Rewards program at Krystal
Once launched, Krystal platform will have many rewards programs incentivising users to promote and use the app. All incentives have been carefully designed so that they provide maximum benefit to users. In the long run, all rewards will be distributed in the form of Krystal points.
Krystal point(s) are reward points which users can convert to ETH and transfer to his wallet. Value of each Krystal point will be fixed to 0.0001 ETH (1 ETH = 10,000 KP). Krystal point is not an ERC-20 token. It is also neither transferable nor tradable. One can, however, accumulate points via different activities. For example — Earn Krystal points by participating in retweet campaigns (on twitter). Anyone can win a reward just by retweeting. Another example could be sharing the Krystal app with your friends and earn rewards if your friend starts using the Krystal services. A user can accumulate Krystal points from these activities and convert them into ETH in a single shot.
The ways to earn Krystal points may include (among others):
- Joining Bonus — Any users upon successfully installing and importing a wallet in the Krystal app will get certain Krystal points.
- Streak — Any users who successfully complete 100 swap txns at Krystal will get some Krystal points.
- Learn & Earn — Any users who successfully learn about any blockchain projects via Krystal app will be entitled for Krystal points.
- Retweet campaign — Users are motivated to retweet a specific tweet and some users are randomly picked by the Krystal team and are given Krystal points. Users can redeem these points for ETH.
- Referral — Users can invite their friends to use the Krystal app and earn rewards in Krystal points. Reward amount may vary depending on how much and what activities their friends perform on Krystal.
Please note that we may not have all Krystal point (KP) earning streams active at launch. At launch, we plan to activate #4 and #5 of above rewards, and we plan to continue to add more opportunities.
How referral works
Each imported wallet in the Krystal app will be assigned 5 referral codes. Each referral code allows a user to share a part of his referral rewards with successfully referred users. There are 5 possible options (a) share 0% (b) share 25% © share 50% (d) share 75% (e) share 100%.
Let’s take an example to understand how it works. Suppose Alan downloads the Krystal app and imports his ethereum wallet. Alan will be given 5 referral codes which he can share with anyone. Krystal allows Alan to choose to share his different referral code with different people to select a different amount to share with each person.
Alan picks a referral code and shares it with Jake. The code he picks up allows him to share 50% of the reward from that referral code with Jake. Alan picks another referral code and shares it with Charlie. This referral code allows Alan to share 25% of the referral reward with Charlie.
Both Jake and Charlie installed the Krystal app and while importing their wallet, both used referral codes given by Alan. Because Alan decided to share 50% of rewards with Jake and 25% with Charlie, now Alan, Jake, and Charlie will all be rewarded, and those rewards will vary based on how much Jake and Charlie transact on Krystal app.
Suppose Jake swapped 50 ETH to DAI and Charlie swapped 200 ETH to KNC. Because Alan decided to share 50% of reward with Jake and 25% with Charlie. After these transactions all 3 users will have pending rewards. Jake will have rewards for 50% of 50 ETH, Charlie will have 25% of 200 ETH and Alan will have 50% of 50 + 75% of 200 ETH. So reward table will look like this:
Referral rewards depend upon transactions made by referred users and the other elements of our reward programme then in effect.
Please note that all the 3 users will see the respective ETH amounts upon which their rewards will be based in the “Pending” column of the Krystal Point screen in the app. Around the end of each month, Krystal will reconcile all the transactions made in the last 30 days
All transaction amounts are converted into ETH and kept in pending state until end of the month when Krystal team will reconcile all transactions and recalculate the transaction amount based on latest token to ETH rate.
Fast forward, Krystal team reconciles everything. As Jake and Charlie made their transactions in ETH, the amount remains the same. Now it is the time to reward Alan, Jake and Charlie. Krystal team uses following table to reward users -
Post reconciliation, rewards are distributed in the form of Krystal points and a fixed table is referred to decide the number of points
- Alan = 150–200 Tier = 600 Krystal points
- Jake = 10–25 Tier = 50 Krystal points
- Charlie = 25–50 Tier = 100 Krystal points
How to claim rewards
Every month, after reconciliation every transaction, Krystal team transfers an equivalent amount of ETH to a smart contract along with the winner’s ethereum address. So in the above mentioned case: 750 Krystal points are equivalent to 0.075 ETH. Krystal team will transfer 0.075 ETH to a smart contract along with the addresses of Alan, Jake and Charlie.
Users are expected to claim the rewards from that smart contract. The Krystal team will provide a user interface [in the Krystal app] to claim the rewards.
PS: The ETH volume displayed as “pending” is an approximation based on the ETH value of transactions at the time of each transaction. However, Krystal points awarded will be based on the ETH value at the time of reconciliation around month-end, not at the time of each transaction, so the ETH volume upon which awards are based may be more or less than the amount shown as “pending”, based on fluctuation in token values between the transaction dates and the reconciliation.
- Google play store: https://play.google.com/store/apps/details?id=com.kyrd.krystal
- Apple app store: https://apps.apple.com/app/krystal-one-platform-all-defi/id1558105691
- Krystal website: https://krystal.app
- Twitter: https://twitter.com/KrystalDefi
- Telegram: https://t.me/KrystalDefi
