Loyalty Points Rewards Program — Chapter 1
Unlock Exclusive $RATE Tokens and More Through Engaged Participation
Dear Rho Community,
We at Rho Markets are thrilled to announce the launch of our Loyalty Rewards Program. This innovative program is designed to allocate future rewards in the form of $RATE tokens, which you can earn through active participation in the Rho & Scroll ecosystem.
Engagement and Rewards:
Rho XP measures both user and protocol engagement. As we move towards decentralized Scroll governance, the protocol will facilitate token airdrops to engage and reward our active community members.
Fair Distribution:
To ensure a fair distribution during potential airdrops, Rho Markets will use the RXP system to distribute Rho XP Loyalty Points (RXP). These are soul-bound ERC-20 tokens, allocated proportionally to users engaged in our lending & yielding protocols.
Earning Rho XP:
You can earn Rho XP by staking $RATE or borrowing assets from the Rho Market lending pool. As you reach protocol milestones, based on the total amount borrowed, Rho XP rewards will be proportionally awarded to active users.
Phased Approach to Rewards:
- Testnet Phase: Launching in early-May, this phase encourages active engagement within our Discord community. Earn rewards by inviting friends and interacting with our protocol.
- Mainnet Phase 1: Points will be distributed based on your supply rate, borrow rate, and success in inviting new users.
- Mainnet Phase 2: We introduce exciting features like pet NFTs and “team mode” to make our airdrop activities more engaging and interactive.
Rewarding Loyalty and Growth:
We will set protocol milestones to reward your loyalty and support for our protocol’s growth.
With increased lock-up volumes and user interactions, additional RXP will be proportionally allocated to users who have already accumulated points, prior to each milestone.
Choice of Token:
We chose Soul-Bound ERC-20 tokens for RXP to prevent trading on secondary markets, as they hold no monetary value.
This strategic choice allows us to accurately track community contributions and ensure fair reward distributions in the future.
Join us as we rho-ll out these exciting Rho Loyalty Rewards Program phases. Start by engaging with our community on Discord and prepare to earn your $RATE tokens as you contribute to our ecosystem’s growth. Let’s build a vibrant community together, where your engagement truly pays off. Stay tuned for more updates and start staking, borrowing, and inviting today!
