Hi from the Valora team! I wanted to share a quick update regarding the CELO Rewards program, as you may have seen its name change to Supercharge this week.
TLDR: Following our post here in June, we now have a new iteration to the CELO Rewards program. Earlier this year, we tested a 5% annual rate on Valora users’ cUSD balance, and we called it the “Earn” program. Based on the feedback from users who participated in the program and our own research, we just launched a new iteration that we believe will have a greater impact in growing adoption of Valora and Celo. Supercharge offers verified users 50% rewards on their stablecoin balance.
What are we doing?
We launched a new campaign called Supercharge aimed at 1) growing Valora’s user base, and 2) re-engaging existing users by encouraging them to “Add Funds” to their Valora wallet.
The campaign offers users 50% in annual rewards on their average weekly stablecoin balance. Supercharge will have the following requirements:
- There is a $10 minimum balance to qualify for the program
- There is a $1000 limit on the balance that qualifies for rewards
- Their Valora account needs to be verified (phone number confirmation)
Users can pick cUSD or cEUR, as they are both eligible for Supercharge, and the rules above will be calculated on $-value basis. We also built a Supercharge Calculator on our blog for our users who would like to see how much they could get out of this new reward program.
The T&C are here.
Why are we doing this?
We heard the following feedback from our users regarding the previous program:
- After the introduction of cEUR support in Valora, users asked us to include it in the rewards program too
- Users with small balances reported they couldn’t see the value of the savings program, hence they didn’t increase their balances.
- Some users told us they needed to see how much they would get by participating in the program (this resulted in us building the calculator)
- Valora users who are new to DeFi and the crypto space find it hard to add funds to Valora, and saw the funding fees as a barrier. So we’re trying to incentivize them to try it out
In addition to this feedback, our integrated partner Ramp started to offer 0% fees for cash in. We wanted to complement this offer to increase the awareness of cUSD and cEUR even more.