‘WELL Vault’ New Upgrade, Collect FREE Limited Edition NFT

Dear Users,

In order to better empower WELL, we have upgraded the ‘WELL Vault’ in response to suggestions from our community users. Users who collect a set of ‘BITWELL’ will be able to redeem a generous WELL reward.

Time

15 September 2021 17:00 to 31 October 2021 15:59:59 UTC time

Limited Edition NFT

The platform will select lucky users from all participating vault users to give away a limited edition NFT.

  • A total of 26 NFTs (corresponding to 26 uppercase letters), which will be awarded to users at random each time.
  • A draw will be held every 7 days from the time the vault is opened and 50 users will be selected each time to receive one NFT each.
  • 50,000 WELL to be redeemed on the platform when a set of ‘BITWELL’ is collected.
  • Winners will be able to claim prizes on Opensea, please check the official community announcement for details.

Pledge Rules

  • Pledges can be made at any time from the time the vault is opened, with a maximum of 100 WELL per pledge, and cannot be withdrawn before the end of the campaign.
  • After the event, the system will automatically redeem 100% of the pledged WELL.
  • Any pledges made within the last 24 hours of the event will not be counted for any rewards and cannot participate in the NFT draw.

Prize Rules

  • The initial number of WELL in the prize pool is 100,000 pieces.
  • Once 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 cap.
Number of WELL pledgedNumber of WELL in the pool
10,000,000100,000
30,000,000200,000
50,000,000300,000
70,000,000400,000
80,000,000450,000
90,000,000500,000
100,000,000550,000
110,000,000600,000
…………

Reward Calculation

  • A daily count of all users’ pledged WELL for the previous day at 16:00 UTC time.
  • At the end of the current event, the system will automatically calculate the average daily pledge WELL of the user during the event period (sum of daily pledge WELL / total number of event days).
  • The final reward received by the user = prize pool * average daily WELL pledged by the user / sum of the average daily WELL pledged across the platform.

Example: Suppose the vault is open for 30 days, and a user pledges 10,000 WELL on day 16 and no increase thereafter, the user’s 30-day average daily pledge WELL = 10,000*15/30 = 5,000; if the sum of all users’ 30-day daily pledge WELL is 100,000 and the prize pool is 50,000 WELL, the user will receive a reward of 50,000*5,000. If the total number of WELLs pledged by all users for 30 days is 100,000 and the prize pool is 50,000 WELLs, the user will receive a reward of 50,000 WELLs.

  • The reward WELL will be released to your spot account within 7 days after the end of the event.

About the Community Governance Incentive Burning

Based on the WELL economic model, the Community Governance Incentive Program component totals 336 million WELL (16%).

By the end of 7th phase of WELL Vault, a total of 2.62 million WELL had been awarded and over 294 million WELL burned under the Community Governance Incentive Program (14% of the total design).

The relevant award and burning figures are as follows.

DatePhaseRewardsBurned
12.17.20201st320,000
01.08.20212nd300,000104,000,000
02.05.20213rd415,000108,000,000
03.07.20214th410,00020,625,379
04.12.20215th430,00021,098,380
06.01.20216th385,00020,412,395
08.01.20217th360,00019,942,677
2,620,000294,078,831

The current number of remaining WELL in the Community Governance Incentive Program is 39,301,169. After the end of reward and destruction of 8th phase of WELL Vault, the platform will open a new WELL destruction rule and suspend the destruction of Community Governance Incentive, please pay attention to the subsequent official announcement.

WELL Benefits

In addition to participating in the WELL Vault, users holding WELL can also enjoy the following benefits: WELL Pool, discounted trading fees, fee credits, additional rebates, priority purchase rights for products, community voting rights, community governance rights and more.

For more information on the benefits of WELL, please refer to ‘About the BitWell Platform Token WELL’.

Risk Warning

Cryptocurrency investment is innovative blockchain products, and subject to price fluctuation. Please judge your risk-taking ability rationally and make your investments with caution.

BitWell is not responsible for any direct, indirect or consequential losses as a result of the cryptocurrency trading and holding.

BitWell Team
2021/09/15



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