Frequently Asked Questions


Who is MakerFi for?

Everyone who creates content online is welcome to be part of the MakerFi family or what we call the MakerFi Squad! Whether you are an individual, a company, or representing a community, MakerFi makes it easy for you to receive donations in digital currencies.

How much is the sign-up fee?

There is no cost to join MakerFi. MakerFi will initially be available to our creators on an invitation-only basis. We'll work closely with these creators to improve the product before it becomes generally available.

Do I need set up a bank account to get started?

Short answer: no.

MakerFi lets you receive donations in digital currencies (a.k.a. cryptocurrencies) which are transferred through blockchain. Anyone can create a wallet - no permission needed!

Where do the donations go to?

All donations go straight to your wallet that is created when you sign up with us. You can see the balance in your wallet when you sign in to the dashboard.

The wallet is created by MakerFi? How do I get the seed phrase for it?

Your Web3 wallet is created using multi-party computation (MPC) technology. This means that instead of depending on just a seed phrase, the wallet is secured by your sign-in account and the device that you signed in with. You can then set your wallet recovery options after you have set up your account. With MPC, you can use a number of devices to access your wallet securely, with no need to store a seed phrase securely.

Does this mean MakerFi can access my wallet at any time?

Definitely not. Access to your wallet is only granted if all pieces of the key (also known as shares) are presented i.e. you must have access to your email account that you sign in to MakerFi with and the device that you are using, or any other recovery options that you have set. Since MakerFi does not have all this information about you, we cannot access your wallet nor the funds in it.

Does MakerFi only accept cryptocurrencies?

As we are a Web3 native company, we will support cryptocurrencies initially. Our product roadmap includes the integration of a fiat off-ramp facility into MakerFi.

What kind of currencies are supported?

We are huge supporters of the Cosmos ecosystem and will support LUNA, LUNC and USTC at the start. We expect this list to grow depending on feedback from our MakerFi community.

What kind of payment methods does MakerFi support?

We currently support payments from Terra blockchain compatible wallets only. As we are constantly reviewing this list, do leave us your feedback via Telegram chat if you have other wallets that you would like us to add.

While MakerFi does not charge any commissions, surely there must be some transaction fees right?

The only fees that are incurred are the ones imposed by the blockchain, which are really low. Like a typical transaction, the sender pays the fees when making the donation.

Does MakerFi have its own tokens?

As part of our roadmap, we will issue MFI tokens. We will airdrop MFI tokens to our early supporters. More details will be available when we get closer to launch date.