At Gondi, our mission is to create the most capital-efficient NFT credit market that maximizes benefits for both borrowers and lenders. This involves improving overall liquidity, attracting more users and accelerating trust and innovation. Most importantly, it requires the incentivization of healthy user participation that is aligned with the interests of the community.
In that vein, we’re excited to announce that the Gondi Points System is now live on the platform ✨
The system is designed to recognize and reward active participants in the protocol, encouraging activities that benefit the community.
Users can accumulate Gondi Points in three ways:
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Lending
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Borrowing
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Referrals
Earning Gondi Points as a Borrower / Lender
Lenders and borrowers earn Gondi Points when a loan is repaid.
A cheat sheet to help you maximize your points tally:
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The more interest you earn as a lender, or pay as a borrower, the more points you receive.
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A higher APR, a larger principal, and a longer loan duration all lead to higher interest and more points for lenders and borrowers (subject to caps/limits, which are detailed in the following section).
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Gondi points are credited only for repaid loans, upon repayment.
Lenders receive points depending on the amount of interest earned, while borrowers earn points as a function of the interest paid (only if/when the loan is repaid).
Some caps/limits have been put in place to ensure a safe and healthy platform for market activities, applicable to both lending and borrowing points.
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Points are disbursed only if a loan is fully repaid by the borrower. This incentivizes prudent lender underwriting and risk pricing.
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To avoid undesirable behaviors, loans with APRs over 100% will receive their points at a capped APR of 100%.
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If the loan’s principal is higher than the NFT collection’s floor, points will be calculated with the principal capped at the floor price.
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Gondi will remove points from wallets if it detects wash trading activities.
Earning Gondi Points via Referrals
Users can also earn points through a referral system. Each wallet connected to Gondi has a unique referral link that tracks on-chain transactions from referee (referred) wallets.
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With successful lender/borrower referrals, users receive 25% of the lending/borrowing points earned by the referee. This does not impact the referee points.
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New users are awarded an additional 50 points if they join via a referral link.
Bonuses and Multipliers
Users with a history of on-chain lending and borrowing activities may qualify for ‘Bonus Points’. Here, additional points are auto-credited as a lump sum (not subject to multipliers) when users reach 100 Gondi Points.
Plus, the top Gondi Point earners are ranked, and rewarded with multipliers on their points tally. The exact timeline will be disclosed later.
User ranks decide multiplier rewards, and are calculated thus:
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1 - 10 ranking = 3.5x multiplier
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11 - 25 ranking = 3.0x multiplier
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26 - 50 ranking = 2.5x multiplier
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51 - 250 ranking = 2.0x multiplier
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251 - 500 ranking = 1.5x multiplier
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>500 ranking = 1.0x multiplier
About Gondi
Gondi is a decentralized non-custodial NFT lending protocol engineered to create the most efficient NFT credit market.
Borrowing is cheaper for asset owners, while lenders enjoy higher capital utilization rates and improved returns. There are no automatic liquidations, and the platform enables continuous underwriting, refinancing, and renegotiation of loans.
READ MORE: All you need to know about Gondi