Lock xBANK to increase Credit Points

Method and Process

Locking xBANK tokens into an NFT effectively increases your Credit Points in BaseBank. This process involves locking a certain quantity of xBANK tokens into an NFT for a specific duration, which allows you to earn additional Credit Points. The more xBANK tokens you lock the more Credit Points you will accumulate.

Milestones and Progress

By participating in this lockup mechanism, you can reach significant milestones that correspond to the amount of xBANK tokens locked. These milestones serve as benchmarks for your progress in earning Credit Points. As you lock a higher quantity of xBANK tokens, your Credit Points will continue to increase.

After locking xBANK, users can unlock their tokens back after a period of 3 months. Credit Points will permanently increase and will not be deducted when xBANK is claimed. The amount of money a user locks in has 5 main thresholds:

• Locking xBANK equivalent to $50 - Instantly reaches the rank of Very poor.

• Locking xBANK equivalent to $500 - Instantly reaches the rank of Fair.

• Locking xBANK equivalent to $1000 - Instantly reaches the rank of Good.

• Locking xBANK equivalent to $2500 - Instantly reaches the rank of Very good.

• Locking xBANK equivalent to $5000 - Instantly reaches the rank of Exceptional.

Benefits and Access

Importantly, after the lockup period is completed, you have the ability to claim your xBANK tokens back without any deduction from your accumulated Credit Points. This ensures that you retain the benefits of your increased credit score while maintaining access to your xBANK tokens. Locking xBANK tokens into an NFT not only helps to enhance your creditworthiness within the BaseBank ecosystem but also provides additional security for your tokens during the lockup period. It incentivizes users to make long-term commitments and demonstrates a commitment to responsible financial behavior.

Locking xBANK to your NFT can also help you join the Launching campaign on our Launchpad. The Launchpad requires Locking xBANK into Credit NFT to commit and receive allocations of the Launchpad. Learn more about this mechanism here