Users’ Reputation System on Red Kite Launchpad
As previously announced (read details HERE), Red Kite will begin counting users’ reputation as well as open pools for staking $PKF and $LP-PKF with attractive APY in this Q3. In addition to the benefit of participating in profitable token sales, every staked $PKF or $LP-PKF on Red Kite will be able to benefit users with up to 2 other bonuses: rewarded Red Kite points from the Reputation system and APY from the token staking mechanism.
We will provide detailed information about the Red Kite Reputation system in this article prior to the system’s official launch on August 2, 2021
What is Reputation?
Reputation is the amount of Red Kite points awarded to loyal users of the Red Kite launchpad. The loyalty is assessed based on the age of $PKF and $LP-PKF that users stake on Red Kite.
The longer the token is locked, the higher the Reputation calculation multiplier will be, specifically as follows:
The maximum Reputation calculation duration is 90 days. The first day that tokens (PKF, LP-PKF) are staked on Red Kite is counted as day 0.
📍 Correction: Due to an editorial error, the July 20 post on PolkaFoundry Medium incorrectly stated that the Reputation multiplier could be up to 2% per day. Meanwhile, the precise percentage is 0.2% per day. We apologize profusely for this incident.
How Reputation is calculated?
On Red Kite, the age of a token is calculated from the time it is generated according to its transaction hash (the Tx hash), also known as the transaction ID (TxID).
Reputation = ∑(No. of staked tokens of each TxID x No. of day staked x Reputation multiplier)
When a user unstake tokens on Red Kite, the system nullifies the Red Kite points awarded for staking, starting from the oldest tokens (or the tokens derived from the earliest Tx hash).
Alex staked 5,000 PKF on Red Kite. On day 63, he staked an additional 15,000 PKF. But until day 93, he unstaked 5,000 PKF.
The change in his Reputation and the total number of Red Kite points he owns is shown by day in the table below.
How will the reputation system be applied?
The reputation system will be officially applied on August 2, 2021, and apply to token sales pools opened for whitelisting after this date.
Reputation of tokens staked on Red Kite before August 2 may apply different formulas and multipliers than those mentioned in this article.
Some parts of the launchpad may not function well during the update. We will notify the community at least 1 hour before this time.
Please follow Red Kite/PolkaFoundry official channels to always get the latest news. In the following article, we will reveal staking pools as well as the APY rates that we offer to the community.
About Red Kite
Red Kite is a cutting-edge launchpad powered by PolkaFoundry as a part of the growing $PKF ecosystem. Red Kite projects are carefully chosen through vetting, which takes everything from the origins of the project teams to legitimacy and implementation capacities into account. These projects are also supported by a network of our high-class marketing partners, leading influencers, and interactive communities.
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