FLT is the latest Bitcoin-backed loyalty reward token to launch; FLT tokens are backed by BSV and will be redeemable for BSV beginning in six months. Every week, 50% of FloatSV trading fees are sent to the FLT loyalty wallet–the wallet that FLT is backed by and will be redeemable through in the future.
“We’ve had a few thousand users sign up to our platform and today we are announcing the FloatSV Token (FLT). FLT is a gesture of gratitude to our most loyal traders and as a way to reward traders in the future,” said FloatSV in its official announcement.
The FLT has a fixed supply of 200,000,000 tokens and the FLT tokens will be distributed via airdrop.
“20,000,000 (10%) of FLT will be airdropped to early traders of FloatSV on a pro-rata basis from the amount of trading fees paid between the launch of FloatSV on 17th April 2019 and 17th April 2021,” said FloatSV.
The remaining 60,000,000 will be distributed according to the following distribution schedule:
The other 120,000,000 tokens are reserved for the FloatSV team (100,000,000 FLT) and partnerships (20,000,000 FLT).
After the FLT distribution period ends (the end of the 105,120 block period), FLT holders will have six months to redeem their FLT for BSV. If FLT owners do not redeem their tokens for BSV within that period, the BSV remaining in the FLT loyalty wallet will belong to FloatSV, and the FLT will no longer have any utility.
What is a loyalty reward token?
Loyalty reward tokens backed by Bitcoin have been very popular lately; RelayX launched a loyalty reward token (REX1), Haste Arcade has launched a loyalty reward token (HST), and now FloatSV is entering the arena with FLT.
But what is a loyalty reward token? Loyalty reward tokens can be thought of as loyalty points that a store might give you for being a customer those shops with them; loyalty reward tokens are BSV-based tokens that are distributed to users of a platform or service. To date, all of the loyalty reward tokens that have been created are backed by BSV and have plans to be redeemable for BSV in the future, but as time goes on, we might see loyalty reward tokens with utility outside of BSV redemption.
The loyalty reward token era that we are entering would not be possible without the token renaissance that hit Bitcoin this year. With tokens on BSV, companies now have opportunities to provide unique offerings that were not possible before.
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