Rewards
How rewards work on Ride
Ride has a unique rewards system. Users earn rewards called Packs that can be redeemed for the best performing NFTs on the site.
Packs
Every NFT that graduates to Featured has 10% of its supply sent to a vault at the time of graduation. Packs can be opened at any time and contain a random assortment of NFTs from the vault. If there are 1,000 packs in circulation, then a pack contains 0.1% of the entire claimable rewards. You are free to sell your pack to another user or hold onto it if you believe unwrapping the packs will be more valuable later.
Earning Rewards
Users can earn pack drops by buying NFTs after they have reached the Featured Section or creating an NFT that makes it to Featured. There are no rewards for buying or making a Recent collection.
Pack drops will occur seasonally.
Other Ways to Earn
For the first version, Ride users can earn pack drops in three ways:
- Creating a collection that graduates to Featured
- Buying Featured NFTs
- Reflinks
Dynamic Rewards
Rewards react dynamically to platform adoption. If nothing is performing well on the platform, then users do not receive extra rewards. If the NFTs are performing extremely well and generating royalties for creators, then users are rewarded. This incentive structure allows rewards to dynamically adjust to the platform’s own performance, eliminating the need for a new asset to bootstrap initial adoption.
Initial Supply
The initial supply of packs were airdropped to holders of Smol Brains NFTs, Legions Genesis NFTs, and the SMOL memecoin. The airdrop was also distributed to the top users of the Magicswap DEX. Ride was developed by TreasureDAO as an offshoot of our gaming-focused DEX. We gave initial rewards to users who helped beta-test the AMM. Holders were snapshotted on Arbitrum One and airdropped on the Base blockchain.
A smaller allocation was airdropped to individuals who donated to the PoolyNFT campaign, an onchain crowdfunding campaign from 2022 to fight a class action lawsuit against an NFT platform.