Mining Contest FAQ (updated for epoch 8)

What is the competition reward?

Rewards for epoch 7 will be mainnet CML Coupons. Whoever owns these mainnet coupons can redeem them for real CML coupon when the mainnet starts.

The exchange rate is as follows:

• 1 mainnet coupon can be redeemed for 1 mainnet type C CML.
• 2 mainnet coupons can be redeemed for 1 mainnet type B CML.
• 4 mainnet coupons can be redeemed for 1 mainnet type A CML.

Contestants will be redeeming these vouchers for mainnet CML NFTs that have the defrost schedule of "team", not "investor".

What is the reward distribution schedule?

Every week, 3 mainnet CML coupons will be rewarded to contest participants. All contestants share this reward. The number is subject to change based on the number of contestants and the total amount of TEA assets during the epoch. We'll start with 3 mainnet CML Coupons at the beginning of epoch 7.

How is the buy-back rate calculated?

At end of each week, a snapshot of the total assets is taken. A buy-back rate is calculated and posted to the telegram channel.

Buy-back rate = (total TEA assets in the contest at the time of the snapshot ) / (number of mainnet CML coupons)

For example, if at the end of the first week, there are 30000TEA in total assets (for all contestants), then the rate is 0.0001 mainnet CML coupon per asset value (measured in TEA) in any contestant's wallet.

Anyone can transfer any amount of TEA to NPC address 5CcrQQwmkxpstBTg74RmET2kRSxNwRcMfMnPsmzZAWkQTZX8 and then notify NPC to receive their reward. NPC will send the reward mainnet coupon to the same sender address.

Rate expiration

Whenever a new rate is posted, the old rate will immediately no longer be valid. The new rate will be the prevailing rate until a new buy-back rate is posted.

Running out of the reward

Every week, the total of the mainnet coupon is a fixed number. At the time of the snapshot, the total assets can convert all the reward (eg. 3 coupons at the beginning). But there is a chance that more TEA assets are generated during the following week, so there could be someone trying to redeem the mainnet coupon but all of the coupon for the present week has already run out. In this case, they cannot get a reward in the current week. Generally speaking, the buy-back rate is no longer valid after the reward coupons are completely exchanged for during the week. Contestants will have to wait until the new rate is set at the beginning of the next week.

Remaining mainnet coupons roll over to the next week

If not all the mainnet coupons are redeemed by the end of the week, the remaining coupons are rolled over to the next week. When the new week starts, these rolled-over CML mainnet coupons will be added to the 3 allotted for the new week.

Do I need to exchange all my assets for the reward mainnet coupon?

You can, but we do not recommend you do so. You will need enough funding to continue mining or investing. We wouldn't recommend exchanging all of your assets unless you decided to stop participating in the contest. Your assets will stay in your wallet and roll over to the next week. It will not expire unless some serious bugs cause us to have to stop the test net. If that happens, contestants will have time to exchange their assets for CML coupons if the epoch needs to be stopped prematurely.

What can I do if I only have a fraction of the mainnet coupon?

It is very common that you accuminate a number of coupons during multiple rewards. When you redeem the coupon to the real CML coupon when the mainnet starts, only the integer part can be used. That is because the CML is NFT that cannot be split.

For example, if you have 5.352 mainnet coupons, you can redeem to any of the combination below

• one A, one C
• two B, one C
• five C,
• one B, four C
• .... any other combination

But the 0.352 won't be redeemed. You can sell it to someone who needs the 0.352 to make it up to an integer. Or you buy from others to bring your coupon up to 6.

Where can I see the rewarded mainnet CML Coupons?

The TEA Project will keep a track record of mainnet CML coupons earned by each account address (i.e. Polkdot wallet address) which can be viewed here. Please note that if you change your account address later, TEA Project won't be responsible for transfering your mainnet CML coupon to your new address.

This process may be updated to be automatic later. But at this moment, we will start with the manual process.

Rules are subject to change without notice

TEA Project team has a right to change any of rules and the amount of rewards during epoch 8.