The world of decentralized finance has gained its popularity for various reasons such as low costs, more transparency, increased reliability and trust, faster transactions, and much more. However, one specific characteristic of DeFi plays the part of the primary driving force behind its popularity: incentives.
The advent of bitcoin introduced the concept of mining which allowed users to get free bitcoins for providing computational power and validating the blocks of the Bitcoin Blockchain.
In just a short period of time, the DeFi ecosystem has evolved beyond expectations, and so has the incentive model. DeFi applications have become increasingly beneficial as they bring digitalization to real-life use cases. 360Wellness is one such application merging the worlds of digital fitness and decentralization.
360Wellness is a decentralized application that allows a one-stop solution for all the digital health and fitness needs of the user. The financial interactions in the ecosystem are facilitated by the native token of the application, DEFIT, which is an ERC20 token.
The 360Wellness application provides several rewards to the users to keep them engaged and motivated. In essence, it monetizes the fitness and health goals of its users, further intensifying their motivation to meet their goals.
While the application provides numerous sophisticated features, the reward system available to users of 360Wellness is also something to consider.
First on the list is the Referral reward system. Each user can leverage a maximum of 10 referrals on the platform and for each referral, the user receives a bonus of 10 tokens.
Next is the Achievement based reward system. To motivate users and keep them engaged with their fitness activities, the application provides achievement rewards. Upon successfully completing any defined goals such as fulfilling the daily number of steps, the user will receive tokens.
Contributing further to the growth of the platform is the Promotional reward system. These rewards are given to the users for attending specific events or challenges - these activities can also be related to the marketing strategies of the application.
Another progressive reward system is Loyalty rewards. The objective of loyalty rewards is to enhance the user retention rate of the application and compensate user engagement on the platform.
There are 5 categories within the Loyalty program:
Staking DEFIT enables the user to enjoy the benefits of the Bronze level on the Loyalty program. Under this, the user receives a 5% discount on merchandise and sport apparel as well as accessories from partner brands of 360Wellness.
By holding 100 DEFIT, users will get a 10% discount under the Silver Loyalty program level. This discount can be used on the merchandise, sports apparel, and accessories available from the partner brands of 360Wellness.
Users will receive the benefits of Gold or VIP passes by holding 300 DEFIT. Under this level, users will be afforded a 15% discount on the products available from 360Wellness partner brands.
This is the VVIP pass that allows users to receive a hefty 20% discount on the available products from the partner brands. To access the benefits of the VVIP pass, users must hold 500 DEFIT.
To get a whopping 30% discount on the available merchandise, sports apparel, and accessories from partner brands, users have to hold 1,000 DEFIT and a VVVIP pass under the DIAMOND level of the Loyalty program.
To protect the interest of genuine users, the application implements a locking mechanism wherein the users have to wait 30 days before they can access discounts from their staked tokens. This prevents the users from selling tokens immediately after receiving the discounts.
For users with maximum engagement on the platform, reaching the Diamond level can take up to 4-6 months while, for the average users, it may take as many as 3-4 years without actually buying the tokens.
In addition to all the aforementioned rewards, there are also NFT rewards available. Considering the growing popularity of NFTs, this reward system fulfills the interest of the active users in the DeFi and NFT space.
Under this reward system, 50 early investors will be selected at random and will receive one-off NFTs via airdrops. In addition to this, both collectible and valuable assets will be featured on the platform in the near future.
For new users, there are also welcome gifts distributed. These gifts are strategically placed to improve the acquisition rate.
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