Parcl Updates

Phase 2: Referral Rewards Program Alpha Launch

September 22, 2022
5 mins
Phase 2: Referral Rewards Program Alpha Launch

Claim your referral program sign-up reward!

Today marks the launch of Phase 2 of the Parcl Protocol referral rewards program where eligible users can claim their referral program sign-up reward(s). If you have yet to complete Phase 1, please see the tutorial here. Pilot SFTs claimed in Phase 1 are required to proceed to Phase 2.

In Phase 2, eligible Pilot SFT holders can participate by staking their new SFT’s and claiming referral program sign-up credits in the form of synthetic real estate tokens (Parcls). Eligible SFT holders can claim their sign-up credit Parcl(s) via Cardinal and choose from any of the six Parcl markets live on the Parcl Protocol.

Parcl Protocol users holding a Pilot SFT may also be eligible for boosted referral rewards in Phase 3 and beyond, among other benefits.

How to Participate in Phase 2

Stake your Pilot SFT via Cardinal & claim your referral program sign-up Parcl(s)

1. Head over to one of the new Cardinal staking pools (Brooklyn here) & connect your wallet

2. Stake your Pilot SFT to be eligible to claim your referral program sign-up reward

Note: there is a small SOL fee for staking.

Staking locks up Pilot SFTs for a minimum of approx. six weeks, but sign-up reward claims are available immediately upon opting into the staking program. ‍

The sign-up reward claim period is open for a limited time only; Pilot SFTs must be staked by October 30th 2022 to qualify for the sign-up reward claim.

3. Claim your sign-up reward Parcl(s)

Note: there is a small SOL network fee for claiming the token.

The rewarded token in the example shown above represents a fraction of one square foot of synthetic real estate in the Brooklyn market. Eligible users are able to view their synthetic real estate holdings & transact at parcl.finance.

4. Claiming multiple sign-up rewards

While there is only one programmatic sign-up reward claim per SFT, per pool, users with multiple SFTs are eligible to claim one sign-up reward from each of the other five Parcl pools.

Alternatively, users with multiple SFTs could transfer additional SFTs to a unique wallet to make a programmatic claim from the same pool more than once.

5. Staking multiple SFTs in the same pool

Users are able to stake multiple SFTs in a single pool, as shown above. However, at this time, only one programmatic claim can be made per user (wallet), per pool, via Cardinal's staking UI.

Eligible users that stake multiple SFTs in a single pool, from the same wallet, will receive unclaimed sign-up rewards via token streaming at a later date. Users can always check their synthetic real estate holdings & transact at parcl.finance.

Caution: If one of your SFTs has already successfully claimed a reward in a given pool, do not attempt a subsequent claim; you will burn a very small amount of SOL and no sign-up reward will be transmitted.

Check out the following blog to learn more about how to trade synthetic real estate tokens on the Parcl Protocol

Get Started: How to Trade on Parcl

Coming Soon: Phase 3

Full Referral Rewards Program Beta Launch

Parcl is developing a pioneering, crypto-native referral rewards program to provide ongoing referral rewards to Parcl Protocol users who commit to helping others build their global real estate portfolios. Stay tuned for more details soon!

*‍Note: Parcl reserves the right, in its sole discretion, to distribute rewards, including rewards reserved for the Referral Rewards Program. Parcl maintains the right to modify or cease the Referral Rewards Program with or without notice at any time.

Phase 2 FAQ

Who will be eligible for Parcl Protocol referral rewards?

Users that meet certain participation and eligibility conditions will be able to participate in the referral rewards program, including claiming the referral program sign-up reward.

As a reminder, at this time, the Parcl Protocol is not available to residents of jurisdictions where accessing or using the Parcl Protocol is prohibited (the "Prohibited Jurisdictions"). Residents of Prohibited Jurisdictions may not be able to participate in certain or all Referral Program initiatives. For more information, please see the terms of use.

Am I able to trade my Parcl x HOA referral rewards Pilot SFT?

Yes! The pilot token is verified for marketplace trading on Magic Eden. You are able to trade your SFT or trade for another SFT on Magic Eden’s third-party marketplaces.

Pilot tokens that have previously claimed sign-up rewards will not be able to be un-staked during the approx. six week claim window in Phase 2. Therefore, they will not be available for sale or purchase on third party marketplaces.

How do I know if an SFT has claimed its sign-up reward?

During the approx. six week SFT staking window, any SFT’s that have claimed their Phase 2 sign-up reward will remain staked, and cannot be transacted on a third party marketplace during the claim period (through 10/31/22).

To be certain, it’s always best practice to check the blockchain via Solana Explorer or Solscan.

Why do I have to Stake the SFT?

This ensures that SFT’s that have claimed their Phase 2 sign-up reward cannot be transacted on a third party marketplace during the claim period.

As SFT tokens will have future utility within the referral rewards program, stake + claim was the only option to prevent a double-spend problem during the Phase 2 claim window.

Can I claim multiple sign-up rewards?

Yes! Users with more than one Pilot SFT can stake the SFTs on Cardinal and programmatically claim one sign-up reward per pool, per SFT. Users with 6 SFTs, for example, can claim one sign-up reward from each of the six pools. Alternatively, users with multiple SFTs can transfer additional SFTs to a unique wallet to make a programmatic claim from the same pool more than once.

Users that stake more than one SFT in a single pool, from the same wallet, will be unable to programmatically claim subsequent sign-up rewards. These users will receive unclaimed sign-up rewards via token streaming at a later date. Users can always check their synthetic real estate holdings & transact at parcl.finance.

If one of your SFTs has already successfully claimed a reward in a given pool, do not attempt a subsequent claim; you will burn a small amount of SOL and no sign-up reward will be transmitted.

Where can I find the relevant staking pools?

‍The relevant pools can be found here:

Brooklyn

Manhattan

San Francisco

Los Angeles

Miami

Phoenix

When will the Phase 2 staking pool close?

The Phase 2 staking pools are scheduled to close on or about October 31st 2022. Be sure to stake your Pilot SFT before that date to be eligible to claim the referral program sign-up reward.

When will Phase 3 launch?

Phase 3 is currently targeted to launch in early 4Q.

Note:

Parcl reserves the right, in its sole discretion, to distribute rewards, including rewards reserved for the Referral Rewards Program. Parcl maintains the right to modify or cease the Referral Rewards Program with or without notice at any time.

Terms

Shared content and posted charts are intended to be used for informational and educational purposes only. Parcl does not offer, and this information shall not be understood or construed as, financial advice or investment recommendations. The information provided is not a substitute for advice from an investment professional. Parcl does not accept liability for any financial loss or damages. For more information, please see the terms of use.

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