Hi everyone, this is a quick update on Abra's referral program and the CPRX token. If you don't know what is abra or CPRX token is, you can read my previous article on the same. But for a quick intro: Abra is a mobile application/wallet that allows you to buy, trade, borrow and earn interest on your crypto. Remember you hold the keys to your Abra wallet.
Updated Referral Program
According to the updated(5-March-2022) referral program, If you refer someone and they hold $15 worth of crypto for 7 days in their Abra wallet after completing their KYC then you both will earn $25 in CPRX. Now the catch is, this is only valid for US users. If you are a non-US user then you have to hold $15 worth of crypto for 30 days in the wallet after completing KYC then you both will earn $5 in CPRX.
Remember you can hold any crypto as long as it is worth $15 at the time of deposit. Consider the transferring fee while sending your crypto to abra so that you won't end up receiving less than $15. I would suggest transferring 20-25% extra, in case of a dip because it's not mentioned if it's at least $15 or just the initial deposit must be $15.
Uncertainty
Now in the following cases:
a} US user refers US user - both will earn $25
b} Non-US user refers Non-US user - both will earn $5
But it's not mentioned, in the case of a US - Non-US pair, is there any change. So, as the reward is dependent on the country, we can expect that a US user(either a referrer or referee) will earn $25 and a Non-US user(either a referrer or referee) will earn $5.
Edit: Earlier there was also a promotion going on to get an extra $15 in CPRX when your first deposit is $15 in any crypto and you hold it for 7 days. The same $15 which you have added for the referral program will automatically make you eligible for this promotion. But now this promotion is ended for international users and will only be available for US users.
Current Situation With CPRX Token
The CPRX token has performed really well in the past 48hrs but there's an ongoing situation on Abra, where you can't sell your CPRX tokens nor could you exchange them for some other token. To be surprised this problem is there on the platform for quite a few days and when I talked about this with their support they said that they don't have a timeframe or deadline for a solution but working actively to solve this issue.
I only got to know about this issue two days earlier but seems like the issue is there for a week or two and if they haven't resolved it yet and don't even have a deadline then this could be problematic as you won't be able to sell your CPRX.
This is the alert you will see when you try to exchange your CPRX and no matter how small amount you try with it's not gonna change.
This problem exists in Abra, so, there's a chance that we can withdraw our CPRX to another exchange and sell it there. But when I asked the support about withdrawing/transferring CPRX to another exchange they said that all transactions with CPRX are having this issue, plus CPRX is not listed anywhere except on Bittrex, which I do not use so, I did not try with this withdrawal thing.
CPRX is also there on uniswap but I'm not sure if it's exchangeable there also it shows "added by user", plus couldn't find a way to add CPRX in metamask.
So, for me, the only option is to wait till this get's resolved, there's not much info on this issue but you could reach out to their support on Twitter.
My referral link: https://www.abra.com/ref/?deep_link_sub1=RCFCVZT2U (Non-US user)
Closing Thoughts
As always that my goal here is to introduce you to these platforms and not to make you interact with them. So, always do your own research before taking any action and if you are interested in more of this content then connect with me across the platforms.
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