Everything you need to know about SoulDrop

What is SoulDrop?

SoulDrop is a system that regularly rewards users with WBT based on how much WBT they hold. Rewards are distributed monthly depending on the number and level of WBT in the Holding of each WB Soul. You can learn more about the WB Soul ecosystem in Whitechain White Paper.

How SoulDrop works and what rewards you can get?

Technically, the reward distribution system is implemented using the SoulDrop smart contract, which guarantees the security of the process. The user's rewards are stored and calculated using a smart contract based on the amount of WBT in the Holding on WhiteBIT TR.

The SoulDrop calculation system is based on the principles of accumulation and is comparable to the mechanics of a deposit. A user with WB Soul can accumulate reward percentages for every 30-day period. This means that the rewards earned in the previous period become part of your total WBT amount for calculating the next reward. However, it is worth considering that the amount of your Holding does not change, and the percentage of the reward, in turn, is determined by the user’s Holding level.

 

Please note: partial periods are not taken into account when calculating rewards, so rewards can only be calculated for complete holding periods of 30 days.


To participate in the SoulDrop rewards distribution, all you need to do is follow a few simple steps:

  1. Create your WB Soul by following this link;
  2. Transfer your WBT to Holding on WhiteBIT TR. It is also worth remembering that the minimum amount to participate in SoulDrop is 10 WBT;
  3. Make sure the holdAmount attribute is not hidden in Whitechain network. You can check this on the WB Soul management page.

 

Ready! After one continuous holding period of 30 days, your first SoulDrop reward will become available to you. You can see how to check or claim available rewards in the following sections of this article.

Pay attention to several important points that affect your reward:

 

  • There are several actions that start your holding period over:
    • any change in the Holding amount (holdAmount);
    • changing the display status of the Holding amount (holdAmount attribute);
    • withdrawal of available rewards from the SoulDrop contract.

Thus, if you performed one of these actions even on the 29th day, the reward will not be accrued, and the period will begin again;

  • after each full period of 30 days, a reward in the SoulDrop contract becomes available to you, but it is worth remembering that if you decide to get the reward, for example, on the 45th day of the holding, you will receive the reward only for 1 full period of 30 days, and the remaining 15 days will expire and the countdown of the period will begin again from the date of the award claim;
  • each subsequent reward takes into account previously earned but not withdrawn rewards, in such a way that the longer you do not withdraw your reward from the SoulDrop contract, the greater your final reward will be.

How are SoulDrop rewards calculated?

The user's reward calculation is performed at the moment he decides to claim his rewards and calls the “Claim” function in the SoulDrop contract. Upon request, checks are also made on the user's WB Soul to calculate their reward. For a successful request, it is necessary that the IsVerified attribute in WB Soul be equal to the value: “Verified” — which confirms the presence of active KYC on WhiteBIT TR, and also that the user’s reward exceeds 0 WBT.

If the user successfully passes the verification, the reward is calculated as follows: the user's hold amount is summed with accumulated but not withdrawn rewards (including WithHolding), then multiplied by the reward percentage depending on the hold level:

  • (holdAmount + reward) * percent.

The accumulated but not withdrawn rewards are added to the result:

  • reward + (holdAmount + reward) * percent.

The user's final reward includes:

  • part of the hold amount;
  • part of the accumulated but not withdrawn reward;
  • the accumulated, but not withdrawn, reward itself.

Examples of rewards accrual

To better understand how the reward system works, let's look at a few examples.

 

First example:

Let's imagine you have 500 WBT in Holding on WhiteBIT TR for a year. This means that the reward will be available to you for 12 full periods, and 5 days of the incomplete period will not be taken into account (the reward will not be available for this period). For example, your percentage is 1.316985649% and you have made no changes to your holdAmount or holdLevel. Then the calculation will be as follows:

  • (holdAmount + rewards for 11 periods) * Interest for periods + rewards for 11 periods — therefore, the formula calculates the award for the current period by multiplying the sum of holdAmount and awards for 11 periods by the interest rate, and then adds the awards for the previous 11 periods to this result. 
  • You can calculate the rewards for the previous 11 months yourself by following the methodology described earlier in the article, but for simplicity, let's calculate the rewards for the first few periods:
  • First period reward = 500 WBT * 1,316985649/100 = 6.584928245 WBT
  • Second period reward = (500 WBT + 6.584928245 WBT) * 1,316985649/100 = 6.671650805 WBT 
  • Third period reward = (500 WBT + 6.584928245 WBT + 6.671650805 WBT) = 6.759515489 WBT

 

