Rewards
The Orchidz Rewards System is an intricate and well-designed incentive mechanism that aims to engage NFT collectors and traders on the platform. By offering a diverse range of rewards, users are encouraged to participate in various activities within the ecosystem, such as gaining exclusive access to future NFTs, securing entry to acquire digital collectibles, accessing token-gated chat and content, engaging in web3 gaming, utilizing an ecosystem-wide token system, and participating in airdrops.
Orchidz Listing Rewards Program: This sophisticated program enables users to earn ORCHID tokens by listing NFTs for sale on Orchidz. Users accrue points (sourced from the specific utility allocation budgets) for their eligible listings every 10 minutes. These points are then converted into ORCHID tokens on a daily basis.
Eligibility Criteria:
Listed NFT originates from one of the top 10 eligible collections based on rolling 24-hour volume.
Listing is active and executable.
Listing price falls within 1.4x of the global collection floor price.
Maximum of 75 eligible listings per collection at each snapshot.
Listings must be live for a minimum of 60 minutes to begin accumulating points.
Listings must not expire within 3 hours of each snapshot to qualify for points.
Orchidz Trading Rewards Program: Users trading NFTs on Orchidz can earn trading rewards in the form of ORCHID tokens. Both the buyer and seller of an item receive ORCHID trading rewards for their trading volume (excluding private sales). Trading rewards are calculated daily and distributed to users at the end of each day.
Trading rewards will be earned over 4 phases with varying reward rates, based on a schedule of 4,000 Ethereum blocks per day.
Orchidz Ecosystem-Wide Token System: A comprehensive token system will be established, allowing users to earn and utilize ORCHID tokens throughout the Orchidz ecosystem. This includes token-gated chat and content, access to web3 gaming, and entry to acquire digital collectibles.
Orchidz Airdrops: Orchidz will execute airdrops, distributing ORCHID tokens to eligible users on the platform. Users possessing specific NFTs or meeting other criteria will be eligible for these airdrops, enhancing their overall Orchidz experience.
Orchidz Recycling NFTs: Orchidz will introduce a system for recycling NFTs, enabling users to exchange underperforming or unwanted NFTs for ORCHID tokens or other in-platform rewards.
Points Counting and Distribution:
Users accrue points every 20 minutes for listings that satisfy the criteria mentioned above.
Each day's points accumulation commences at 9:00 AM (GMT) and continues for 72 snapshots every 20 minutes until 9:00 AM (GMT) the following day.
At the end of each day, a user's total points balance determines their ORC rewards for that day, calculated as follows: (User's total points for the day / All users' points for the day) * Total ORC allocated for listing rewards.
Each day's ORC rewards can be claimed at 11:00 AM (GMT), simultaneously with the trading rewards claim.
Tokens earned through the Orchidz Rewards System are sourced from a pre-allocated rewards pool specifically designated for incentivizing user activities. The Orchidz platform generates a fixed supply of ORC tokens during its initial token generation event, with a portion reserved for rewards distribution.
The distribution of these tokens occurs over a predetermined period - in this case, a 4-year period. As users engage in activities like listing and trading NFTs, they earn rewards in the form of ORC tokens
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