Ether.fan Auctions: Trade in your loyalty points for a chance to win exclusive prizes
Many of our users have been accumulating loyalty points since the inception of our EAP, with no utility for them. We wanted to come up with a fun and creative way to incentivize participation by allowing users to utilize their points.
This is why we’re excited to finally introduce the ether.fan loyalty points auctions! It’s an opportunity for ether.fan stakers to trade in their points for exclusive prizes, such as protocol tokens, NFTs, event tickets, or cool swag.
Here’s how it works:
There will soon be a new tab on ether.fan that directs users to take part in the auction with the following information displayed:
- The featured partner for the current or upcoming auction
- The item(s) that are being auctioned off
- The ability for users see their loyalty points balance
- The option to instantly buy more loyalty points
- History of previous auctions and their outcomes
- A leaderboard of bids of for the current auction
- A countdown to the next auction
It’s pretty straightforward. When an auction launches, users will be able to bid using their loyalty points. If they want to submit a bid higher than the amount of points they have, they can instantly purchase more points.
When the auction is over, the winner will be able to claim their prize. As an added bonus, we’re working on a way to keep track of bids without users having to execute on-chain transactions and pay gas fees unless they win the auction.
Special auctions for Bronze and EAP:
We’ll occasionally host auctions specifically for those who are Bronze or EAP members. This allows us to acknowledge those who have been with us from the very beginning or are just starting their journey with us.
Notification of auctions:
Twitter and Discord are our go-to platforms for ether.fan or ether.fi-related announcements. This is where you’ll be able to find out the latest developments on current or upcoming auctions. Additionally, we plan to host Spaces and Discord sessions with selected partners during each event so users can ask questions and receive support in real-time.
How loyalty points work:
Many of our users (notably EAP members) have been accruing loyalty points since their initial deposits. Points will grow over time for each user, as long as they continue to stake with ether.fan and be part of the program.
The formula for point accrual is a combination of duration and amount staked in ether.fan. Essentially, the longer and more you stake, the more points you earn. Users will soon be able to purchase additional points under the “auction” tab, which will come in handy if there are special prizes users are hoping to snag.
Wen auctions?
The team will launch test auctions in August to make sure the process works and iron out any kinks. We’ll start by auctioning off smaller prizes and ramping up as we bring new partners on board. In September, we plan to fully launch the program and auction off one-of-a-kind, exclusive prizes with notable players in the space.
Our intention is to build an ecosystem that keeps users engaged. Rather than simply lock up tokens and earn a passive income, we want to give our stakers the chance to maximize their returns, actively participate in our loyalty program, and help secure the Ethereum network. Ultimately, our goal is to provide a valuable experience for ether.fan users as we continue to build out the protocol and introduce new features in the coming months.
Thanks for supporting us and being part of the journey!