So, calculation of the reward for individual periods has been sorted out, continuing with the main calculations:

  • (500 WBT + 77,397458366 WBT) * 1,316985649/100 + 77,397458366 WBT = 85,001700030 WBT

 

Second example: 

Let's suppose you have WBT in Holding as follows: 500 WBT from 01/01/2023 and then added another 500 WBT on 03/15/2023. From 05/13/2023 you decided to get your reward. The calculation is made as follows: from 01/01/2023 to 03/15/2023 we take into account 2 full periods with Hold Amount 500 WBT and 12 days of an incomplete period — without taking into account. From 03/15/2023 to 05/13/2023 we take into account 1 full period with Hold Amount 1000 WBT, excluding 28 days of incomplete period. For convenience, let's imagine your percentage is also 1.316985649%. Therefore:

  • (The last holdAmount + WithHolding) * Interest for periods + WithHolding

WithHolding is calculated as follows:

  • (500 + 6,584928245 WBT) * 1,316985649/100 + 6,584928245 WBT = 13,256579050 WBT

So, in 4 periods you will receive:

  • (1000 WBT + 13,256579050 WBT) * 1,316985649/100 + 13,256579050 WBT = 26,60102284 WBT

How to check your SoulDrop reward?

You can check your SoulDrop reward in a few simple steps:

  1. Go to the SoulDrop page in Whitechain Explorer;
  2. Then go to the “Read Contract” section;
  3. Select the “GetSoulReward” function and enter your Soul ID;
  4. Click “Query”. The result will be displayed in Wei, so to determine the final WBT amount, move the decimal point 18 places to the left. Make sure the wallet associated with your WB Soul is connected.

 

You can also calculate your reward yourself by following these steps:

  1. Go to the SoulDrop page in Whitechain Explorer;
  2. Next, go to the “Read Contract” section and select the “calculateReward” function;
  3. Enter the following information:
  • in the “interval” field — WBT in Holding time in seconds;
  • in the “holdAmount” field — the amount of WBT in Holding in Wei (the smallest unit of WBT);
  • in the “withholdings” field — the amount of WBT in Wei, which must be taken into account as WithHolding for previous periods. If you do not require this, enter 0.

How to claim your SoulDrop reward?

You can claim your rewards from any wallet address, whether primary or secondary, as long as it is linked to WB Soul. The process is quite simple and easy to understand, and includes the following steps:

  • Go to the SoulDrop page in Whitechain Explorer;
  • Connect your wallet to Whitechain Explorer and make sure that it is the same wallet that is associated with your WB Soul;
  • Go to the “Write Contract” section on the “SoulDrop Contract” page. To pay the fee for performing the contract function, you must have WBT in the Whitechain network in your wallet (the current network gas price is displayed on the Whitechain network main page in the upper right corner);
  • In the “claim” function, click “Write” and confirm the transaction in your wallet;
  • Done, your reward will be sent to your wallet!

FAQ

How often are rewards calculated? 

Rewards are calculated every 30 days, and the calculation occurs only for entire hold periods. This means that the calculation does not include the remaining days if the hold period is not complete. For example, if your hold period at the time of changes in Hold Amount or holdLevel, as well as hiding holdAmount or award claim is 75 days, then only the full 60 days will be taken into account (two full periods), and the remaining 15 days will expire and a new period will begin.

 

What reward can I receive?

The calculation of the reward depends on holdAmount, and the percentage is affected by holdLevel. Each holdLevel brings different interest monthly — from 1.316973381% to 1.677838513%. Adding more WBT to holdAmount raises holdLevel and increases the reward.

 

Do I need to withdraw funds from the Holding to receive a reward?

There is no need to withdraw funds from the Holding. The reward can be received at any time after 30 days from the start of the hold. Once you receive your reward, the period counter is reset again and a new countdown begins. That is, if your WBT hold period was 45 days, and you received a reward on the 45th day, you receive a reward for the 30-day hold period, and the remaining 15 days expire.

 

Do I need to manually claim the reward and add funds back to Holding in order to receive a reward interest of the larger amount?

No, since the SoulDrop calculation system is based on the principles of accumulation, the reward of each subsequent period is calculated from the amount taking into account the reward for previous periods in case rewards have not been withdrawn before and no changes have been made to holdAmount or holdLevel.

Support

In case of any questions related to the functionality of the Whitechain network, you can:

  • Leave a request on our website;
  • Write to the Whitechain support e-mail: support@whitechain.io;
  • Write to the chat using the button in the lower right corner of the screen (in the upper right corner of the WhiteBIT TR app, click ).

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