What is the Exploder?
Our Exploder Module is a giveaway machine. It is a contract that will run giveaways for lockers of specific tokens. The giveaways are done weekly, and the winners are chosen entirely on chain. Our Exploder Module chooses two winners for the rewards: One is the biggest depositor, and the other is a random depositor. The rewards between these two winners are split 50%.
To enter Exploder’s giveaways, you need to pay a small fee in $OBOL, then lock up either a Based Next Gen receipt token or a share minted by Matrix (Based Finance) for an X amount of time. In this X period, you will be eligible for weekly giveaways and simultaneously passively farm with your locked tokens. X is the amount of time you lock your tokens for, and the longer the X period is, the more “entries” you will get for a chance to win a weekly giveaway. Another way to increase your entries is by using the referral program, so you won’t be punished by increasing your competition if you invite your friends to the exploder party!
One slight downside to the fun of Exploder Module is that the tokens, while passively farming, will not be unlockable for the set period. This means you have to be a hodler for your farm tokens for the period X that you choose, but that is not an issue if you are already a hodler, at least for however long your locking period is.
What are the benefits of Explode Moduler?
Exploder Module is another feature of our protocol that introduces a unique way to reward long-term holders. It is a fun, different way to run giveaways for our community. With the Exploder Module, medium to long-term holders of our protocol tokens can enter into giveaways by doing nothing more than what they were already doing, providing liquidity and farming the rewards.
While there are similar mechanics to Exploder Module in other DeFi projects, they are usually done in snapshots by the project owners. We are not reinventing the wheel by providing giveaways to our loyal community members, we are just simplifying the user process by providing an automated, streamlined version of this giveaway machine! As with all things DeFi, users should be able to trust the code and nothing else.
With the upcoming introduction of our Exploder Module, we are hoping to have introduced enough mechanics to create extra meaningful ways for protocol participation. Users will be able to choose between modules like Exploder or Twisted Nodes and find the best way that suits their long-term look on supporting Based Finance in a meaningful and rewarding way.