Commitment Fees
The meat-and-potatoes of the Clubs App commitment system.
The core commitment strategy relies on the built-in challenge fee. Fees are collected at the beginning of a member's commitment to a challenge and are determined by the challenge creator. Each member, including the creator, is required to provide this fee to participate in the challenge.
For some Sponsored Challenges, challenge creators can opt to add funds initially in lieu of a fee. This means that some sponsored challenges do not require a payment and instead pay out to all successful participants at the end of the challenge's duration.
As of writing, there are three ways to "fund" an account and remain within a challenge when a cadence elapses.
Coinbase Onramp
Clubs App uses Coinbase to exchange bank funds for USDC. This is due to money transmission licensure and ease-of-use in the Coinbase Pay ecosystem. While many users will not have a Coinbase account, they will need to add such an account in order to use this payment method. Coinbase accepts payments from many Debit and Credit card providers, as well as ACH and Wire payments in the U.S.
Stripe Pay
Clubs App uses Stripe as a way to purchase USDC to add to your wallet. Stripe is a industry-leading payments provider that can provide funds to and from thousands of U.S. based banks and credit unions. While this method of funding is quite flexible, funds may take a full business day to appear in your account.
On-chain transfer
Each Clubs user has an associated Solana wallet address. This address is what is used to submit funds to the users' clubs. If USDC is added through an on-chain send action, then those funds become available for use in the users' commitment fees. This method is generally considered a more technically-oriented approach, though it can be achieved with any Solana asset swap on Decentralized Exchanges that support the Solana blockchain.
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