As we ring in the new year, we wanted to celebrate by publishing our first blog post in 2022! There were a lot of things we have accomplished in the past year, from our exponential growth to creating services that benefit each and every one of our users, our dear Blocktaners. However, a major feat we are proud of is the roll out of Blocktanium (BKT) in June. We have progressively been executing on our vision for BKT since its creation. We have been building new ways to foster community excitement and growth, and you have responded with resounding enthusiasm! When we introduced the Refer-a-Friend program. This initiative relied on existing Blocktaners to spread the word and entice close friends to join Blocktane, a move that incentivized both parties, the referrer and referee. Day by day, we thoroughly enjoyed witnessing new friends becoming Blocktaners. Regardless of how you joined, whether it may be through our Refer-a-Friend program or other avenues, we are truly pleased to have you all onboard.
With the start of the new year we are refreshing our campaigns! With the initial community distribution phase of BKT now behind us, we are orienting our focus to further utility, and reduction of supply inflation rates.
Effective starting January 20, 2022, we will be changing the Refer-a-Friend program. As outlined in the table below, we will be reducing the amount of BKT a referrer receives by 10 tokens per week. The referees, or prospective users, will not be receiving a reduction in tokens acquired once joining the exchange, as this bonus is destined for new Blocktaners to test and get acquainted with our ecosystem. We are excited to continue to welcome new users to Blocktane, and are putting the focus of our resources to work on introductions of additional utility and functions for BKT in the Blocktane ecosystem.
Table 1: Refer-a-Friend program changes per week
There are a lot of things to celebrate in regards to the success we’ve had with the Refer-a-Friend program and BKT overall. As a recap of 2021, here is a timeline of the different achievements we’ve celebrated in table 2. As a highlight, we reached our target of 20% of the total BKT supply distributed as community rewards. This represents 20 million BKT distributed to all of you in the community through the Refer-a-Friend and Hourly Rewards programs over the last 6 months!
Table 2: Detailed BKT community rewards breakdown since launch
Hourly Rewards will become Daily Rewards! We were thrilled to not only distribute BKT for referring friends, but also as Hourly Rewards to your accounts proportionally to your balance of BKT held. In accordance with our next phase of BKT evolution, we will be normalizing the bonus rates for BKT in the coming weeks as outlined in table 3.
Table 3: BKT reward program calculation breakdown
The Refer-a-Friend program has brought the exchange a lot of positives throughout the past year, we are even more excited about the new programs in the works. However, as a result of the phasing out, we are ecstatic to announce that there are even more exciting initiatives coming to the exchange that will benefit blocktaners in the long run! In addition to implementing plans to increase utility, there are also going to be new proactive staking tools coming to the exchange. These are just the tip of the iceberg, and we cannot wait to provide you with a world-class experience this year!