QLC Chain has announced a token lock-up and referral program for Q-Wallet users, which aims to incentivize network and wallet activity. The announcement follows newly added Q-Wallet support that allows China Mobile Guangdong customers to pay a portion of their 4G mobile plans using QGAS.
QLC lending contract
To grow users on its platform, QLC Chain is releasing a “lending contract” on QLC MainNet. The contract is designed to lend Q-Wallet users 1,500 QLC tokens, which will automatically stake on QLC MainNet for one year. Though the QLC tokens from the lending contract automatically stake, users will have the ability to claim QGAS staking rewards as they see fit.
The QLC Chain development team intends to distribute QLC on the lending contract to the first 15,000 Q-Wallet users.
In addition to the lending contract, QLC Chain is launching a referral program. Current platform users can share a unique referral code with individuals that have not registered a Q-Wallet. For each new user added to the platform, the invitee will receive 2 QGAS. However, participants can not withdraw their QGAS reward until they have accumulated a minimum balance of 4 QGAS.
To assist regular QLC holders with token staking, QLC Chain has released a video tutorial outlining the necessary steps. The video covers the following process:
- Step One: Creating a Q-Wallet
- Step Two: Withdrawing QLC tokens to a NEO wallet
- Step Three: Invoking a stake
- Step Four: Checking QGAS earnings
QLC Chain states the next update to the Q-Wallet, along with the implemented promotional features, is tentatively scheduled for the week of October 14th.
The full announcement can be found at the link below: