The RWA narrative is picking up steam, and recently we introduced you to a potential heavy-hitter in the sector in Florence Finance. If you haven’t checked out that article already, I recommend doing so before diving into this one.
Done? Okay cool.
As you can tell, the concept is brilliant. Creating a win-win situation by providing DeFi users with sustainable yield from SME credit exposure while giving the SMEs some much-needed access to financing.
But, if you’re as bullish as we are, you may be wondering, how exactly do I take part in this? What’s the best way to make the most out of the Florence Finance system?
Today we’re going to show you just that.
Duke Dash
Duke Dash is an incentive system to rank users within Florence Finance. A strong core community is imperative in crypto, but to maintain that strong core community, they have to be appropriately rewarded as an incentive for them to remain a part of the community. The Duke Dash incentive system allows Florence Finance to achieve just that.
So how does it work?
Users start their journey by minting a Duke NFT. With this NFT attached to a user's wallet, the user can then start participating in the Florence Finance ecosystem in many different ways.
Active participation and engagement will naturally be rewarded. Users will accumulate points and climb up the ranks, starting as a squire with the eventual aim of reaching the highest rank of archduke.
To begin with, anybody can mint a Duke NFT. When you first mint one, you start as a Squire with 0 points.
As you start accumulating points, you reach the next level, which is Counts. Counts are the bottom 50% of point holders.
As you continue to participate and rack up the points, you can rank up to Earl. Earls are those in the top 50% of the points leaderboard.
The next rank from here is Knight. To become a Knight, you need to accumulate 10 badges which are handed out only for active community participation. The Knight rank badges will only be handed out by team members.
Badges can be earned for a variety of different forms of community participation. This could be attending and participating in AMAs, creating content around the product and posting it on socials, being active in the discord, and creating artwork, just to name a few.
Here are the 10 badges.
Once you collect all 10, you will be given the Knight rank.
The highest rank achievable is Archduke. Only those in the top 20% of the points leaderboard will have this rank.
How do I earn points?
Well, at the moment, there are 5 main ways to earn points:
- Participate in a RWA vault
- Social interactions
- Challenges
- Competitions
- Referrals to the platform
To start with, you must deposit FLR into one of the RWA vaults. The amount of points you accumulate will depend on how much FLR you have deposited and how long you keep it in the vault. The more you deposit and the longer you keep it locked, the more points you earn. Simple.
When it comes to social interactions, it is fairly basic. There will be a fixed amount of points associated with every social interaction, such as a like, repost, or comment. Once it is verified that you have done said social interaction, the points will register to your Duke NFT.
Along the way of this Duke Dash campaign, users will be able to compete in random challenges. By completing the tasks in the challenge, they can earn points. However every participant does not receive points for this. The points given are dependent on each participant's performance in the challenge.
On a similar note, there will also be competitions along the way. Florence Finance will partner with many protocols along the way and host competitions with them. Participating in these competitions and doing well in them will net users some more points.
Lastly, we have referrals. Each user will get a unique referral code with their Duke NFT, you can send this to your friends, family, or followers and get them to mint a Duke NFT. Once they mint an NFT through your link, they are now your referee. From there, 5% of all the points earned by each of the referees will be allocated to the referrer. In addition, you also receive a certain amount of points for simply referring someone.
Climbing up the ranks will not only give people prestige within the community but will entitle the higher-ranking member to a bunch of exclusive rewards down the road.
Other than this, there are some logistical specifications to keep note of.
You can mint multiple Duke NFTs if you want, but all of them will not accrue points. Only the first NFT that the wallet has bought will earn points. These points, however, are transferable. So suppose you want to send your points to someone else or another wallet, when you transfer the NFT, the affiliated points go with it.
Concluding thoughts
Florence Finance is playing a vital role in the adoption of DeFi. Bridging real world SME lending with DeFi users is a massive market which needs addressing. With the introduction of the Duke Dash incentives system, you can now get additional rewards on top of the sustainable yield you will earn from the vaults.
If you want to get involved, click here and get yourself a Duke NFT.
The token launch will be taking place in early January, so we recommend getting active before then 👀.
Florence Finance is here for the long run, this is going to be something worth keeping your eyes on.
