The reward system aims to incentivize Elk token top holders weekly by allocating 2% of reflection tokens which will be converted to $ARB to them. This system encourages long-term holding and promotes the overall stability of the token ecosystem.
Reflection tokens:
A percentage of every transaction is redistributed to all token holders as a form of passive income. In this case, 2% of these reflection tokens will be set aside for the top 500 holders.
Snapshot:
Periodic snapshots of the Elk token holders' rankings will be taken to determine the top holders. The frequency of the snapshots will be weekly.
Distribution:
The 2% of reflection tokens allocated for the top holders will be distributed proportionally based on each holder's ranking and token holding percentage among the top holders (to be specified later)