CoinDCX-owned self-custodial wallet Okto announced the launch of a rewards initiative on Wednesday. Okto is looking to incentivise traders that are active on its platforn while simultaneously ramping up user activity. As part of the program, Okto has announced that it will distribute 50,000 ARB (Arbitrum) tokens among its community members. The token pool has been awarded to Okto by the Arbitrum DAO’s Long-Term Incentive Program (LTIPP) grant.
ARB is the native token of the Arbitrum blockchain, and it was trading at $0.5396 (roughly Rs. 45) at the time of publishing. Based on ARB’s current value, this reward programme is worth $26,815 (roughly Rs. 22.5 lakh).
“To ensure equitable distribution, each user can earn a maximum of 1,000 ARB (roughly Rs. 45,115) throughout the campaign. Rewards will be distributed weekly, based on user progress,” the platform explained via a post on its website.
Arbitrum Rewards Challenge: Who is Eligible, How to Participate
An Okto spokesperson told Gadgets360 that the Arbitrum Rewards Challenge is open to users engaged in futures trading on the platform. Essentially, traders using Okto services will have to clear five ‘milestones’ before they are deemed eligible to earn the ARB token rewards. The clearance of each milestone will be based on the amount that a user has traded.
Crypto futures traders are investors who buy or sell cryptocurrency at a predetermined price on a future date.
For users involved in futures trading, a minimum trade of $10,000 (roughly Rs. 8.3 lakh) in volume could earn them 15 ARB tokens (roughly Rs. 678) and the maximum trade of $1 million (roughly Rs. 8 crore) could help users gain 1,000 ARB tokens (roughly Rs. 45,000) — the highest reward that can be achieved by a user as part of the Arbitrum Rewards Challenge.
In addition, a deposit of $30 (roughly Rs. 2,515) in Okto futures wallets could fetch users five additional ARB tokens roughly worth Rs. 225). This offer is valid for new users who created their Okto wallets after August 15 and these tokens will be unlocked after the users reach the first milestone.
“Trade volume is not equal to the amount deposited. We also give up to 50x leverage so a traders using $1,000 (roughly Rs. 83,935) of his funds can trade for up to $50,000 (roughly Rs. 41.5 lakh) on certain pairs. Also, one user can win up to 1,000 ARB tokens on trading $1 million (roughly Rs. 8 crore) volume,” the spokesperson said.
The wallet service says users will need to keep an eye on their trading volumes as it updates every 24 hours.
“Rewards will be distributed every Friday based on your progress, starting from August 23. The campaign will run until the entire 50,000 ARB reward pool is exhausted or 15th of September, 2024, whichever comes first,” the company said.
The Arbitrum Blockchain’s Ongoing Challenges
Arbitrum’s LTIPP initiative has provided Okto with the token pool for rewards, is a 12-week pilot programme aimed at catalysing the growth and use of the network.
The blockchain is reportedly struggling to raise the prices of the ARB token in the competitive crypto ecosystem.
The developers of this blockchain protocol are expected to introduce an ARB staking proposal that will offer ARB holders an opportunity to earn a percentage of future rewards generated by the decentralised autonomous organisation (DAO).
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