New partnership: GRABBIT

ENCOINS
2 min readJun 27, 2023

Good news, everyone!

The ENCOINS team is pleased to announce a new and exciting partnership with the upcoming fully on-chain auction platform GRABBIT!

Currently, Grabbit is positioned to offer a unique gamified experience to NFT transactions. The platform will have a leaderboard that tracks each user’s Grabbit Points. The protocol will also offer rewards for certain placement tiers in the leaderboard (Top 10, 10–50, 50–100). However, if the rewards are announced beforehand, a pragmatic user can calculate whether performing X number of interactions to earn the required amount of Grabbit points is worth the $ cost value of the reward, which defeats the purpose of a competitive leaderboard. To address this issue, Grabbit protocol plans to use ENCOINS!

With the ENCOINS protocol, users can mint coins with secret redemption values. Key members of the GRABBIT DAO will be able to select an assortment of rewards for each given Leaderboard season. The DAO committee will then encrypt rewards using the ENCOINS protocol. The actual rewards will be revealed and distributed after the leaderboard season has concluded. This allows the protocol to create and commit to fair rewards while also not having to reveal the rewards, which would negatively impact gamification.

Please follow GRABBIT on their social media:

Twitter: https://twitter.com/GrabbitNFT

Discord: https://discord.gg/8hVAKVAemq

Website: https://beta.grabbit.market/

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