ParaSpace NFT Lending Agreement Launches New Incentive Plan for Users

On April 3, according to official Twitter, ParaSpace, the NFT lending agreement, announced the launch of an incentive plan in which users will receive rewards for their actions and activities. Points will be exchanged for ParaSpace tokens through air drops when ParaSpace releases tokens. By the end of the second quarter (June 30, 2023), ParaSpace will increase the bonus points earned by users to 300%.

ParaSpace launched an incentive plan, and points can be converted into tokens for the project in the future

ParaSpace, the popular NFT (non-fungible tokens) lending agreement, has recently announced a new incentive plan for its users. The announcement was made on April 3rd through its official Twitter account. Under the new program, users will receive rewards for their actions and activities on the platform.

What is ParaSpace?

ParaSpace is a decentralized finance (DeFi) platform that provides loan services for NFTs. Users can use their NFTs as collateral to borrow stablecoins like USDC or DAI. ParaSpace’s unique lending model allows users to retain ownership of their NFTs while still obtaining liquidity.

The New Incentive Plan

Under the new incentive plan, users will earn points for various actions and activities on ParaSpace. These points will be exchangeable for ParaSpace tokens (PSP) through air drops once ParaSpace launches its tokens. The incentive plan is aimed at encouraging more users to engage with ParaSpace and utilize its services.
The user actions and activities that will earn points include:
– Taking out a loan using an NFT as collateral
– Repaying a loan on time
– Referring new users to the platform
– Participating in community events or campaigns
Initially, users will earn 100 points for each of the above actions/activities. However, ParaSpace plans to increase that number by 300% by the end of the second quarter of 2023. This means users can earn up to 400 points per action/activity in the future.

The Benefits of the Incentive Plan

The incentive plan provides several benefits to ParaSpace users. Firstly, the points earned can be exchanged for PSP tokens, which may have future value. Therefore, users can potentially earn a return on their engagement with ParaSpace.
Secondly, the incentive plan encourages users to engage with ParaSpace’s lending services. This may result in increased liquidity and volume on the platform, which benefits all users. Additionally, more activity on the platform may lead to the discovery of new use cases for NFTs as collateral.
Lastly, the incentive plan rewards users for referring new users to ParaSpace. This could lead to an increase in the platform’s user base, which strengthens its position in the market.

Conclusion

ParaSpace’s new incentive plan provides an attractive scheme for users to engage with its services. The ability to earn points that can be exchanged for PSP tokens provides a potential return for users. Moreover, the incentive plan encourages engagement with ParaSpace’s lending services, which may lead to new discoveries and increased liquidity.

FAQs

1. How can I participate in ParaSpace’s incentive plan?
Ans: Users can participate in the incentive plan by engaging with various actions and activities on the platform to earn points.
2. What can I do with the points earned through ParaSpace’s incentive plan?
Ans: Users can exchange the points for PSP tokens through air drops once ParaSpace releases its tokens.
3. What is the deadline for ParaSpace to increase the bonus points earned by users to 300%?
Ans: ParaSpace plans to increase the bonus points earned by users to 300% by the end of the second quarter of 2023.