Note: Please up-date to the most recent version — all previous versions will not support redemption.
Finally! The day has arrived, Quarry from Token Block Friends has released an update that takes your hard earned ROX and transforms them into Ethereum (ETH).
So, what’s the catch? No catch — no hard cap — Redeem your ROX for ETH using the in-app Quarry tab’s withdraw system. The are a few rules and some eligibility criteria though, read on for the full concept.
For more details and information on how to get into the top-quarrior list, be sure to check out our post: Making the Grade
WHAT ARE THE RULES?
ROX redemption has be designed in regard to individual user eligibility (which envelops community contributions to Quarry) and a dynamic pay-out pool as defined below.
- From posting / up-voting: Account must hold at least 2,500 ROX;
- From invites: Account must hold at least 5,000 ROX;
- Quarrior must be in the top 1,000 from up-votes, posts, or invites in a single day;
- Account must be active over 14 days.
The Pay-out Pool:
What has been created is a system most akin to that of profit sharing. The pool is added-to through ad-revenue and other forms of app income and shared to those that make Quarry great — that’s you! Whether you Quarry-on through inviting new users, posting great content, or simply sending the most worthy posts to the top, all shall be rewarded.
HOW TO WITHDRAW?
Eligible Quarriors will be notified via app notifications, so make sure yours are enabled for Quarry! If you missed the notification, you can always check by navigating to the in-app Quarry tab.
Tap on the ‘Withdraw as ETH‘ button under your ROX balance in the ‘Quarry’ tab and this will take you to a special ‘Redeem ROX as ETH’ screen inside the app. Once there, you will be able to redeem your shares from the daily withdraw pool as ETH as you see fit.
Future: Quarriors must successfully exit The Queue.
HOW will THE THE QUEUE WORK?
The concept is simple: Everyday, users that have accounts with more than 5,000 ROX may submit 1,000 of their ROX into The Queue for withdraw. Activity within the app will move your place in The Queue forward until you reach the front. Once at the front, queued ROX will enter a central system from which you may withdraw.
Once in The Queue, it is possible to give up, and exit The Queue at any time. If you miss a day, no worries! The Queue will pick-up back where you left it!
Withdraw example from The Queue:
Boon Doge submitted 1,000 ROX into The Queue. There are currently 25 people ahead of Boon Doge.
Scenario #1: The Pay-out Pool is > 25,000 ROX
Boon Doge will successfully exit The Queue and be able to withdraw 1,000 ROX as ETH.
Scenario #2: The Pay-out Pool < 25,000 ROX
Boon Doge will have to return to Quarry the next day in order to withdraw 1,000 ROX as ETH. The 24-Quarriors ahead of him will exit The Queue (assuming 100% returned to withdraw from Quarry).
Missing a day in The Queue example:
Let’s use Quarriors ABCDE for this example (B is for Boon Doge).
If Quarrior B misses a day, The Queue will adjust as follows: CBDEF, meaning Quarrior A has exited The Queue (successful withdraw), Quarrior C has jumped in front of Quarrior B, and Quarrior F has joined The Queue.
The above examples all assume that no Quarrior has given up and left The Queue.