We are excited to announce the Mag Park VIP Membership Program!
Established in 2015, Magnolia Park provides a unique retail experience, recognized for its exclusive products & billions of social media impressions.
By joining the Splyt ecosystem, Mag Park will help drive the adoption of the eNFT within the hypeware community, while establishing a deeper connection with its fanbase by providing a crypto-based loyalty rewards program.
Launch dates for this program are outlined below in the Program Overview section.
Mag Park VIP Member Rewards
As a Mag Park VIP Member, you get the following perks:
- Exclusive first access to the Mag Park x New Era release
- VIP Member curated website with discounted rates
- 30% off Magnolia Park merchandise
To become a Mag Park VIP Member, you must:
- Stake at least 100 SHOPX within the 48 hour Staking Period (described below in the Program Details section)
- Provide your name & email address
At the end of the Staking Period, 25 entrants will be randomly selected to become Mag Park VIP Members. You will be notified via email within 7 days after the end of the Staking Period whether or not you’ve been selected.
To earn 100% APY, you must:
- Stake any amount of SHOPX within the 48 hour Staking Period
The Mag Park Staking Pool will provide 100% APY for 30 days, after which the pool will be disabled, which means stakers will no longer earn the 100% APY. Participants can unstake SHOPX at any time (for a small fee, outlined in the Program Details section).
Moving forward, we will create new pools with new partners & rewards, so that holders can move their SHOPX from one pool to another to keep earning rewards on a consistent basis.
The Mag Park Staking Pool consists of 4 distinct periods.
- Pool Locked Period (Begins on Thursday, 8/5 at 12pm PST) — The period before the Staking Period begins. You can not interact with the pool during this period.
- Staking Period (Begins on Tuesday, 8/10 at 12pm PST)— The 48 hour period where you can deposit SHOPX & enter to become a Mag Park VIP Member. You can stake any amount & as many times as you want during this period. That said, you must stake at least 100 SHOPX to enter to become a Mag Park VIP Member. Once the Staking Period is closed, you will no longer be able to stake additional SHOPX.
- APY Period (Begins on Thursday, 8/12 at 12pm PST)— The 30 day period where stakers can earn 100% APY. APY is calculated based on the number of days your SHOPX are deposited in the pool. For example, if you keep your SHOPX in the pool for 15 days, you will earn 15 days of 100% APY in rewards, which is earned on the number of SHOPX you stake during the Staking Period.
- Pool Inactive Period (Begins on Thursday, 9/9 at 12pm PST)— The period where the APY reward stops & where stakers can move their SHOPX to another pool.
Staking more than 100 SHOPX does not increase your chances of being selected as a Mag Park VIP Member, however it will result in greater rewards during the APY Period.
Locking up your SHOPX for a longer period of time does not increase your chances of being selected as a Mag Park VIP Member, however it will result in greater rewards during the APY Period.
Entering in the Mag Park VIP Membership Program is optional for those who participate in the pool. After staking SHOPX, you will be prompted to enter in to the program. You may choose to enter by providing your name & email, or skip if you only want to earn the APY.
Entering in the Mag Park VIP Membership Program is restricted to one wallet address per person.
You can unstake your SHOPX at any time, but must pay a 0.1% unstaking fee.
Splyt & DeFi
Splyt is not a DeFi company, & thus our staking product is not “pure DeFi” (at least not in the way that people have come to understand it). Instead, we are leveraging aspects of DeFi (open, transparent, & permissionless financial transactions) to present novel ways for community members to put their SHOPX to work, while enabling brands to benefit from the unique properties of crypto.
As mentioned above, the Mag Park Staking Pool will be the first of many staking pools, each with its own specific DeFi attributes & brand partners. This product will evolve over time based on the feedback we receive from the community, which will be used to enable a variety of use cases.
For example, imagine staking SHOPX to a particular pool that offers discounts on an exclusive product drop. The composability of our smart contracts will enable us to integrate the staking product with our Shopify App, so when you make a purchase from the brand (via Shopify), the discount will automatically apply to your purchase.
There are lots of creative ways in which SHOPX holders can benefit from this type of product. We are beyond excited to explore these possibilities with the community as we build the future of decentralized e-commerce!