🎡Lucky Convert Wheel
Convert PENDLE tokens into mPENDLE and Spin the Wheel to get PNP rewards!
Last updated
Convert PENDLE tokens into mPENDLE and Spin the Wheel to get PNP rewards!
Last updated
Users converting $PENDLE tokens into mPENDLE can spin the wheel to get $PNP rewards for each converted $PENDLE token. The Lucky Convert Wheel uses the Smart PENDLE Converter, and users will receive more than one mPENDLE token for each PENDLE converted if the mPENDLE peg is below 95% at the moment of conversion. 50% of the mPENDLE will be converted directly, and the remaining 50% will be converted through the Smart PENDLE Converter. This innovative feature aims to attract more PENDLE holders by providing an engaging and enjoyable way to convert their tokens into mPENDLE while earning PNP rewards.
The Lucky Convert Wheel is a system devised to allocate rewards based on a probabilistic framework. This framework is constructed such that with each ascending reward bracket, the likelihood of obtaining higher-tier rewards decreases. This design inherently makes the higher-tier rewards more coveted and challenging to attain, thus adding an element of excitement and anticipation.
In essence, as participants advance through the reward brackets on the Lucky Convert Wheel, they encounter a diminishing probability of securing the more lucrative rewards. This setup ensures a balanced distribution of rewards, making the process engaging while maintaining a level of fairness and intrigue. Rewards must be claimed within 24 hours after each spin. Otherwise, the rewards will be forfeited.
The distribution of reward probabilities on the Lucky Convert Wheel is structured in a predefined manner, which could be illustrated as follows:
Rest assured that the conversion process within the Lucky Convert Wheel feature is conducted on-chain, ensuring the utmost fairness. This is achieved through the implementation of Chainlink VRF (Verifiable Random Function). The use of Chainlink VRF guarantees that the probabilities on the Convert Wheel are genuinely random and verifiable, providing a transparent and trustworthy experience for all participants.
Minimum Conversion Amount: The minimum amount that can be converted at one time is 100 PENDLE tokens.
Maximum Conversion Amount: The maximum amount that can be converted at one time is 10,000 PENDLE tokens.
These limits ensure a balanced and controlled conversion process within the Convert Wheel feature.
The reward structure of the Lucky Convert Wheel is designed to show appreciation to our dedicated supporters. When users deposit mPENDLE LP from Pendle Finance into the mPENDLE liquidity pool on Penpie, they activate a boost factor on the Lucky Convert Wheel, enhancing their potential rewards. The boost factor’s value rises with higher mPENDLE LP deposits. The detailed breakdown of boost factors is provided below, showcasing how different levels of deposits correlate with varying reward multipliers, making the reward system transparent and encouraging for users.
For example, if a user has deposited 6000 mPENDLE LP on Penpie’s liquidity pool, and the spin result is 0.03, with a converted PENDLE amount of 1000, the final PNP reward amount can be calculated as follows:
- User’s mPENDLE LP deposit: 6000 (1.2x boost, according to the table)
- The result of Spin: 0.03
- The converted PENDLE amount: 1000
1000 (PENDLE) x 0.03 = (30 PNP) x 1.2 (Boost) = 36 PNP
Despite the presence of chance mechanics, the Lucky Convert Wheel is not a gambling tool, as there is no losing scenario involved. This novel addition aims to boost the conversion of PENDLE into mPENDLE, simultaneously providing users with an engaging experience as they try their fortune to gain additional PNP rewards. Convert your PENDLE into mPENDLE through the Lucky Convert Wheel and unleash the full potential of your chances to win PNP rewards. Don’t forget to deposit mPENDLE LP into the liquidity pool on Penpie to increase your boost factor and maximize your opportunities!
