Drips Rewards

Early users of Syrup will be rewarded through an innovative rewards system known as “Drips” that aligns the community through token incentives. Drips will convert to SYRUP token during the MPL token conversion in Q4 2024. Participants will earn Drips for depositing USDC and USDT into Syrup, with additional reward boosts for locking their deposits for up to 6 months.

Seasons & Commitments

The Drip Rewards Program will be broken down into Seasons, with each Season having its own reward structure and conversion of Drips to SYRUP. Earlier participants receive more opportunities to earn Drips, and users will be able to commit their deposits for periods of time to earn a multiple of Drips. At the end of each Season, the Drips <> SYRUP conversion will be announced.

The results of Season 1, and the compounding effects of Seasons 1 & 2, show that compounding daily Drips and boosts impact total APY for Syrup users. Syrup users will be able to connect their wallet and view their current Drip balance at any time.

Eligibility

The compliance requirements for Syrup have been determined and set prior to launch and enforced by the application. Anyone that is able to access and deposit into Syrup will be eligible for Drips rewards and to receive any associated token distributions. These compliance requirements include the necessary geo-blocking and AML standards which are enforced in the webapp and smart contracts.

Token Distribution

As part of MIP-010, at SYRUP token launch, Drips can be converted to staked SYRUP, enabling users to earn more SYRUP as part of the staking process and support the Syrup ecosystem.