The Badge system launched in December 2021 and has been a great success ever since, as we celebrated with a launch promotion where every Inlock user who has been our client for longer than 1 month and had a positive balance on their account was awarded a Gold Badge.
What is a Badge?
The essence of the ILK token, with even more benefits for a 30-day timeframe. With Badges, you can enjoy higher interest rates regardless of your ILK balance. Each Badge provides the same level of ILK membership rewards once they are activated:
🥇 GOLD – 1M ILK token
🥈 SILVER – 100k ILK token
🥉 BRONZE – 25k ILK token
Innovating Badges step-by-step
During the launch in December, clients could only access Badges with standard features, but as we promised, the Inlock team is constantly working to expand the range of these features.
On the 1st of February, the Badge system will enter a new phase: for the first time, it will be distributed as a reward to ILK token hodlers!
What are the conditions to obtain a Badge?
Only users who have registered more than 6 months ago can receive a Badge. The eligibility base and the amount and type of Badges allocated are determined by the lowest ILK balance in the last 6 months.
The ILK balance indicates how many Badges can be collected: the amount above 1M indicates how many 🥇GOLD Badges can be earned, the amount above 100k indicates how many 🥈SILVER Badges can be received and the ILK balance below 100k indicates how many 🥉BRONZE Badges can be obtained.
For example: for a balance of 1,257,000 ILK, the client will receive 1 🥇GOLD, 2 🥈SILVER and 2 🥉BRONZE Badges.
What benefits can you get from owning transferable badges?
You can pass it on to your friends, invitees or anyone else who needs a Badge to take the benefits of the ILK token!
Why is it worth transferring?
You can even generate extra revenue by selling Badges! In addition, it helps to boost the network effect, as inviters can reward their invitees with Badges, which is beneficial for both parties, as the welcome bonus gives the inviter a significant financial advantage as well.
Why is it worth getting a Badge?
Our clients don’t have to commit to the ILK token immediately, but they can earn higher interest rates in the long term by building up a Badge supply for themselves. Overall, this reinforces the community nature of the platform. This could lead to the creating communities of stakeholders where ILK hodlers share their Badges with beneficiaries.
If gifting is not an option, there is still an opportunity to buy, and as this product can be priced freely, (depending on the size of the portfolio) it may be worth investing in Badges (instead of ILK) in the long term.
Answering more questions that may arise
What is the relationship between the Badge and the ILK token?
Badge is not superior compared to the ILK, nor does it provide any extra benefits. However, it is useful for clients who don’t have enough ILK to get the higher benefits but still want to enjoy them for 30 days. A Badge is effectively a converted ILK token that is automatically activated (if needed) and provides the benefits of that level for a fixed 30 days.
How should badges be priced or evaluated?
Badges are designed to provide the benefits of the same ILK level for 30 days. It is worth buying a Badge if the interest and other benefits it provides exceed its price. In practice, it can be seen as borrowing ILK for a 30-day timeframe, where the lender does not lose any ILK balance for the duration of the transaction.
Will activating another Badge result more free withdrawals?
Inlock manages free withdrawals on a monthly basis, which is not affected by the activation of a new Badge. Therefore in case four free withdrawals have been used up, and then another Silver Badge is activated to replace the expired one in the middle of the month, there won’t be any additional free withdrawals for that month.
How can a Badge be generated?
– The Inlock platform releases a certain amount of Badges in connection with certain events or promotions.
– At regular intervals, ILK holders will also receive Badges for their ILK balance.
How to get Badges?
Our clients can only transfer/exchange Badges in a peer-to-peer way via the Inlock platform at the moment. In case a user would like to get a higher interest rate but doesn’t want to commit to purchasing a larger volume of ILK tokens, they may want to join Inlock’s larger social channels (e.g. Telegram channels) where our clients regularly auction Badge packages directly.
What is Badge Market?
ILK owners will also have the opportunity to sell their Badges. To enable this, a Badge Market function will be developed which will be essentially similar to the ILK tokenmarket. The price of a gold, silver or bronze badge will be determined solely by market supply and demand.
Besides providing another way to earn a return on ILK tokens, the Badge Market can also offer a viable alternative to new clients who have just joined the Inlock platform, as they do not have to commit to buying large amounts of ILK tokens to earn higher interest rates. This can be of particular benefit to those who would typically only use Inlock for shorter periods of time when they are sitting in a crypto position.
The Badge Market is planned to be launched in Q2/Q3 of 2022, until then Badges can only be transferred and sold on a peer-to-peer basis.