The following information is directly moved from INLOCK Pioneer Program Terms and Condition. Before you start to use your Pioneer program code or share it with your invitees, please read and accept the policy.
COMMISSION AND REFERRAL BONUS
You shall be entitled to a commission as outlined in the terms and conditions.. The commission payable to Pioneer will be calculated according to the Commission Structure chosen on www.inlock.io (revenue share) unless different is agreed.
Commission settlement: Commissions will be calculated as stated on www.inlock.com. Any commissions payable in the original currency INLOCK received the transaction fee (BTC, ETH, LTC, ILK, etc.) except yield bonuses (see bellow in yield share section). Referred Customers in commission structures will need to validate themselves by completing the KYC process, and complete transactions on the INLOCK Platform. Eg.: get a loan, deposit to Savings Account, or Buy/Sell on the Tokenmarket. The Settlement period varies between the different transaction types.
In cases of disputed amounts beholden to advertised commission structures, “INLOCK Pioneer Program” maintains the right, and is expressly committed to, arbitrate the indebted amount of payable commission, and any additional items enclosed in agreements with its affiliates, in accordance with its own systems and server data. “INLOCK Pioneer Program” reserves the right to reject any commission for any reason, at its sole discretion.
Commission and Yield definitions:
Yield share: Additional 50% of all customers credited yield from Savings Account
Distribution to Pioneers
|Credited Savings Account yield||Yield inILK||50%||Divided evenly between savings account’s depositor and borrower|
Savings Account Yield distribution breakdown in an example:
- Pioneer has two invitees who actively use Savings Account. First invitee deposit 1000 USDC, second deposit 750 USDC
- The Weekly USDC Savings Account rate is 8% APY. The first invitee realize ~1,53 USDC/week; the second invitee realize ~1,15 USDC/week
- Pioneer program members (inviting person) can access the realized yield’s 50% (proportion) in ILK tokens, calculated based on IBI price in the time of yield payout. This sum amount in this example: ~1,34 USDC/week to Pioneers.
- This ~1,34 USDC/week reward will be divided evenly between inviting persons (Pioneers) of Savings Account owner (as lender) and the Borrower, who generate the revenue itself. Both parties can access the yield based on their Pioneer Program bonus level. If both parties have maximum bonus level (50-50%), both parties are entitled to half of the reward (~0,65 USDC in ILK / week).
- If Savings Account’s inviting person has the minimum Pioneer Program bonus level (25%), but the Borrower’s inviting person has the maximum Pioneer Program bonus, the following distribution will be applied:
- Savings Account’s inviting person (Pioneer of the lender): ~0,325 USDC in ILK / week
- Borrow’s inviting person (Pioneer of the borrower): ~0.65 USDC in ILK / week
- The remaining (unused) share from the applicable yield (~0.325 USDC/week) remains on the platform.
Revenue share: bonuses also rewarded for platform fee (lifetime commission) as seen below:
|INLOCK FEE SCHEDULE||Unit||Fee||Distribution to Pioneers|
|Using ILK Token Market to SELL ILK Tokens||Collateral||0,4%||Purchaser|
|Get a loan (origination fee)||ILK, based on Collateral (calculated on IBI)||0,5%||Divided evenly between savings account’s depositor and borrower|
|Collateral termination on margin call level||Collateral||Max 5%||Divided evenly between savings account’s depositor and borrower|
|Contract termination on due date without repayment||Collateral||Max 5%||Divided evenly between savings account’s depositor and borrower|
|Contract termination from locked collateral||Collateral||1%||Divided evenly between savings account’s depositor and borrower|