YEY Quests Season 1: Rewards Announcement and Redemption Guide

5 min readAug 16, 2024

The moment has arrived, YEY Questers! We’re thrilled to reveal the rewards for Season 1 of YEY Quests. Your consistent effort and engagement throughout the season have been impressive, and we’re excited to share how you can claim your well-earned rewards.

In this guide, we’ll introduce our rewards and walk you through the redemption process. Let’s dive into what you’ve earned and how you can make the most of your accumulated XP.

Key Information

Redemption page opens: August 26, 2024
Redemption period: August 26 — September 16, 2024 (inclusive)
Minimum requirements: 200 XP and participation in at least 2 Quests
Rewards: YEY Points (YP) and/or USDC

Our reward system and the YEY platform are built on a foundation of key values that guide everything we do. These principles shape your experience and ensure that your efforts are recognized and rewarded fairly.

Our Core Principles

At YEY, we believe in:

Active Participation — Our reward system, including YEY Points, incentivizes and rewards active engagement. The more you participate, the greater your potential rewards.

Fairness and Transparency — We strive to ensure that the reward and redemption process is clear and fair to all users. Our distribution mechanics are based on measurable participation.

Long-term Value — We’re committed to our platform's long-term success and sustainability, ensuring that the rewards you earn today will continue to hold value in the future. We continuously develop new features to enhance the value of your rewards within our ecosystem.

Terms and Conditions

Eligibility

Only users who participated in Quest Season 1 are eligible to redeem XP.
You need a minimum of 200 XP and must have participated in at least 2 Quests to be eligible for redemption.
XP can be redeemed for YEY Points (YP) and/or USDC within the redemption period.
The amount of YP and/or USDC you receive is determined by your accumulated XP and your chosen split between YP and USDC.

Redemption Period

Starts on August 26, 2024, and ends on September 16, 2024 (inclusive).
Unclaimed XP after this period will be invalidated and cannot be reclaimed.
You can only redeem once during this period, and no amendments are allowed.

You can choose to redeem your XP to any split between YEY Points (YP) and USDC (e.g., 100% YP, 100% USDC, 50–50 split, or any other ratio). Your choice is flexible, but once made, it’s irreversible.

Redemption Rates

For redeeming of YEY Points (YP), the redemption rate shall be 1 XP = 1.5 YP. For example, If you have 2,000 XP, you are eligible to redeem up to 3,000 YP.
For redeeming of USDC, The redemption rate is set at 0.6 of the XP holder’s pro-rata portion of the applicable rewards pool of USDC. The USDC available for redemption shall be as follows:

For example: If you have 2,000 XP and rank 16th on the leaderboard (assuming the top 20 users collectively earned 20,000 XP), you could redeem:

Up to 3,000 YP (2,000 x 1.5); Or
Up to 500 USDC (2,000/20,000 * 5,000*0.6); Or
A combination of up to 3,000 YP and up to 500 USDC

Note: USDC will be issued on the Polygon network, so make sure to connect a Polygon-compatible wallet.

YP will have exciting utilities and features which will be announced no later than 26 August 2024.

Changes to Terms

YEY reserves the right to modify the terms and conditions of the redemption process. Any changes will be communicated to users in advance.

Next Steps

Rewards redemption goes live on August 26, 2024. In the meantime, here’s what you need to do:

Before August 26:

Check your final XP balance on your YEY profile
Decide on your preferred mix of YP and USDC rewards
Ensure you have a Polygon-compatible wallet ready

On or after August 26:

Visit your profile page on the YEY app
Review the amount of XP you have for redemption
Choose your preferred reward split between YEY Points (YP) and USDC
Connect your Polygon network wallet
Visit the redemption page to claim your rewards

The redemption page will go live on August 26 and provide detailed instructions. The redemption period ends on September 16, 2024, so mark your calendars!

Frequently Asked Questions

Q: How do I check my XP balance?

A: Visit your profile page on the YEY platform to view your current XP.

Q: How do I know that I am eligible for the XP redemption?

A: You can check whether you are eligible to redeem when you login into our website on 26 August 2024.

Q: Is there a minimum XP required to receive rewards?

A: Yes, you need a minimum of 200 XP and must participate at least 2 Quests to be eligible.

Q: What’s the YP to XP conversion rate?

A: You’ll receive 1.5 YP for every 1 XP.

Q: How is the USDC reward calculated?

A: It’s based on your leaderboard position and total XP. The reward pool is divided proportionally among eligible participants.

Q: What if I miss the redemption deadline?

A: Unfortunately, your XP will be invalidated and can no longer be redeemed.

Q: Can I redeem for both YP and USDC?

A: Yes, you can choose any combination of YP and USDC (e.g., 100% YP, 100% USDC, 50–50 split, or any other ratio). Your choice is flexible, but once made, it’s irreversible.

Q: Is there a limit on XP redemption?

A: No, as long as you meet the eligibility criteria and redeem within the specified period.

Q: What are the utilities of YP?

A: YP will have exciting utilities and features which will be announced no later than 26 August 2024.

Stay tuned for more updates and get ready to claim your rewards! Thank you for being an essential part of the YEY community. Your participation has made YEY Quests Season 1 an incredible success, and we can’t wait to see what the future holds with our new YEY Points system!

About BlockchainSpace

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Offering specialized solutions like YEY, Metasports, Creator Circle, and the Guilds Hall, BlockchainSpace delivers tailor-fit tech solutions that redefine digital engagement and community growth.

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