- Fluidity Money seeks to incentivize blockchain use by rewarding customers once they use their crypto.
- The platform is providing a cashback system using a brand new yield-generating mechanism.
- Cashback payouts are at the moment in stablecoins like USDT and USDC.
DeFi protocol Fluidity Money has introduced a cashback program that may see companies reward their clients once they pay for items and providers utilizing crypto.
The objective is to incentivize extra individuals into utilizing their crypto for payments by rewarding them every time they accomplish that. According to Fluidity, the “spend-to-earn” program is a collaboration with enterprise crypto funds app Request Finance.
Cashback payouts in stablecoins
Fluidity says the brand new cashback program may also enable retailers to earn rewards once they combine crypto funds.
“Request Finance helps thousands of enterprise teams and DAOs use stablecoins easily. We wanted to work with them to introduce this cashback program as a fun way of rewarding people for using stablecoins for payments”, Shahmeer Chaudhry, the CEO at Fluidity Money, stated.
The program will work by providing a reward in stablecoin, like Tether, each time a sender or recipient makes use of the app. Users will profit from a loyalty program that doesn’t eat into the cashback by way of enormous interchange charges, as is the case with credit score card-type applications.
Distribution of the cashback rewards shall be random, with funds despatched to customers’ pockets, the platform stated.
While help is at the moment for stablecoin payouts, Fluidity Money plans to develop this system to different loyalty choices, and will add non-fungible tokens (NFTs) and different rewards at a later date. In this case, Request Finance will supply the rewards relying on the kind of NFT.
Payouts from NFT-related offers will embody tickets to token-gated choices, air miles, and digital collectibles.
How does Fluidity Money work?
Fluidity Money works with wrapped stablecoins, or what’s referred to as “Fluid Assets.” To acquire these fluid property, stablecoins equivalent to USD Coin (USDC) and Tether (USDT) are deposited into the Fluidity Webapp. The stablecoins are then wrapped to generate the cashback rewards.
Minting any Fluidity stablecoins requires that one deposits an equal quantity of USDC or USDT into a sensible contract, with these lent out to DeFi protocols for yield era.
Fluidity good contracts are audited by Bramah Systems and 80% of the yield from protocols like Compound goes into the cashback program.
