the Arbitrum network.
Confirm the Transfer: Confirm the transaction in your wallet on Xeenon. The DAI will then be transferred to your Coinbase account.
Convert DAI to USD on Coinbase: Once the DAI is in your Coinbase account, you can convert it to USD or any other supported currency.
Transactions To and From Xeenon should always be done on the Arbitrum network. Sending DAI or ETH to a Centralized Exchange (like Coinbase) on the wrong network can possibly lead to a loss of funds. If you need further assistance or have any issues with the deposit or withdrawal process, please don't hesitate to contact us in the #support channel of the Xeenon discord.
