Effective October 1st, 2023, the IBEX Loyalty Program will sustain a minor yet important change that is meant to encourage our users to be more active, and to allow us to manage our cashflow more efficiently.

Situation

We have observed that a number of users do not redeem their earned IBEX points, which accumulate for months and eventually represent important amounts.

The consequence is that as we always have enough liquid $ATOM to cover all redeem operations even if they were all done simultaneously, a large value is locked and cannot be used in more useful ways.

Solution

As a way to prevent this locked treasury from growing endlessly, we will implement an expiration date on the earned IBEX — much like airdrops have a claim deadline.

Therefore, all $IBEX points will be redeemable against $ATOM during 60 days after they have been earned; after this duration they will be removed.

Practically, this means that on November 1st an account can hold the IBEX points earned since September 2nd (which is November 1st minus 60 days).

But if they aren’t redeemed, on November 2nd the points will cover the period since September 3rd while the IBEX allocated on September 2nd will be removed, and so on.

a user should therefore ensure to redeem them at least every 2 months.To avoid losing any points, a user should therefore ensure to redeem them at least every 2 months.

Special Case

To avoid an unfair treatment to small stakers, this rule will apply only when the claimable IBEX are above 500.

Therefore, even if it takes you 4 months to accumulate 500 IBEX, none of them will expire — and as the minimum redeemable amount remains 250 IBEX, you should have ample time to claim your earnings.

Rationale

The implementation of this new behavior has two objectives.

The first one was outlined above and is a matter of cashflow and resource optimization. As our user base grows, this locked amount starts representing a too large value to simply let it sit idle.

The second is that we aim at building an active community of users, and for that, we intend to reward the most active participants.

As such, part of these expired IBEX points will be sent back to the “community pool” and made available for distribution again, thus participating to increasing the base rewards for all users.

The rest will allow us to perform special operations like airdrops or be reinvested in our operations and participate to our development.