$RARI Rewards Season 2 is Here

Spring has arrived, which inspired us to renew our most popular native rewards program—$RARI Rewards. From April 10th-April 30th 2024, you can be eligible to earn $RARI by accruing points on eligible bidding and minting transactions on RARI Chain. Here’s how it works:

• Every day from April 10-April 30th, 1000 $RARI will be allocated to reward collectors on RARI Chain.

• Points are awarded for bidding on specific RARI Chain collections on the Rarible marketplace, and the $RARI will be awarded based on the points system.

• Minters of these collections will also be eligible to receive a reward!

• You can claim your $RARI at https://rari.foundation/claim. The $RARI token has a 3-month locking period.

• Collect new pieces of art Gabe Weis!

• Collections with a related reward will be announced on our X & Discord channels.

• Get exposure to the RARI ecosystem and its growing list of opportunities for token holders.

How to Earn $RARI Rewards

Every day during the program, 1000 $RARI will be awarded to eligible participants. Each 24 hours is reset at midnight UTC +0. Rewards are earned by bidding and minting 'Banners' by Gabe Weis on the Rarible marketplace.

Bidding

During the $RARI Rewards program, you can earn points by bidding on 'Banners' on the Rarible marketplace. Bids must be at least 75% of the floor price to be eligible, and stronger bids are awarded more points. Awards are granted to all eligible bids, and those with more points receive a higher award. Points are calculated every ten minutes within the 24 hours.

Bids example: (floor price 1 ETH):

Collection #1 has 5 bids: [0.9] [0.8] [0.8] [0.77] [0.74] ETH

Let’s calculate the Points that will be given to each bid every 10 minutes:

The formula is POINTS = 10+90/SQRT(N), where N is the position of the bid

0.9 ETH = 10 + 90 / sqrt(1) = 100 points

0.8 ETH = 10 + 90 / sqrt(3) = 61 points //these bids have the same amount of points because there are a total of two bids at that price and one bid with a better price.

0.8 ETH = 10 + 90 / sqrt(3) = 61 points //

0.77 ETH = 10 + 90 / sqrt(4) = 55 points

0.74 ETH = 0 points //This item has a bid lower than 75% of the floor price.

For a full breakdown of the bidding reward mechanisms, please visit our delegate proposal RRC-7. 

*While the relevant drops are open, bidding rewards are paused, and the daily 1000 $RARI budget will be allocated entirely to minters. On days when the drop ends before the 24-hour clock reset, bidding rewards will start when the drop ends and the 1000 $RARI reward are divided evenly between the two tasks. Example: Gabe Weis' drop ends at 2 pm UTC on Saturday, April 13th. Between 0 UTC and 2 pm UTC, 500 $RARI rewards will be divided between all eligible mints. From 2 pm until 11:59 pm UTC on April 13th, 500 $RARI will be awarded to eligible bids, as described above.

Minting

You can also receive awards by minting Banners during the drop. Contrary to the bidding reward, the 1000 $RARI minting reward is distributed evenly each day during the drop to wallets that minted from the collection. Each mint is eligible for it's own reward.

For example, if 50 pieces were minted from the collection that day, each mint would be eligible for 20 $RARI. The number of mints per wallet, the drop length, and the total number of items in the collection will vary by artist.

How to Claim Your Reward

You can verify your total award by connecting your wallet to https://rari.foundation/claim. Please note that there is a six-month locking period after claiming $RARI token awards, with a three-month linear unlock period. In other words, your $RARI will be locked for six months and you will receive your unlocked $RARI weekly over three months. 

You may also view your eligible veRARI, which grants you voting rights in the RARI DAO. As each claim incurs gas fees and a locking mechanism, we suggest waiting until the end of $RARI Rewards (May 1, 2024) to claim your tokens.

Added Bonus for Bitget Wallet Users

To welcome the brand new Rarible X RARI Chain integration with Bitget Wallet, Bitget is joining us for this launch by offering 200,000 points to $RARI Rewards participants who use their Bitget Wallet and meet the top 25% of trade volume for $RARI Rewards collections in the month of April. These points allow users to be eligible for an airdrop from Bitget—in addition to any $RARI for which you may qualify!

About the Artist

Gabe Weis

'Banners' drops April 10th-13th

Gabe is an internationally renowned California-based Cubist artist who uses a stream-of-consciousness approach to explore perceptions of reality. 

This past year, his work has been shown at the Venice Biennale, Picasso Museum, Seattle Art Fair, and various galleries throughout Asia and the United States.

In 2022, he launched The Stoics, a 5,000-piece NFT collection that sold out in minutes and represents his personal philosophy of resilience through stoicism. 

Gabe is committed to sustainability in his craft. By reusing older materials found around the house, such as cereal boxes, maps, and old dictionaries, to create timeless works, he hopes to inspire others to reuse materials as part of their art practice. 

Why $RARI Now

After our recent RARI Chain launch, RARI Foundation has grown the RARI ecosystem by integrating new partnerships on the Rarible Protocol and RARI Chain, while working in the background to advance $RARI liquidity. 

Not only do token holders get exposure to the growing ecosystem, but by locking $RARI, you secure voting power in the RARI DAO. As we work to build a creator-centric Web3, your voice in the DAO can help shape the future of NFTs. 

Locking 100 veRARI gives you the following benefits:

• Participate in governance with the DAO 

• 0% seller fees on Rarible.com

• Private Discord access 

• RARI Prime badge along with veRARI role

• Soon: Use $RARI as a payment token on Rarible, ecosystem partner rewards, and token holder events

What’s Next

Hop onto the Rarible Marketplace and start minting & bidding from the four $RARI Rewards collections! Follow our X and Warpcast and join us on Discord to stay tuned for the upcoming drops. Visit https://rari.foundation/claim to see your eligible rewards!