Cashback Mechanism for NELX platform Users
Introduction
The NELX Lending Protocol is committed to rewarding its loyal users by integrating a robust and innovative cashback mechanism tied to NELX token holdings. This exclusive program incentivizes users to hold NELX tokens in a special account on the NELX platform, offering cashback rewards on eligible platform fees. Designed with flexibility and fairness in mind, this mechanism fosters user engagement and long-term participation while providing tangible financial benefits.
How the NELX Cashback Mechanism Works
The cashback program is structured to provide proportional rewards based on the user’s NELX holdings in a designated account. This ensures that all users, regardless of their contribution level, can benefit from the platform’s success while encouraging higher levels of participation.
Eligibility
The cashback rewards program is available exclusively to NELX platform users.
To qualify, users must hold NELX tokens in a special NELX account designed for this program.
Cashback Tiers
The cashback rates are tiered based on the EUR equivalent value of NELX held in the special account:
Tier 1:
Holdings: €10,000 – €50,000 in NELX.
Cashback: 15% on eligible platform fees.
Tier 2:
Holdings: €50,001 – €100,000 in NELX.
Cashback: 30% on eligible platform fees.
Tier 3:
Holdings: €100,001 – €500,000 in NELX.
Cashback: 50% on eligible platform fees.
Tier 4:
Holdings: >€500,000 in NELX.
Cashback: Personalized conditions can be discussed, offering potential benefits such as higher cashback rates, exclusive platform features, or enhanced governance privileges.
Eligible Transactions
Cashback is applied to most platform fees, excluding loan origination fees. For all other eligible transactions, such as withdrawal fees or repayment fees, the cashback rewards are calculated and credited automatically.
Locking Period and Flexibility
To qualify for the full benefits of the cashback program, users must:
Hold their NELX tokens in the special account for a minimum of six months.
Users can withdraw funds from the special account at any time; however, if withdrawal occurs before the six-month period, any previously paid cashback rewards will be deducted from the refund amount.
Cashback Distribution
Cashback rewards are calculated and applied immediately after each eligible transaction, providing real-time benefits to users.
The rewards are credited directly into the user’s NELX wallet in NELX tokens, making the process seamless and transparent.
Personalized Conditions for High-Value Users
Users holding over €500,000 in NELX have the opportunity to negotiate customized benefits with the NELX team. These benefits may include:
Higher cashback rates exceeding 50%.
Priority access to new platform features or exclusive financial products.
Enhanced staking rewards or governance privileges to reflect their significant contribution to the ecosystem.
Implementation and Transparency
The cashback mechanism is designed for ease of use and transparency:
The special account tracks the user’s holding duration and calculates rewards automatically.
A detailed dashboard on the NELX platform will provide users with real-time insights into their:
Cashback eligibility.
Accumulated rewards.
Remaining lock-in period.
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