How are additional FITT rewards calculated?

Created by Anuj Verma, Modified on Wed, 19 Jul, 2023 at 4:22 AM by Anuj Verma

Additional FITT rewards are distributed to participants who complete a particular challenge.

Let's take an example to understand how additional FITT is calculated-

Challenge details- Cover 1km in 2days

Entry fee- 1000 FITT

No. of participants- 100

Prize pool-

Let's assume that

- 20 participants completed the challenge i.e. they did 1km within 2days

- 50 participants completed 50% of challenge goal i.e. they did 0.5km within 2days

- 30 participants completed 0% of challenge goal i.e. they did 0km within 2 days

As per above assumptions, remaining prize pool at the end of the challenge will be

= 1000*100 - (20*1000) - (50*500)

= 55000 FITT

This amount shall be distributed among the 20 participants who completed the challenge.

Winner's share = 55000/20 = 2750 FITT

Fitmint charges 10% match fee on winner's share if winner is an origin pass holder. otherwise, Fitmint charges 20% match fee

Winner's actual share (if winner is an origin pass holder) = 2475 FITT

Winner's actual share (if winner is not an origin pass holder) = 2200 FITT

Note- If all participants complete a challenge, additional FITT rewards will be zero.