Lenders Competitions
This page intends to give you a brief explanation of how Lenders Competitions and the rewards work with SLCR.
General
Lenders Competitions would be hosted by SOLARR irregularly with fixed time duration (such as 14-Days Lenders Competition, 7 Days Lenders Competition).
SLCR holders can support any lender on SOLARR platform by locking their SLCR before every Lender Competition start, and unlock their SLCR to claim rewards after every competition end.
Total Reward distributed for each Lenders Competition will be calculated by a pre-set proportion (to be announced by SOLARR for every lender competition) of the Overall Total Interest Received generated by all loan transactions on SOLARR platform.
All Lenders in SOLARR would be automatically involved in each Lenders Competitions.
Lenders Ranking Mechanism
In order to sort out the ranking for Lenders, Lenders Competitions Score for each Lender would be the sum of
Total Interest Received Score Contribution = 60% x Total Interest Received Generated on SOLARR platform in the fixed time duration of the competition
Lenders Competition SLCR Locking Pool Score Contribution = 25% x Amount of SLCR locked by Supporters in the Lenders Competition for each lender x Total Interest Received Generated Contribution Multiplier for each lender
Regular Supporting SLCR Pool Score Contribution =15% x Weighted average amount of SLCR in Regular Support for each Lender in the fixed time duration of the competition x Total Interest Received Generated Contribution Multiplier for each lender
Total Interest Received Generated Contribution Multiplier for each lender = Total Interest Received Generated by each lender in the fixed time duration of the competition / Overall Total Interest Received Generated on SOLARR Platform in the fixed time duration of the competition
Further Explanation: Regular Supporting SLCR Pool Score Contribution for each Lender
Regarding the flexibility of SLCR Regular Supporting Pool for every Lender, in order to reduce the 'Lazy Supporter Phenomenon' and create a fair environment for supporters, the amount of SLCR in Regular Supporting Pool of every Lender would be calculated by weighted average in a descending order throughout the fixed time duration of every Lenders Competition, here's an example as descending order pattern (Rounded to 2 decimal places to show) for a 14-Days Lenders Competition:
1st Day
13.33%
2nd Day
12.38%
3rd Day
11.43%
4th Day
10.48%
5th Day
9.52%
6th Day
8.57%
7th Day
7.62%
8th Day
6.67%
9th Day
5.71%
10th Day
4.76%
11th Day
3.81%
12th Day
2.86%
13th Day
1.90%
14th Day
0.95%
Moreover, other than the weighted average for each day in Lenders Competitions, proportion of locking time accurate to seconds (one day: 86,400 seconds) would be also implemented to ensure the fairness of score outcome.
Here's a numerical example for calculating the score contribution by Regular Supporting SLCR Pool of one Lender in 14-Days Lenders Competition:
Two SLCR locking transactions in one Lender Regular Supporting Pool
1
1st Day 15:00:01 (32,398 Seconds on 1st Day)
2nd Day 19:00:20 (68,420 Seconds on 2nd Day)
100,000
1st Day = 32,398/86,400 x 100,000 x 13.33% = 4,999.69 2nd Day = 68,420/86,400 x 100,000 x 12.38% = 9,804.45
2
10th Day 15:00:011 (32,398 Seconds on 10th Day)
12th Day 19:00:20 (68,420 Seconds on 12th Day)
200,000
10th Day = 32,398/86,400 x 200,000 x 4.76% = 3,571.21 11th Day = 200,000 x 3.81% = 7,619.05 12th Day = 68,420/86,400 x 200,000 x 2.86% = 4,525.13
The Weighted average amount of SLCR in Regular Support for this lender is 30,519.52.
Hence, the Regular Supporting SLCR Pool Score Contribution = 15% x 30,519.52 x Total Interest Received Generated Contribution Multiplier for this lender
Note for Lazy Supporter Phenomenon: Lazy Supporter would lock SLCR to Lender with highest mark at the last moment of the competition in order to earn some rewards.
Reward Distribution Mechanism
Lenders with Top 5 Ranking (winners) in each competition and the corresponding supporters locked SLCR in Lenders Competitions Pool and in Regular Support within the fixed time duration of each Lenders Competition would be rewarded.
1
30%
2
25%
3
20%
4
15%
5
10%
Ranking Reward Pool (e.g. Rank #1) = Total Reward of Lender Competition x 30%
If there are more than one Lender with the same score in the Top 5 Rankings, the sum of Ranking Reward Pool corresponding to the ranking order would be split proportionally by the no. of lenders with the same score. For example, two same scores ranking at the #2, the Ranking Reward Pools of these two same scores would share the Ranking Reward Pool #2 & #3 by 50/50.
Moreover, the Ranking Reward Pool of each Top 5 ranking would be allocated to three stakeholders as follow:
1
30%
30%
40%
2
35%
30%
35%
3
40%
30%
30%
4
45%
30%
25%
5
50%
30%
20%
If there's no SLCR locked for the Lenders with Top 5 Ranking, either in Lenders Competition SLCR locking Pool or in Regular Support, the undistributed reward would be transferred to a Jackpot pool as a Reward Reserved added to the Total Reward Pool of next round Lenders Competition.
The reward allocated to one supporter who locked SLCR in competition locking pool would be proportional to his/her occupied % of SLCR locked amount in the competition locking pool for a lender.
The reward allocated to one supporter who locked SLCR in regular support would be proportional to his/her occupied % of weighted average amount of SLCR in Regular Support for each lender in the fixed time duration of the competition.
Hint for Supporters
In Lenders Competitions, always remember that you are supporting specific lenders, which means that the lending activities and transactions of the lender that you support by SLCR would affect your earnings from locking SLCR. In addition, only the Lenders with Top 5 Ranking would be allocated to have a Ranking Reward Pool.
Other than the Lender Leadership Board as provided by SOLARR and shown on platform, the past performance (including all historical loan transactions) of each lender could be checked on SOLARR platform, that may be one of the indicators for you to decide which lender would be worth to support with your SLCR.
However, be aware that some new lenders may also have surprising performance.
Don't miss out the opportunity to support lenders and earn with SLCR!
Click here to learn more about Lenders Competitions from a case scenario.
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