WAX Announces Genesis Block Member Program: Rewards for 3 Years as Part of MainNet Swap
On Thursday, April 25, Worldwide Asset eXchange (WAX) announced the launch of the Genesis Block Member Program (GBM) for its WAX Token holders. The program is proclaimed as a devotion to encourage engagement and to reward its long-term community members.
WAX Blockchain and Protocol Token Release Update: Introducing the Genesis Block Member Program (GBM). GBM participants will receive daily token rewards for 3 years. To be eligible, you must participate in the WAX Token Swap which begins June 30. Details: https://t.co/VjCsMyC1Lo pic.twitter.com/YXM2xKIb6D
— WAX.io (@WAX_io) April 25, 2019
As per the claims made, those who qualify for GBM, that is through the WAX Token Swap, will receive daily tokens for 3 years. The team further noted that the ERC-20 backed WAX tokens will be swapped and permanently changed to those based on the WAX protocol between June 30 and August 30, 2019.
In comparing the Genesis WAX Protocol tokens to that of the ERC-20 backed WAX tokens, one could see there is no real difference, with the exception of 3 Year GBM Rewards. Here’s an overview provided by the team:
Source 1: WAX Explorer, “Introducing the Genesis Block Member Program: Join and receive daily token rewards for 3 years
As for the conversion during the swap, it has been deemed a 1-to-1 ratio. Therefore,
“Each staked Genesis WAX Protocol Token will produce one WAX Protocol Token as a GBM reward over the course of 3 years (i.e. one staked Genesis WAX Protocol Token will produce 1/1096 of a WAX Protocol Token each day for 1,096 days).”
An example was also provided to better explain the procedure. In particular, if a trader had 1,000 ERC-20 WAX tokens, then when swapped during the allotted time frame above, the trader will receive 1,000 Genesis WAX Protocol tokens.
These will then be automatically staked. The next day, the trader will receive 0.9124087 addition WAX tokens, which is computed as 1000/1096 and this amount will be received daily for 3 years.