- Fluidity Cash 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 companies utilizing crypto.
The objective is to incentivize extra individuals into utilizing their crypto for payments by rewarding them each time they accomplish that. In line with 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 can even permit retailers to earn rewards once they combine crypto funds.
“Request Finance helps 1000’s of enterprise groups and DAOs use stablecoins simply. We needed to work with them to introduce this cashback program as a enjoyable method of rewarding individuals for utilizing stablecoins for funds”, Shahmeer Chaudhry, the CEO at Fluidity Cash, mentioned.
This system will work by providing a reward in stablecoin, like Tether, each time a sender or recipient makes use of the app. Customers will profit from a loyalty program that doesn’t eat into the cashback by way of large interchange charges, as is the case with credit score card-type packages.
Distribution of the cashback rewards will probably be random, with funds despatched to customers’ pockets, the platform mentioned.
Whereas help is at the moment for stablecoin payouts, Fluidity Cash plans to increase this system to different loyalty choices, and will add non-fungible tokens (NFTs) and different rewards at a later date. On this case, Request Finance will provide the rewards relying on the kind of NFT.
Payouts from NFT-related offers will embrace tickets to token-gated choices, air miles, and digital collectibles.
How does Fluidity Cash work?
Fluidity Cash works with wrapped stablecoins, or what’s referred to as “Fluid Belongings.” To acquire these fluid belongings, stablecoins similar 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 wise contract, with these lent out to DeFi protocols for yield era.
Fluidity sensible contracts are audited by Bramah Techniques and 80% of the yield from protocols like Compound goes into the cashback program.