Collective Rewards are now available for everyone in the ecosystem. And whether you’re a Builder or a Backer, this FAQ provides you all the essential details to get started and maximize your participation.
Let’s dive in
General:
1. What are the Collective Rewards?
The Collective Rewards program is a bi-weekly cycle of incentives designed to:
- Reward activated builders for their contributions to the Rootstock ecosystem;
- Enable activated builders to reward backers for their support, incentivizing backers and creating a sustainable growth cycle.
This program represents Phase II of the RootstockCollective’s roadmap approved by the community, which focuses on value capture and long-term ecosystem growth. Builders and backers collaborate to drive innovation, with rewards allocated transparently through decentralized mechanisms.
2. How to join the Collective Rewards?
First, you have to get and stake RIF.
- Submit your proposal to the community on Discourse.
- Submit your proposal on-chain through the RootstockCollective dApp.
- Complete KYC verification and set your backer-reward percentage through the RootstockCollective dApp.
- Once activated, you can start earning rewards.
- Stake your RIF tokens to receive stRIF tokens through the RootstockCollective dApp.
- Use your stRIF tokens to vote for builders to get them activated in Collective Rewards.
- Use your stRIF tokens to back builders of your choice.
- Monitor and claim your rewards through the RootstockCollective dApp.
3. If I allocate my stRIF, do I lose ownership?
No, Backers retain full ownership and access to their stRIF.
Imagine your gym asks members to vote on new equipment. You cast your vote using your membership privileges. Your membership remains fully yours, but your vote contributes to the gym’s decision. Similarly, allocating stRIF means using it for voting without losing ownership.
4. Who can benefit from the Collective Rewards?
Builders:
Developers or teams actively building on the Rootstock ecosystem. Builders can earn rewards based on the support they receive from RIF stakers in the program. This incentivizes innovative projects and provides funding opportunities.
Backers (RIF staker that support builders):
Individuals or entities who stake RIF tokens to mint stRIF and support builders. Backers earn rewards by backing promising projects and helping shape the ecosystem.
Builder-Specific FAQs:
1. What is backing power?
Voting is the mechanism through which RIF stakers (backers) allocate their support to specific builders. By voting, backers indicate which projects they believe deserve to be rewarded, effectively shaping the distribution of rewards in the program.
2. What are the Builder Rewards?
Builder Rewards are incentives distributed to builders who receive votes (backing) from RIF stakers. These rewards are funded by the Collective Rewards program and are calculated based on the level of support (backing) a builder has received during each reward cycle.
Builders can earn rewards in the form of:
- RIF and RBTC tokens: Distributed as per the backing they receive.
- Additional incentives: If applicable, based on program-specific criteria (e.g. badges, or bonus rewards for specific milestones).
Here’s an example:
- A builder earns 20% of the total rewards for a cycle.
- If the builder sets a Backer-Reward Percentage of 25%, 5% of the total rewards for that cycle go to their backers, with individual shares based on each backer’s allocated votes.
Note that: Once builders are whitelisted for the first time, they are included in all reward waves going forward.
3. Who can vote?
Backers (those who hold stRIF) can vote for builders they want to support.
4. How can I get more votes?
Having a meaningful project, engaging with RIF stakers to explain the value of their work, and offering an incentivizing backer-reward percentage may provide you with better chances of votes.
You can try the following:
Marketing communication:
- Create a X post, be sure to mention @RootstockColl (RootstockCollective X Account), and use the Rootstock Collective logo, is you need it for an announcement
- Create a short video with your proposal to increase engagement
- Be active on all social channels (X, TG, Discord)
- Make sure you respond to comments/questions from the community regarding your proposal.
Backer Rewards allocation:
- Try experimenting with allocation in order to be more attractive for Backers.
5. How are reward amounts calculated?
The reward amount is determined by:
- The total votes (backing) a builder receives during a cycle.
- The proportion of votes a builder has compared to the total votes cast in the cycle.
- Any additional factors defined in the program’s reward distribution mechanism.
6. When are Builder rewards distributed? Are the rewards only claimable after the cycle ends?
- When Rewards Are Distributed: Rewards are distributed after the end of each cycle, at the start of the new cycle (typically every two weeks).
- Claiming Rewards: Rewards become claimable only after the cycle ends and the distribution process is completed.
7. How can I claim my rewards?
You can claim your rewards through the Collective dApp as following:
- Go to “My Collective” tab in the dApp
- Go to “My Rewards” and claim your rewards
Backer-Specific FAQs:
1. What are the Backers Rewards?
Backers Rewards are incentives earned by RIF stakers (backers) who allocate their backing power to support builders in the ecosystem. These rewards are derived from the builder rewards and are distributed based on the backing (votes) provided to successful builders.
2. How can I get the Backers Rewards?
To earn Backers Rewards:
- Stake RIF Tokens: Stake RIF to mint stRIF and gain voting power.
- Back Builders: Use your voting power to back builders participating in the program.
- Receive Rewards: If the builders you support earn rewards, you receive a portion of their rewards, as determined by the builder’s Backer-Reward % setting.
3. How many Builders can I back?
There is no limit to the number of builders you can back. However, your backing power is finite, so you will need to decide how to allocate it among the builders you wish to support. However, you can get more backing power by staking more RIF.
4. Can I remove my backing?
Yes, you can remove or reallocate your backing at any time. If you decide to change your votes:
- Access the platform where you allocated your votes.
- Adjust your backing by removing votes from one builder and reallocating them to another.
5. If I have delegated my voting power, can I still back Builders in Collective Rewards?
Yes, you retain the same backing power in Collective Rewards even if you have delegated your voting power.
6. When are Backer rewards distributed? And are they only claimable after the cycle ends?
This depends on whether the Builder you backed has earned their rewards and started distributing it.
If yes, then you (the backer) will immediately have claimable rewards. If not, then you will start having claimable rewards after the rewards have been distributed to the builder you’re backing.
7. How can I claim my rewards?
You can claim your rewards through the Collective dApp as following:
- Go to “My Collective” tab in the dApp
- Go to “My Rewards” and claim your rewards
Have any more questions? Join the official RootstockCollective Telegram channel to get support from the community.