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Metalents Token Economics: A work and load model ($AUCTION)
Token Structure:
The Metalents platform will adopt a loyalty rewards system, linked to the $AUCTION token, as we scale our freelancer marketplace. The loyalty system will reward the top users on the platform, based on activity, contributions, and community reviews. The platform points are named WORK and can be redeemed to $AUCTION at any time. WORK is not a cryptocurrency but a point representation in the Metalents system.
The redeem ratio between WORK and $AUCTION is as follows:
1 WORK = 1 USD
Upon redemption, the WORK to $AUCTION ratio will be calculated based on the fair market price of $AUCTION in USD.
Because WORK is an internal Metalents rewards system based on real, user actions that benefit the network, WORK can be redeemed for $AUCTION, but $AUCTION cannot be used to purchase WORK. Additionally, WORK is not transferable to other users on the Metalents platform.
When a user decides to convert their WORK to $AUCTION, the WORK points will be burned and balance cleared.
Work & Load Economics:
We called this rewards system ‘work and load’ because any creator or freelancer can sign up on Metalents and immediately start to work and load up their WORK points.
How to Earn as a Freelancer:
1. Create your freelancer profile and verify the role as a seller to earn first 80 WORK points! Metalents will verify your profile based on a review of your submitted portfolio of prior work and socials accounts.
2. If you RT @metalentshq from the Twitter account associated with your profile, you'll earn 20 more WORK points.
3. Complete your first task to earn an extra 100 WORK points!
4. A verified seller can also earn extra WORK by referring fellow freelancer friends. Once the invited freelancer joins Metalent and gets verified, the inviter will earn 25 WORK. Once the invited freelancer has completed one task on the platform, another 25 WORK will be granted to the inviter!
5. Even more WORK can be earned the more jobs you complete. You will earn more WORK every $100 USD spent on your tasks.
Transaction fees:
The platform will charge a 5% processing fee for each task. If a task is worth $100 USD, the platform will charge 5 USDT for facilitating the transaction. It is important to note that all processing fees will be distributed out to $AUCTION stakers as staking rewards. In this way, as Metalents grows in user adoption, $AUCTION token will appreciate to reflect platform growth.
In App services:
Users can use $AUCTION to pay for in-app services, such as in-app advertisements, promoted listings, or additional creator tools.
In-app services paid for in $AUCTION will be burned, adding deflationary pressure on the overall $AUCTION supply.