Up to 300,000 FET up for grabs as Fetch.ai launches its deposit rewards competition ahead of Bitfinex listing

Aug 11, 2020

Fetch.ai is excited to reveal details of our rewards competition for users depositing and holding FET in their Bitfinex wallet.

Competition period

The competition will run from 12-17 August 2020 inclusive.

How to participate

Users should deposit and hold FET tokens in their Bitfinex wallet to be eligible for the reward on a first-come-first-serve basis.

In order to qualify, the deposit needs to be within the first 500,000 FET tokens deposited on that day.

Only the first 50,000 FET tokens deposited by the user will be eligible for the reward.

All deposits that are made during the competition period will not be withdrawable until the commencement of FET based trading pairs on Bitfinex.

Rewards

Every day, a total of 50,000 FET tokens will be distributed to qualified users on a pro rata basis. For example:

If X is the total number of FET tokens deposited by the user, then the reward received by the user for that day will be either:

  • Case 1: If fewer than 500,000 FET tokens are deposited on any particular day:

(X/(Total number of FET tokens deposited)*50,000 FET

  • Case 2: If 500,000 or more FET tokens get deposited on any particular day:

(X/(500,000)*50,000 FET

e.g: If a user deposits 10,000 FET before the 500,000th FET token gets deposited for that day, then the user will receive a reward of 1,000 FET tokens for that day.

Distribution

Users do not need to take any additional steps to claim their prize.

Qualified users will get reward tokens deposited into their exchange wallet as per the unlock schedules. The rewards allocated to qualified users will be distributed in three equal tranches:

  • The first tranche will be distributed on 17 August 2020
  • The second tranche will be distributed on 17 September 2020
  • The final tranche will be distributed on 17 October 2020