Event Guide

📂 Event details

This event is an event that rewards users that deposit BTC prior to the official launch of BTCFi, and to experience the actual service upon launch by minting BtcUSD to deposit into Everdex pool (BtcUSD-USDC).

  • Pre-launch period: March 14, 2024 ~ April 17th, 2024

  • The first 120 BTC depositors will be eligible for participation.

  • The total amount of reward is equivalent to 1.2 BTC, and will be distributed according to how much point the user accumulates in comparison to the overall points given out.

  • The reward will be paid in BTC (BTCB).

  • The deposited amount will be rounded to the nearest 0.001 BTC.

🎁 Event participation

All of the below conditions must be fulfilled to be eligible to receive your reward. Please read the below carefully.

  1. The deposit must be made during the pre-launch period, through the BTCFi pre-launch page to be eligible for points.

    • BTC can be deposited from variety of different networks, using Bifrost Network’s cross-chain capabilities.

    • The supported networks are as follows

      • WBTC : Ethereum, Polygon, Arbitrum

      • BTCB : BNB Chain

  2. After the launch of the service, use the “Migration” function within the service to migrate your deposited BTC.

  3. Mint up to 50% of the deposited amount in BtcUSD

    • You can mint an amount of worth up to 50% of your deposited BTC.

      • Example) Deposit 10 BTC, mint up to 5 BTC worth of BtcUSD

  4. Deposit to Everdex BtcUSD-USDC Pool a. From the “Earn” page, click on “Deposit to Everdex” b. Deposit minted BtcUSD to [BtcUSD-USDC] pool to complete your event participation.

    • The more BtcUSD you deposit, the higher the reward amount.

  5. Reward will be distributed over 4 weeks after the service launch.

    • The reward is calculated as per points earned at the end of the event, and stays constant throughout the distribution.

    • The reward is calculated with the updated total deposit amount, on a weekly basis.

    • If you withdraw during this period, your reward distribution will be halted.

🖥️ Point calculations

  1. 0.001 BTC deposited, or equivalent, will be counted as 1 point.

  2. Points earned will be proportional to the BTC the user deposits, and to the deposits made by users referred by the referrer.

    • Example)

      • 1 BTC deposited = 1,000 points

      • 0.1 BTC deposited = 100 points

      • If Alice refers Bob, and Bob deposits 1 BTC, both Alice and Bob are eligible for 1,000 points.

🔈 Referral details

  1. Upon connecting a wallet(i.e. Pockie) at the “Points” page, the wallet address is imbued with a referral code automatically.

  2. The referrer will receive points proportional to deposits made through their referral link.

  3. There is no limit to how many users a referral link can invite, and only the person who the referral link originated from will be eligible for the referral points.

    • Example 1) Bob deposits 1 BTC, through Alice’s referral link

      • both will receive points proportional to 1 BTC. (1,000 points)

    • Example 2) If Bob is referred by Alice, but Bob does not deposit; instead, Bob refers Charlie, and Charlie deposits 1 BTC.

      • Bob and Charlie will receive points proportional to 1 BTC (1,000 points), and Alice will not receive any points.

  4. If the user connects their wallet through a referral link, their wallet will remain locked to that referral code.

    1. The referral link will stay the same until the user connects using a different referral link.

    2. To use a different referral link, you must connect using the referral link you want.

  5. If the user deposit at least once using a referral code, then the wallet is locked to that referral code and will not be able to use another referral code.

❗️ The Fine Print

  1. Points are not updated in real-time.

  2. The Bifrost Foundation, and any of the related entities, are not responsible for changes in prices of related tokens.

  3. Any and all parts of this event are subject to change.

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