Mendi Loyalty Points
The only protocol-led points system that shares the potential Linea airdrop to users
Last updated
The only protocol-led points system that shares the potential Linea airdrop to users
Last updated
Who else is tired of dull campaigns and points systems? We sure are. That’s why we’re making a major update to our Mendi Loyalty Points (MLP) system!
With the Surge coming to an end soon, it’s about time we breathe life into earning points on Linea. Our goal is to curate an engaging method of rewarding those who make meaningful contributions to Mendi, and reward them with a share of the future airdrops that we potentially receive by being a core part of the Linea ecosystem.
We want you to win. Expect so much more MLPs, more frequent milestones as well as a much higher degree of engagement and flexibility regarding milestones. Stakers win, borrowers win and this time - other contributors win as well.
MLP remains a soul-bound token. MLP structure will be rescheduled into 2-week epochs, where rewards are potentially distributed at its conclusion. During an epoch, members work towards specific milestones. Each epoch contains two milestones - one on-chain and one social. If one is met, MLP is distributed at the end of that epoch. If both are met, MLP is distributed AND staked (sMENDI) is airdropped!
Milestones for each epoch can be introduced by the community. At the start of a new epoch, a 1-day Summit Sync community gathering is held on our Discord in a dedicated channel. Together we reflect and feedback the previous milestone and community can suggest milestones for the next epoch. Based on these, core team will evaluate and transcribe two options for on-chain, and two options for social goals for the upcoming epoch. The options will be posted Snapshot to vote on for 48 hours. Stakers can vote on milestones they would like to pursue next epoch!
Rewards are generally calculated pro-rata between the start and end of an epoch. Epoch 1 will be different to take into fair consideration your contribution over the past months. We will calculate a pro-rata beginning at the previous MLP milestone ($47mil borrows), to the end of epoch 1.
By setting two primary milestones, on-chain and social, we gear MLP to foster growth in multiple fields while more fairly compensating contributors. On-chain contributions will be data-mined automatically, while social contributions must be verified on Intract.
Rewards are distributed evenly across 3 channels; 33% for $MENDI Stakers, 33% for Borrowers and 33% for Task-achievers. Stakers and Borrowers are always rewarded when milestones are met. Task-achiever rewards are split in two parts: On-chain (16.65%) and Social (16.65%). Task Achievers are eligible to earn rewards if they have at least 300 $MENDI staked.
Users now have an opportunity to earn MLPs as well as sMENDI airdrops. In each Epoch there are four possible scenarios.
Only on-chain is met: MLP is distributed to contributors of the on-chain milestone, stakers and borrowers.
Only social is met: MLP is distributed to contributors of the social milestone, stakers and borrowers.
Both are met: MLP is distributed to stakers, borrowers and both categories of Task achievers - in addition to that sMENDI will be airdropped proportionally to MLP receivers that epoch.
None are met: No rewards are distributed.
We plan to run 4 epochs in total. We are allocating 670,000 MLPs (33.5% of Mendi’s total share from the potential Linea airdrop), which means ideally we will be distributing 335,000 per month to users if all milestones are met. To put into perspective, the monthly average until now was around 5,200! Get ready for significantly more intense distribution than ever before. Additionally, we allocated 500,000 $MENDI from the airdrop budget which will can earned as sMENDI. This ideally means a 100,000 $MENDI airdrop per epoch if all milestones are met!
Participating early matters, as rewards are calculated on contribution amount over time. Contribution varies based on what milestones are set. On-Chain Calculations examples:
For total borrow milestones: Borrow * Time
For total supplies milestones: Supply * Time
On the social side of things, be sure to verify your contribution on Intract! Examples of possible social contributions:
Sharing a post
Commenting under a post
Joining a live space
Furthermore, we will be capable of expending MLPs as a marketing tool to drive growth and partnerships in future campaigns.
The first Summit Sync community call will be on Nov 5th, where we chat all about the new MLP and milestones. Voting will begin on Snapshot from Nov 6-7th, and Epoch 1 will kick off on Nov 8th.
Join us on this fresh journey to put fun engagement back into the points game!
Legacy MLP system is discontinued.
