Just 3 months ago in our ICO update, we announced our intention of implementing an exchange mining model for the next version of our exchange. With the release of Saturn Protocol (Mimas) we now have a working implementation of trade mining on Ethereum Classic via our loyalty program.
The new smart contract collects ETC in the form of trading fees and then reimburses traders these fees with Saturn Classic tokens. When we deploy on Ethereum, the smart contract will collect trading fees in ETH and make reimbursements in Saturn tokens. The token allocation we are using for trade mining comes from what was unsold during our main ICO, which means that for every chain Saturn Protocol supports there will be 487,054,466.138 Saturn tokens distributed via trade mining via our exchange's loyalty program.
What is trade mining?
Our loyalty program allows us to distribute Saturn tokens as a reward for executing a trade that incurred trading fees. When you buy ETC tokens on our platform you are now subject to a 0.25% trading fee, as seen in the image above, the trading fee amount is indicated on the trade details box. You will also see the amount of Saturn Classic you will receive as a reward. Essentially we give you a reward for using our exchange, this is what the industry refers to as exchange mining or trade mining.
We made the decision to call it a loyalty program because we feel this terminology makes much more sense. It could be compared to how many supermarkets, if you sign up with them, provide you with points when you make a purchase - only we do not require you to give up any of your personal data because you do not need an account. Not to mention Saturn tokens are much more interesting than some points scheme!
How to trade mine?
All you need to do is participate in our loyalty program, which you access simply by using our exchange and making trades! We do not need you to fill in any KYC forms or be approved, that is not what we believe in, just like our exchange we want our loyalty program to remain decentralized and be accessible to everyone. The only real requirement is for you to have some crypto funds available for trading & a crypto wallet that is capable of interacting with smart contracts. In our case, on Ethereum Classic, that would mean having some ETC and using Saturn Wallet.
Though remember that only trades that require you to pay trading fees are applicable for our loyalty program, basically the bottom line is if you pay any trading fees then you will receive a reward.
When do I receive my reward?
Immediately! All trading happens in one transaction and is wallet to wallet, and that also applies to trade mining. Let's have a closer look at a recent transaction in the "My Trades" section on our exchange:
Here we can see I bought 300 ANTI, which is the type of trade that would incur a trading fee and therefore I have also received a SATURN reward. If you follow the Tx Hash link it will take you to Blockscout:
As you can see there are two token transfers in this one transaction, showing I received 300 ANTI and a reward of 0.2781 Saturn Classic.
How do we calculate the reward amount?
This is done in the exchange's smart contract, a Saturn token price is set for trade mining and this is used to calculate your reward. We are not going to set one price for trade mining across every blockchain as we believe it will be chain dependent, so it will be something we announce on deployment. For our current implementation on Ethereum Classic:
1 ETC in paid fees = 10000 Saturn Classic
For example, if you made a trade that incurred 0.009 ETC in fees, then you would receive 90 Saturn Classic because 1 Saturn Classic is priced at 0.0001 ETC for trade mining.
I hope this latest article clears up any queries or confusion you had around trade mining and our loyalty program, if not our forum is the best place to ask!
Future is bright!