Quik Points System
Quik Points System is an innovative rewards mechanism designed to enhance the trading experience on our platform.
It's designed to reward active community members for their contribution to the ecosystem. This page will detail how points are earned and calculated within the marketplace.
Overview
The Quik Points System is integral to creating a vibrant, active community where actions that contribute to the marketplace's health and activity are rewarded.
Points can be earned through various activities on the platform, including listing NFTs, making successful bids, completing trades, and more. These points, at the end of Season 1, will be redeemed for rewards.
Earning Points
Users can earn points through several key activities on the Quik platform:
Listing NFTs: Points are awarded every time a user lists an NFT for sale. The number of points depends on the listing's alignment with the current market demand and the collection's activity level.
Bidding and Buying: Engaging in the marketplace by placing bids on NFTs or purchasing them outright earns users points, with higher-value transactions receiving more points.
Selling NFTs: Completing a sale transaction rewards the seller with points, incentivizing active market participation.
Referrals: Users can earn additional points by referring new members to Quik, further contributing to the platform's growth.
Points Calculation Overview
The calculation of points is designed to be transparent and fair, with several factors influencing the # of points awarded for different activities:
Market Activity Level: Points for listing and selling are adjusted based on the collection's overall market activity, encouraging participation in high-demand collections.
Transaction Value: Higher-value transactions yield more points, aligning rewards with the economic contributions to the platform.
: Users who are loyal to Quik receive loyalty bonuses, increasing the points earned from various activities.
Points Calculation Details
1. Listing NFTs
Users earn points every time they list an NFT for sale. The number of points is calculated based on several factors:
Collection Factor: Adjusted based on the collection's activity level. More active collections earn you more points.
Loyalty Factor: Users with higher loyalty scores earn more points for their listings.
Listing Price Relative to Floor Price: Listings closer to the floor price earn more points. Listings significantly above the floor price may earn fewer points, encouraging fair market pricing.
The formula for listing points per hour is as follows:
2. Bidding on NFTs
Bidding on NFTs also earns users points, with the calculation similar to listing points:
Collection Factor: Reflects the collection's market activity.
Loyalty Factor: Higher loyalty scores result in more points for bids.
Bid Amount Relative to Floor Price: Bids closer to the floor price are rewarded with more points to promote realistic bidding behavior.
The formula for bidding points per hour is as follows:
3. Completing Sales
Selling NFTs rewards the buyer and seller with points based on the sale price, the collection's activity, and the loyalty score.
The formula for trading points is:
4. Referrals
Referring new users to Quik earns points based on a percentage share of the points earned by the referred users. This encourages the growth of the Quik community.
The formula for referral points is:
Definitions
These constants are carefully chosen (and actively monitored & changed when needed) to balance incentivization with market health, ensuring that the Quik Points System effectively rewards beneficial behaviors while promoting a vibrant and fair trading environment.
BASE_LISTING_POINTS
Definition: The base number of points awarded for listing an NFT for sale on the platform.
Purpose: Encourages users to list NFTs by providing a foundational reward, stimulating market activity.
BASE_BIDDING_POINTS
Definition: The base number of points awarded for placing a bid on an NFT.
Purpose: Incentivizes active participation in the bidding process, contributing to a dynamic and engaging marketplace.
BOTTOM_COLLECTION_FACTOR and TOP_COLLECTION_FACTOR
Definition: These factors represent the minimum and maximum multipliers applied to the base points based on the activity level of a collection. The top trending collection has the TOP_COLLECTION_FACTOR and the bottom one has the BOTTOM_COLLECTION_FACTOR. Trending collections are updated regularly and only the certain top collections earn points (currently top 20).
Purpose: Differentiates rewards based on the collection's market activity, encouraging user engagement with both popular and emerging collections.
ZERO_POINTS_PRICE
Definition: A multiplier of the floor price beyond which listings or bids receive no points. For example, if this value is set to 2, listings or bids priced at more than twice the floor price would earn zero points.
Purpose: Discourages unrealistic listings or bids far above the market rate, promoting a fair and balanced marketplace.
DIFFERENCE_TO_FLOOR_FOR_NO_POINTS
Definition: Defines the threshold for the price difference from the floor price, beyond which no points are awarded.
Purpose: Ensures that points are awarded for market-relevant activities, incentivizing users to make listings and bids that are competitive and in line with current market dynamics.
FULL_LOYALTY_FACTOR and NO_LOYALTY_FACTOR
Definition: These factors adjust points based on a user's loyalty level, with FULL_LOYALTY_FACTOR representing the maximum loyalty bonus and NO_LOYALTY_FACTOR the minimum.
Purpose: Rewards consistent and loyal platform users, enhancing user retention and encouraging long-term engagement.
TRADE_PTS_FOR_1_SEI
Definition: The number of points awarded per unit of currency (e.g., SEI) in a completed trade.
Purpose: Directly ties the reward to the economic value of the trade, incentivizing higher-value transactions and active market participation.
REFEREE_PTS_SHARE
Definition: The percentage of points shared with the referrer when a referred user earns points.
Purpose: Encourages users to refer others to the platform, contributing to community growth and increasing platform engagement.
MIN_ROYALTY_FEE
Definition: The minimum royalty percentage that can be set for an NFT sale.
Purpose: Ensures creators receive a baseline compensation for their work, supporting the creator economy within the NFT marketplace.
FAQs
Q: How often are points updated? A: Points are updated every hour.
Q: Can points expire? A: Currently, points do not expire. However, we recommend staying active on the platform ;)
Q: Where can I see the number of points I have? A: Your points balance is visible on your Quik account dashboard, under the "Airdrop" page.
Q: Are there limits to how many points I can earn? A: There are no caps on the number of points you can earn. The more you participate in Quik, the more points you'll accumulate.
Q: When will Season 1 end? A: TBD.
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