Finally! The day has arrived, Quarry from Token Block Friends has released an update that takes your hard earned ROX and transforms them into Ether.
So, what’s the catch? No catch — no limit — 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.
WHAT ARE THE RULES?
ROX redemption has be designed in regard to individual user eligibility, community contributions to Quarry, and a dynamic pay-out pool as defined below.
- Account must hold at least 10,000 ROX;
- Account must be active for at least 14 days;
- Account must be a Quarry top contributor in a single day’s reward cycle.
DETERMINING TOP CONTRIBUTORS:
The system is simple: Those that generate the most ROX through posting and up-voting — in a given reward cycle — will be rewarded with the ability to cash-out. That means you have 6 chances, everyday, to make the grade!
The list is tiered and the person at the top will receive the largest portion in which to withdraw. If you need a refresher on how to get ROX through posting, be sure to check out our post about that here.
The Pay-out Pool:
What Quarry has 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 and this will take you to a special ‘Redeem ROX as ETH’ screen inside the app. Once there, you will be able to view how many ROX you are eligible to redeem and withdraw ETH as you see fit.
Redeeming ROX will be determined on your current withdraw limit, and that will be determined by your contributions to Quarry. For example, if you are a top contributor in a reward cycle and your withdraw limit is increased from 0 to 1000 ROX, you can withdraw 1000 ROX as ETH.
Once those ROX have been redeemed, your withdraw limit will be consumed hand-in-hand. In other words, if you’ve redeemed the full amount, you will need to become a top contributor again in order to redeem more ROX.