Rho Markets is known to be the first native lending protocol that is based on an overcollateralized model which it uses to lend various digital assets.
The protocol has its backing from the layer 2 blockchain Scroll.
Rho Market is an issuer of lending services in LRT assets and other mainstream coins such as ETH and wBTC.
In addition to that the users also get the option to stake the $RATE token that they offer to earn a passive income.
The group behind the coin has recently introduced an Airdrop announcement.
In the next section let us look at how to participate in their recent airdrop event and more details regarding their loyalty programs.
Step-by-step Guide To Participate And Claim Your RATE Tokens
These are the steps that one should follow in order to become eligible for their offering and reward programs.
Step 1:
The first step in the process is to visit the official website of Rho Markets.
Step 2:
For the second step connect your crypto wallet to the website and switch to the Scroll network.
Step 3:
Choosing the pool to deposit and confirming the transaction will be the third step in the process.
The supply mechanism works in such as way that the amount of RXP you will earn is directly determined by the amount of your deposit and the time of your deposit.
Rho market also gives you the option to earn additional RXP for borrowing from Rho markets along with the ability to collect “Rho Pets” for any deposit of more than 0.05 ETH or any equivalent stablecoin.
Step 4:
Once you have deposited to enroll in the Loyalty Rewards Programs the Rho Markets team will inform you and provide with your rewards in the form of tokens and other benefits according to your transaction’s size and nature.
These are the steps that one must follow in order to enroll in the Rho Markets Loyalty Rewards Program and become eligible for further rewards in the future.
Phases Of Point Allocation
The Rho Markets has planned to allocate the benefits through a 2 phase system with the phases being as follows:
In the first phase of the protocol, the points are allocated according to the borrowing rate, supply rate, and the number of successful invitations from that user.
In the second phase, the team plans to introduce pet NFTs and team mode to rev up the airdrop activities and make them more exciting.
Now, let us look at some of the benefits that the program seems to offer to its Rewards program members.
Benefits Of Enrolling For The Airdrop And Their Loyalty Program
The Rho markets community offers a lot of benefits to the users who subscribe to their loyalty programs and future endeavors. A detailed mention of these benefits is given below.
One of the benefits of participating in the Airdrop is the early access that the individual gets to RATE tokens, which they can later stake to receive higher returns.
The second benefit that has been offered by Rho Markets is in the form of RHo XP Loyalty Points(RXP) which it has launched to ensure a more user-engaged community.
The third benefit that RXP holders will have is a primary preference for the direct distribution of Scroll tokens in the future as a reward for their early onboarding.
The earlier mentioned chance to collect “Rho pets” for each user depositing more than 0.05 ETH or its equivalent in any other stablecoin is an additional benefit of the program
In the same conditional sense, the users who supply more than 0.10 ETH will receive an invitation code which can then be used to get 5% of the amount that the invited person deposits if the deposit at least 0.05 ETH to the system.
Apart from these, the participants will get the opportunity to become part of a community that is built upon an innovative and groundbreaking lending initiative that has support from reputable blockchain projects.
Final Thoughts
Looking through the benefits and rewards that the Rho Market provides to its users it is no doubt that investing in their venture could turn out to be fruitful to all those who believe in their vision and goals that they have set forward to achieve.
It is therefore a decision that has been left up to each and every interested individual to make up their minds regarding the prospects of the platform and the tokens and rewards that they offer to its subscribers.
