PassCard.Stake Run
The PassCard.Stakerun mode is specifically designed to supplement Stakerun capabilities in converting Web2 users into Web3 by
UX: lowering the barrier of entry through the elimination of hassles typically associated with Web3 and incorporating fiat IAP (in-app purchasing). Web2 users can simply create a Gritti account, use their credit card to purchase a PassCard, join a RCP and start running!
Virality: given the Stakerun model is very social and compeitition driven, it has a high potential to become viral amongst runners globally.
PassCard value: The minimum price of a Passcard will be pegged at 1:1 to the purchase price, as all fiat/stablecoins will be stored safely with Gritti.
PassCard Shards: by design, we have created PassCards that can be split into 12 individual PassCard Shards, so there is a smaller unit of measurement to ensure the smooth distribution of RCP post dissolution. In the event that even PassCard Shards are not a sufficiently small unit of measure, GRIs will be used to settle the difference at market rate. This will be similar to a “change bank” and slowly draw web2 runners in through a) PassCards/PassCard Shards (higher valued cards and even collections are in the works)
Multiple PassCards can be synthesized to create more powerful PassCards, imbuing them with more share of the prize pool and other benefits. PassCards will also be painstakingly designed to have various patterns and characteristics - collect them all!
What is Stake Run?
Stake Run is a great way to develop exercise habits and get healthier. To participate, you need to pledge to join in a runner cohort. After completing the required check-in tasks, in addition to getting your pledge back, you are also entitled to share the prize pool with other winners.
In Stake Run, users can create their own runner cohorts, or join in cohorts created by other users. Every cohort is unique, be sure to check out the requirements before you join.
General Rules
Stake Run Passes are used as pledges in Stake Run Pass Cohorts. There are 4 tiers of Stake Run Passes: Basic, Gold, Platinum and Diamond. Pledging higher tier Passes entitles you to additional benefits in the cohort, such as higher share in the prize pool, privilege points that you can customize and use during your run, and reduced losses if you failed to complete the cohort.
You can purchase Stake Run Passes within your Inventory. You can also enhance your Passes by burning 3 of the same tier and getting a new Pass of the next tier.
The total value of the prize pool of a Stake Run Pass Cohort is calculated by converting all higher tier pledges. The pledge value for every Pass varies depends on its tier: Basic (1), Gold (3), Platinum (9) and Diamond (27).
A runner cohort is formally established after the required minimum number of participants deposit the required amount of pledges within the required time as set by the cohort creator. In order to win, you must follow the check-in requirements and complete their running tasks.
Before the cohort starts, you have the option to quit, but a 20% penalty to your pledge will be charged for breaching the contract. This penalty will partially go into the prize pool as your sponsorship to the cohort. Check out the Cohort Settlement section below for details.
24 hours after the cohort ends, the platform will complete the rewards and penalties settlement by analyzing all user’s check-in records, and the pledge will be returned to qualified users according to the cohort requirements and their completion status.
Stake Run Pass Privileges
Based on the tiers and numbers of your pledged Stake Run Passes, you are provided with certain Privilege Points. The more passes you pledge, the more points you will have. For each pass pledged, you will have:
Basic: 0 points
Gold: 1 points
Platinum: 3 points
Diamond: 5 points
You can use Privilege Points to customize your privileges as you join in a cohort:
Make-Up Check-In: costs 5 points for 1 make-up (3 make-ups max).
Distance Deduction: costs 1 point for every 5% distance deducted (30% deduction max).
Pace Deduction: costs 1 point for every 0’30’’ slower pace (3’00’’ max).
Runner Cohorts
Cohort creators can customize the requirements for every participant, including the period of the cohort, number of check-ins, running distance, running pace, as well as the pledge for every run.
When it reaches the date and time to start, if the cohort has only one participant, the cohort will be automatically dismissed and the all pledges will be returned.
Joining a Runner Cohort
User can join in multiple runner cohorts if the periods of the cohorts do not overlap. If a user aborted or graduated early from the previous cohort, he/she will be released from that cohort and be able to join in the next one.
After the cohort has started, it will only accepts new participants if the number of remaining days is greater than the number of required check-ins. New participants will be able to check in immediately after they join in.
Check-In Tasks
You can complete check-in tasks via the Check In button from the Runner Cohort Details page. In case you forget to check in via this button, don’t worry. Based on your daily uploaded running records, the platform will automatically check in for you if such records meet the requirements of the cohort. You can only check in once a day. The check-in date of offline records will be attributed to the end time of the run. Records uploaded after the cohort settlement are not counted as valid check-ins.
Graduate Early
When you have completed all the required check-in tasks as set by the cohort creator, you can graduate early before the cohort’s final end time.
After you graduate early from a cohort, you can immediately join in other cohorts or create your own cohort. There’s no need to wait for it to end. This is the only way to be in multiple cohorts at the same time. In all other cases, you can only be in one cohort at a time.
After you graduate early from a cohort, if any of your running records is flagged as invalid (such as cheating), you will no longer be able to make up that check-in.
Graduate early does not change the cohort settlement time. Your rewards or penalties will be settled after the cohort ends.
Cohort Settlement
Stake Run Pass Cohorts are settled in Shards (12 Shards = 1 Basic Pass). You can collect Shards and enhance them into Basic Passes. Fraction of Shards (amount less than 1 Shard) will be converted to GRI according to market price at the moment of settlement.
For each and every Pass pledged, depending on its tier, the settlement is carried out according to the following table:
Winners who successfully completed the cohort requirements: your own pledge will be returned and you are entitled to share the prize pool with other winners. A very small percentage of your rewards will be charged by the platform as service fee to maintain operation.
Losers who failed to complete the cohort requirements: the penalty will be all of your pledges. However, if you use higher tier pledges, then you will not lose your entire pledge - but your Pass will be downgraded to the next lower tier.
In case all participants failed to complete the cohort requirements, penalties will be applied to all participants.
After the cohort ends, the cohort enters settlement phase. The platform will validate all running records and identify if there’s any cheating behavior. Rewards and penalties will be settled within 24 hours.
Graduation Certificate
To pay tribute to great courage and endurance, a Graduation Certificate will be awarded exclusively to the users who have completed all required check-in tasks.
Miscellaneous
During the cohort’s settlement phase, customer support staff will be involved in validating the running records if there’s any cheating behavior identified by the system. To maintain the spirit of contract, the platform reserves the right to invalidate cheating records.
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