Parallel Technology Holdings Inc. and its affiliates (“Parallel Finance”) have established a referral program (the “Program”) on May 16th, 2022. The main goals of the Program are to increase the number of active stakers, grow Parallel Finance’s TVL and promote the benefits of sDOT and sKSM.
By participating in the Program, you agree to (i) the terms and conditions set out herein and (ii) the general terms of service and privacy policy found on the Parallel Finance website at www.parallel.fi (in each case, as may be amended from time to time) (collectively, the “Terms and Conditions”). Parallel Finance reserves the right, at its sole discretion, to change, modify, add or remove portions of the Terms and Conditions at any time. It is your responsibility to check the Terms and Conditions periodically for changes. If you are not in agreement with the Terms and Conditions, please do not participate in the Program. Any continued participation in the Program after a change, modification, addition, removal, and/or any other update has been made to the Terms and Conditions constitutes your acceptance of such change, modification, addition, removal, and/or any other update.
Program Conditions
- Parallel Finance retains full control over the entire Program, including, but not limited to, starting, setting the rewards per staked asset, the total reward pool, suspending, resuming, or terminating the Program at any time.
- Users are given the ability to generate a unique referral URL that is specific to their DOT address and/or KSM address (as applicable).
- Program rewards are calculated every 2 weeks.
- To be eligible for rewards in the current rewards calculation period, referral should drive at least 10 DOT/ 1 KSM in referee stakes during the whole referral period and must remain staked at the time of reward calculations.
- The referrer and referee receive 1% payback each in PARA/HKO of the DOT/KSM staked with a referral code. Referral reward amount in PARA/HKO is calculated every 2 weeks based on DOT/USD and PARA/USD or KSM/USD and HKO/USD 14 days (whole referral period) time weighted average price (up to a maximum of 2PARA/DOT or 2HKO/KSM for referrer and referee)
- The Program will continue as long as there is PARA or HKO in the Reward Pool (as defined below) or when Parallel Finance chooses to terminate the Program.
- Parallel Finance can stop, pause and resume the Program at any time.
- Parallel Finance determines the size of the Reward Pool, the amount, and the terms of the PARA/HKO token reward and can change them at any time.
- Parallel Finance can change the operating conditions of the Program at any time.
Reward Pool
The currently approved size of the reward pool is 100 Million PARA and 10 Million HKO (collectively, the “Reward Pool”).
Execution
Each reward calculation period lasts 2 weeks. During this time, preliminary rewards are calculated based on the referral’s total amount of DOT/KSM staked. Payouts to your account may last up to an additional week, during which cases are reviewed and filtered (to ensure no prohibited activity, at Parallel Finance’s sole discretion, has or likely has occurred) and rewards are approved.
During the payout period, approved rewards are delivered directly to referral addresses.
If for any reason there are errors in the calculation or transmission of rewards to a referrer, the error can be corrected in an appropriate manner. Users can contact Parallel Finance support through all channels (team@parallel.fi and Discord Channel in case of problems.
To ensure that the Program strengthens the development of the Parallel Finance ecosystem and the acquisition of new stakers is achieved, rules are in place to limit abuse and misconduct.
- Participants/Addresses who engage in abusive, improper, or suspicious behavior that violate Parallel Finance’s values, goals, rules, or products, will be permanently banned from the Program and immediately forfeit any entitlement to PARA/HKO rewards, including but not limited to the following situations:
- Participant/address is engaged in Cycle Staking, i.e., uses the same amount of DOT/KSM to generate rewards multiple times (user sends DOT/KSM via a referral link through Parallel Finance, only to later sell his/her sDOT/sKSM for more DOT/KSM to repeat the entire process over and over)
- Reasonable suspicion that the user’s DOT/KSM was stolen or illegally gained (e.g., a hack).
- Parallel Finance may change and expand the list of undesirable activities that can be considered abusive and not contributing to the development of our ecosystem at any time.
- Deploying DOT/KSM borrowed via borrowing protocols or purchased with another borrowed cryptocurrency, will not be rewarded.
Reports on the distribution of PARA/HKO rewards will be published regularly to ensure transparency of the Program and to increase trust in the Parallel Finance ecosystem.
We would like to emphasize that Parallel Finance can stop the program at any time and change the way it is implemented, including the proposed PARA/HKO token reward per DOT/KSM staked and the total amount of PARA/HKO in the Reward Pool. It is intended that material changes should be announced at least 7 days prior to implementation and will apply to the next reward calculation period.
Terms & Conditions for Parallel’s Liquid Staking Referral Program was originally published in Parallel Finance on Medium, where people are continuing the conversation by highlighting and responding to this story.
