[Announcement] New loyalty reward program & privilege checker for vFINIX holders

SIX Network
3 min readOct 28, 2022

Dear Long-term stake users and vFINIX holders,

As we want to value and reward our long-term stake users or holders supporting shaping the Definix ecosystem through various votes and proposals, our team is delighted to share updates on Definix’s new loyalty reward and privilege checker in this announcement.

New ‘Privilege Checker’ page for vFINIX

The major part of shaping the vFINIX utility and user experience will come from this Privilege checker page that we will introduce shortly after this announcement has been made.

This privilege checker page will manage all types of privileges for vFINIX holders with just a few clicks.

On this note, we’re happy to announce that there will be an additional (fixed) reward for all long-term stake users too! Everyone can refer to the following reward for each tier.

  • Diamond: 2,000 FINIX
  • Gold: 1,000 FINIX
  • Silver: 400 FINIX

This additional reward will be distributed to all long-term stake users according to their tier during the snapshot period.

Additional reward (Variable)

Another type of reward we want to introduce to the Privilege Checker page is the variable reward which is based on the number of vFINIX users hold.

This means that the more vFINIX the user holds, the more (variable) rewards they will receive. This type of reward will be distributed by the percentage of the vFINIX held by each user compared to the total vFINIX supply.

The variable reward is calculated by the number of total campaign reward minus by total fixed rewards and later distributed based on the percentage of vFINIX hold compared to the total supply.

It is worth mentioning that both types of additional rewards (fixed & variable) for every long-term stake user holds a total value of over 1.3M of FINIX.

Example for variable reward calculation

Mr. A is a Diamond holder who holds 20% of the total vFINIX. Mr. A will get 2,000 FINIX as a fixed reward + (20% x 667k) as variable reward >> 2,000 + 133,400 >>> = 135,400 FINIX in total

Withdrawal Penalty rate adjustments

Among the many updates we’re partaking in this announcement, we have also made some changes to the penalty rate for FINIX withdrawal from the Long-term Stake to improve the overall user experience. Please refer to the changes below:

Level 1 Silver adjusted penalty rate: 15%

Level 2 Gold adjusted penalty rate: 20%

Level 3 Diamond adjusted penalty rate: 30%

The penalty adjustment will be effective on 1st November 2022, 18:00 (GMT+9 Seoul Time)

Snapshot period: 31st October 2022, 18:00 (GMT+9 Seoul Time)

Other highlights

The mechanics of the Privilege Checker page will be similar to Launch Pools, where users can use vFINIX as an asset to receive the privileges such as airdrop, whitelists, and much more.

This marks a significant milestone for our team to utilize vFINIX to create more use cases and reward those who support the operation of Definix.

However, we will update everyone once this page is ready and live in a few weeks.

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