Mocaverse & Rarible Are Releasing $RARI Rewards Program for MocaMart on September 18th
The Mocaverse x Rarible $RARI Rewards Program starts on September 18th with a prize pool of 45k tokens up for grabs for MocaMart users that make collection bids while meeting various requirements.
What is the $RARI Rewards Program?
The Mocaverse x Rarible $RARI Rewards Program is a special limited time trading period during which users can earn $RARI rewards by placing a collection bid within MocaMart. By doing so, you earn points that are converted to claimable $RARI every 24 hours. Users will compete for a share of the 45k $RARI prize pool starting from September 18th at 00:00 UTC. The program will close on November 3rd at 00:00 UTC.
How to participate in the $RARI Rewards Program
In order to be eligible for the $RARI Rewards Program, there are a few requirements you have to meet when placing a collection bid on MocaMart during the duration of the program.
When placing a collection bid, it is important to keep in mind that the minimum bid requirement is at least 0.75x the floor price, so if the floor price is 1 ETH, your bid should be at least 0.75 ETH.
By meeting the minimum bud requirement, you’re on your way to collecting points, but it’s important to keep in mind that a snapshot will take place every 10 minutes from the start of the program, and as such, only the first 100 bids within the 10 minutes will earn points. Another important factor to keep note of is that only bids that are valid for 5 or more minutes will actually count.
If you meet all these requirements, you should be able to earn an unspecified number of points, which can be claimed as $RARI rewards every 24 hours. Once you claim the rewards, the tokens will actually be automatically locked for 9 months in the form of vote-escrowed $RARI, or veRARI. So if you want to withdraw, you’ll have to wait for the 9-month period to end. If you want to put the locked tokens to use however, then you can choose to take part in governance of the Rarible Protocol and RARI Foundation. This means you get to vote on proposals submitted to the DAO, but you cannot trade the tokens during the lock period. The announcement post mentions that you can however delegate them to DAO members for governance.