SoulDrop Explained

WhiteBIT
Published 04 August 2023
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SoulDrop Explained

Content

The WhiteBIT ecosystem is constantly evolving to keep up with the progress of the blockchain industry. We strive not only to meet the needs of our users but also to prepare for tomorrow’s digital landscape. Over the past year, we have come a long way from issuing a token to releasing our own blockchain. The retrodrop, WB Soul Ecosystem, Launchpad, and SoulDrop were also pleasant bonuses for users. Today, we will talk about our SoulDrop.

What is SoulDrop?

It is a reward distribution marketing activity. Only those WB Souls who have WBT in Holding can participate in it. The rewards are calculated every 30 days and depend on the Level and Amount of WBT in Holding. They are only available to users who have kept their Hold Amount visible in the WB Soul settings.

How does it work?

The cornerstone of our rewards distribution activity is the SoulDrop Contract. It governs the rules of distributing the activity rewards to holders of WBT in the form of base coin, WhiteBIT Coin (WBT).

The reward calculation depends on the Hold Amount, and the period reward percentage is affected by the Hold Level. Each Hold Level brings a different percentage: from 1.316973381% to 1.677838513%. Adding more WBT to the Hold Amount raises the Hold Level and increases the reward.

Rewards are calculated for each full period (full period = 30 days). For example, if a user decides to claim the reward or make any changes to the Hold Amount and their Holding period is 75 days, the rewards will be credited for 60 days (two full periods). Fifteen days will be considered an incomplete period and won’t be calculated.

Any changes made to the Hold Amount reset the starting point of a Holding period. The rewards for full periods will be recorded in WithHolding and included in subsequent calculations. The longer the user holds, the higher the final reward.

It is important to remember that you must display your Hold Amount to participate in SoulDrop. You can do this in the WB Soul settings.

Read our Terms & Conditions to find out all the important nuances of SoulDrop and understand what to expect from the activity.

Examples

  • Let’s say a user has had 500 WBT in Holding on WhiteBIT for one year. It means they will be rewarded for twelve full periods, and the five days of the incomplete period will not be counted. Let’s assume that the user’s Hold Level percentage is 1.316985649% and that they have not changed the Hold Amount during this time. Then the calculations are:

(Hold Amount + Rewards for 11 periods) * Interest for periods + Rewards for 11 periods

Or:

(500 WBT + 77.397458366 WBT) * 1.316985649/100 + 77.397458366 WBT = 85.001700030 WBT

  • Let’s say that a user managed WBT in Holding as follows: they held 500 WBT from 01.01.2023 and added another 500 WBT on 15.03.2023. On 13.05.2023, the user decided to claim the reward.

It means that from 01.01.2023 to 15.03.2023, we count two full periods with a Hold Amount of 500 WBT, while the twelve days of an incomplete period are not counted. From 15.03.2023 to 13.05.2023, we count one full period with a Hold Amount of 1000 WBT, excluding the twenty-eight days from an incomplete period. Let’s assume this user’s Hold Level percentage is also 1.316985649%.

(Last Hold Amount + WithHolding) * Interest for periods + WithHolding

Or:

(1000 WBT + 13.256579050 WBT) * 1.316985649/100 + 13.256579050 WBT = 26.60102284 WBT

WithHolding is calculated as follows:

(500 + 6,584928245 WBT) * 1,316985649/100 + 6,584928245 WBT = 13,256579050 WBT

So, the user will receive 26.60102284 WBT for four periods.

How to view your reward?

  1. Go to the SoulDrop page in WB Explorer.
  2. Find the Read Contract section.
  3. Select the GetSoulReward function and enter your Soul ID.
  4. Click “Query”. The result will be displayed in Wei, so to understand the final amount of WBT, you need to shift the number by 18 digits. You also need to make sure that the wallet that is linked to your WB Soul is connected.

Or:

  1. Go to the SoulDrop page in WB Explorer.
  2. Find the Read Contract section and enter the following into the calculate Reward function:
  • “interval”: the time of having WBT in Holding (in seconds);
  • “holdAmount”: your amount of WBT in Holding in Wei (the smallest WBT unit);
  • “withholdings”: the amount of WBT in Wei to be considered as WithHolding for past periods. If you don’t need it, enter 0.

How to claim your reward?

You can claim the reward from any wallet address (both primary and secondary) linked to your WB Soul. This process is quite straightforward. Initiate it when convenient and practice working with Web3 and blockchain tools!

  • Go to the SoulDrop page in WB Explorer.
  • Connect your wallet to WB Explorer (one of those linked to your WB Soul). You can do it by clicking the Select Network button at the bottom right corner of the page.

  • Go to the Write Contract section on the Soul Rewards Contract page. The contract requires having at least 0,00021 WBT in WB Network in your wallet for gas fees. So, make sure to transfer the desired amount of WBT from the WhiteBIT exchange to your Web3 wallet in advance. You can do it by going to the Balances page and clicking “Withdraw” next to WBT.
  • Click “Write” in the “claim” function.
  • Confirm the transaction in your wallet.
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