- Fluidity Money seeks to encourage blockchain usage by rewarding users when they use their crypto.
- The platform offers a cashback system with a new yield generation mechanism.
- Cashback payments are currently made in stablecoins such as USDT and USDC.
DeFi protocol liquidity money announced a cashback program in which businesses reward their customers for using crypto to pay for goods and services.
The goal is to encourage more people to use cryptocurrencies for payments. According to Fluidity, the “spend-to-ear” program is a collaboration with enterprise cryptocurrency payment app Request Finance.
Cashback payments in stablecoins
According to Fluidity, a new cashback program will also allow merchants to earn rewards when they integrate crypto payments.
“Request Finance helps thousands of enterprise teams and DAOs easily consume stablecoins. We wanted to work with them to introduce this cashback program as a fun way to reward people who use stablecoins for payments.Fluidity Money CEO Shahmeer Chaudhry said:
The program works by rewarding senders or recipients in stablecoins such as Tether every time they use the app. Users can benefit from loyalty her programs that do not eat up their cashbacks with exorbitant exchange fees, as is the case with credit card-type programs.
According to the platform, cashback rewards will be distributed randomly and payments will be sent to the user’s wallet.
Stablecoin payments are currently supported, but Fluidity Money plans to expand the program to other loyalty services and may add non-fungible tokens (NFTs) and other rewards at a later date. there is. In this case, Request Finance will reward him according to his NFT type.
Payments from NFT-related transactions include token-gated service tickets, airline miles, and digital collections.
How does Fluidity Money work?
Fluidity Money works with wrapped stablecoins, or what we call “Fluid Assets.” To acquire these liquid assets, stablecoins such as USD Coin (USDC) and Tether (USDT) are deposited into the Fluidity Webapp. The stablecoin is then wrapped to generate cashback rewards.
Issuing a Fluidity stablecoin requires depositing an equivalent amount of USDC or USDT into a smart contract and lending them to DeFi protocols to generate yield.
Fluidity smart contracts are audited by Bramah Systems and 80% of revenue from protocols such as Compound goes into cashback programs.