🗿Rho Loyalty Rewards Program & Rho Pets

Rho Markets has announced the launch of a Loyalty Rewards Program. The program aims to create an accounting system that can be used to distribute future rewards in the form of RATE tokens earned through participation in the Scroll ecosystem.

PR Article is following:

https://rhomarkets.medium.com/loyalty-points-rewards-program-chapter-1-796ad718fa53

Rho XP measures not only user engagement but also protocol participation. With this in mind, we anticipate that in the decentralized governance of Scroll in the future, the protocol will airdrop tokens similar to what has happened in Scroll. If such potential airdrops occur, we will use RXP as the distribution system to allocate them fairly to the holders.

Rho XP Loyalty Points (RXP)

To reward early contributors in the fairest way possible, we introduce Rho XP Loyalty Points (RXP). These will be soul-bound ERC-20 tokens that will be proportionally allocated to users of the lending and staking protocols.

You can earn Rho XP by staking $RATE or borrowing assets from the Rho Markets lending pool. When a milestone is reached, Rho XP will be distributed to users directly tied to the total borrowing in the protocol.

The Loyalty Rewards Program will be divided into 3 phases. The first phase is the testing phase, which will officially launch our testnet product in mid-May. Points will be distributed to users who interact/support our DC community/invite more friends to join on Rho Markets. The second/third phase is the mainnet phase, during which Rho XP will be allocated as follows:

• Proportional to $RATE stakers

• Proportional to borrowers

The more you stake or borrow and the longer you hold, the more RXP you can earn.

To encourage loyal users and the growth of our protocol, we will set protocol milestones. As the protocol's locked-in value and interactions increase, for each milestone reached, we will proportionally distribute another round of RXP to users who have already earned points before the snapshot. We will provide more details on this later.

How to get RXP in mainnet stage 1?

You can supply different assets in the LP that we suppoeted, and you will adopte the Rho Pet, Pet will generate RXP every seconds, Pet will also level up once he get enough RXP, more details please read "RHO WORLD" part.

Why SBT?

The choice to use soul-bound ERC-20 tokens is to ensure that they cannot be traded on secondary markets as they currently hold no value. RXP will allow us to track community contributions to the protocol and distribute rewards fairly in the future.

Different Stages (1-3)

Our Loyalty Rewards Program will consist of three stages: the testing phase, mainnet phase 1, and mainnet phase 2. During the testing phase, we will encourage users to invite new users and interact with our product to receive a portion of the airdrop. In mainnet phase 1, we will allocate points based on the user's supply rate, borrow rate, and the number of users they invite. In the third phase, we will introduce our pet NFTs and team mode to make our airdrop activities more fun and engaging.