The ‘WELL Vault’ continues to gain interest from the community as the number of WELL applications continues to grow and the number of WELL users continues to increase. Up to now, the number of pledges in the WELL Vault has exceeded 62 million, accounting for 47% of the circulation.
In order to better empower WELL, at the suggestion of the community users, we will launch the eighth phase of ‘WELL Vault’, which will continue the rules of the seventh phase:
- The initial prize pool is 100,000 WELL;
- The burning quantity will be set according to the market value of WELL in circulation, the higher the market value in circulation, the more burning quantity.
Vault Rights and Interests
Users participating in the WELL Vault, in addition to being able to share the revenue with the platform, can also get the corresponding number of votes according to the number of pledges. Users will have the right to vote on the community and vote on the initiated proposals to achieve the governance of the platform.
To learn more about WELL, please kindly refer to About the BitWell Platform Token WELL.
The specific rules for the seventh phase of the vault are as follows:
From 2021-07-31 17:00 PM to 2021-09-15 15:59:59 PM (UTC).
Pledges can be made at any time since the opening of the vault, with each pledge not less than 100 WELL, with no cap, and cannot be withdrawn or redeemed earlier than the end of the event.
After the event ends, the system will automatically redeem the pledged WELL for you.
If you pledge within the last 24 hours of the deadline, no reward will be calculated.
The initial amount of WELL in the prize pool is 100,000.
When the number of WELL pledged in the vault reaches 10 million, the number of WELL in the prize pool begins to increase: for every 1 million pledged, the number of WELL in the prize pool increases by 5,000, with no upper limit.
|Number of pledged WELL||Number of WELL in the prize pool|
- A daily count of all users’ pledged WELL from the previous day at 16:00 PM (UTC).
- After the end of depositing WELL, the system will automatically calculate the average number of WELL a user has stored per day during the promotion (sum of WELL per day / total number of days in the promotion).
- The final reward a user receives is the sum of the prize pool * average daily WELL deposited by the user / average daily WELL deposited across the platform.
For example, if the vault is open for 30 days, and a user deposits 10,000 WELL on day 16 and does not increase the number of WELL since then, then the average number of WELL deposited by the user for 30 days = 10,000*15/30=5,000; and if the sum of the WELL deposited by all users for 30 days is 100,000, and the pool is 50,000 WELL, then the user is rewarded with 50,000*5,000/100,000=2,500 WELL.
The reward WELL will be distributed to your spot account within 7 days of the end of the promotion.
Community Governance Incentives for Burning
- Circulating market value factor: 10% of the average circulating market value of WELL in the secondary market during the vault opening period, and take the equivalent value of WELL as the reference basis
Average circulating market value = the sum of daily closing circulating market value during the vault opening period / the number of days the vault is open
The burning price of WELL token = the sum of WELL price at the close of each day during the vault opening period / the number of days the vault is open
- Pledge volume factor: 10% of the total pledge volume of WELL in the vault during the current period is used as the reference basis for the total amount of burning in the current period.
All the burned WELL come from the Community Governance Incentive Program (16% of the total amount), we will execute the burning uniformly within 7 days after the end of the current WELL vault pledge.
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