If you love the CHSB token as much as we do, we have some exciting news!
The Community Index, which determines how much yield you earn on your CHSB, is changing. With this change, we give more power to users over the Community Index and keep our promise of being fun, fair, and community-centric.
As we see this as a change worth celebrating, we also have a special surprise in store - a surprise that will give users the chance to earn a rewards boost and further increase the Community Index, thus leading to a higher yield on CHSB!
If you are interested in learning more about how the Community Index will change and what benefits that will bring to every CHSB holder, be sure to keep on reading.
Community Index: What it is, and why we started it?
One of SwissBorg's main goals is to democratise wealth. Achieving something like this is possible only if you truly understand and align yourself with the original goals of blockchain and cryptocurrencies. That is exactly how the Community Index came to be!
Inspired by the Proof of Stake model, the Community Index rewards members of the SwissBorg community based on the performance of the ecosystem. Said in a more technical way, the Community Index is a scoring system for our sustainable CHSB token yielding program.
CHSB Yield, together with the Community Index, incentivises both small and large token holders by giving them a yield on their CHSB. This way, all token holders have the chance to earn a passive income and benefit from being part of the SwissBorg community.
And although the Community Index might seem like just a number that ranges from 1 to 10 and changes on a weekly basis, it is much more than that.
What the Community Index aims to achieve:
- Connect SwissBorg ecosystem growth and performance with its community
- Allow users to earn a sustainable income based on the growth of the ecosystem
- Incentivise every holder of the CHSB token
- Immerse users in keeping up with SwissBorg's development and growth
- Make SwissBorg one of the leaders in community-centric initiatives and products
- Engage existing and new community members and motivate them to stay
All in all, the Community Index is a great tool that allows the proper rewarding of users who support an ecosystem designed to benefit them.
How we used to calculate the Community Index
In the past, the Community Index represented a weighted sum of the six following sub-scores defined between 0 and 1:
- Svolume: SwissBorg App Volume Score
- SCHSB: CHSB Token Score
- Sactivity: SwissBorg App Activity Score
- SCAP: Crypto Challenge Score (formerly the Community App Score)
- SDAO: DAO Engagement Score
- Ssocial: Social Media Engagement Score
The scores are functions of key ecosystem metrics, and we use two different functions for different types of scores which are updated weekly.
The formula we used to calculate the Community Index was as follows:
CI = 3 x Svolume + 2 x (SCHSB+ Sactivity) + SCAP + SDAO + Ssocial
You can learn more about each score and the Community Index in our introduction to the Community Index.
What's changing?
All of the six sub-scores mentioned earlier played an important role in the Community Index scoring equation. So, why the need for change?
Removing the Community App Score and DAO Engagement Score from the equation
With the closure of Crypto Challenge, the SCAP score will no longer be able to be part of the equation.
SCAP was used to track the evolution of new Crypto Challenge players over the last five weeks compared to the current week. With no new players coming into the app, SCAP no longer serves its purpose.
Another score getting removed is the DAO Engagement Score. This score measures the growth in terms of engagement in the SwissBorg DAO. In other words, it keeps track of the weekly number of active members in the DAO.
So, will there be a replacement for the Community App Score and DAO Engagement Score? Yes, two new exciting replacements!
The newest additions in the Community Index scoring equation
S_Invitations and S_CHSB holders are the scores replacing the Community App Score and DAO Engagement Score. Since we know names like these can be quite hard to understand right off the bat, let's go over the new scores and help you better understand the reasoning behind their inclusion.
S_Invitations will be based on the number of people referred to the SwissBorg app. By implementing a score where our users can have a direct impact through their referrals, we believe will give users even greater control over the Community Index. Simply, the more invites get sent out, the better the score!
You can learn more about the rewards program on our CHSB rewards page.
The S_CHSB holders score, as its name suggests, depends on the week-on-week growth of CHSB holders. As CHSB is the heart of our ecosystem, holding this token shows one's commitment to it as well as the SwissBorg community. That is why we decided to make this score part of calculating the Community Index, which is there to reward that same community through an increased yield rate.
How do the S_Invitations and S_CHSB holders scores work hand in hand?
Both of the newly added scores serve not only as great additions to the Community Index scoring equation, but they also work together to increase the Community Index.
First, sending more invites to the SwissBorg app leads to a higher Community Index. But it doesn't stop there!
Each new successful invite results in more users of the SwissBorg app, and potentially more CHSB holders. This boosts the Community Index once again and leads to a higher yield rate on CHSB.
So, believe it or not, sending a simple invite could be a quick route to a high yield. This will then make CHSB even more attractive for new users, resulting in a virtuous cycle for all!
Spread the word and double your rewards!
If you've been following SwissBorg for a while, you know that we love to include a little special something for our community with every big announcement.
With this announcement, it's a rewards boost!
Usually, when you invite someone to the SwissBorg app, and they make the required €50 deposit, you both receive a reward in CHSB. But, for the first seven days of using the new and improved Community Index scoring equation, each reward will get a 2X boost. This means, instead of earning €1-€100 in CHSB for each successful referral, you will earn €2-€200 CHSB!
Because rewards are doubled, the qualifying deposit will also be doubled from €50 to €100.
So be quick as you only have until April 26th to send out the invites and get double the rewards. Plus, you will be boosting the yield you earn by getting more people to become CHSB token holders. A truly win-win situation!
