FAQ: Young Platform Clubs
Here are the Young Platform Clubs: packages of exclusive benefits and opportunities. Got doubts? Here is the FAQ!
Along with its market listing, the YNG token is introducing another new feature at Young Platform: the Clubs. They can be accessed by blocking a certain amount of tokens, and membership entitles you to discounts and promotions. What are Clubs? How many YNG do I need to block? How can I join? These and other questions are answered in this article. Welcome to the Young Platform Clubs FAQ!
Here you’ll learn:
- What are the Clubs?
- What are the main benefits?
- How does signing up for the Clubs work?
- How Clubs and staking intersect
What are the Clubs?
Clubs are the evolution of the proportional discount plans given by holding YNG.
They are packages of advantages that are accessible by blocking YNG from the 31st of May*. The more YNG you block, the greater the advantages and the higher the Club level you’ll get.
What are the main advantages of the Clubs?
There are three main advantages expected immediately:
- Discounts on buying and selling fees
- Increased rewards in your Earning Wallet
- Increased rewards in Airdrop events (cf. Sandbox)
My staking reward has not been increased, why is this?
If you already had active staking before joining the Club, with or without Auto-renewal, they will not be affected by the annual percentage increase. Even if you Auto-Renew a stake after joining the Club, it will still have the standard percentage.
To get the percentage increase, stakes will have to be terminated first. When you open a new stake it will have the corresponding increased APY if you are still in the Club.
If I already have a discount on fees, what discount will I get by joining a Club?
If you already have an active fee discount and you join a Club, you will only benefit from the higher discount of the two.
If I have enough YNG to upgrade my Club level, but my membership is not yet expired, how do I do that?
If you have enough YNG to advance to the next club, you can do so even if your 90 days of membership are not yet up. You only need to block the missing YNG to move up a level. For example, if you want to upgrade from Silver to Gold, you only need to have 5000 YNG to block in your membership, as you already have the other 5000.
To make this upgrade, click on the sign up button for the next club. From the moment you confirm it, your new Club membership will last at least 90 days.
On the other hand, it is not possible to unlock YNG before the end of a membership to downgrade to a lower club.
Do the fee discounts given by the Clubs also apply to Young Platform Pro?
When does club membership expire?
You can join a Club at any time. Membership lasts for a minimum of 90 days, after which you can cancel it if you do not want to remain in the Club automatically.
What’s the minimum amount required to access a Club?
You need to block at least 1500 YNG to access the Bronze Club.
Can I use blocked YNG tokens to join a Club?
No, only free YNG tokens that are useable within the Step Wallet can be used for Club membership.
When can I start signing up to Clubs?
From the 31st of May*.
How do I sign-up to a Club?
From the 31st of May* onwards, in the Club section of the Young Platform app, you will see the option to sign up and block the YNG tokens needed to access the Club you want. Membership lasts a minimum of 90 days.
Are Clubs also available on the Pro version?
No, the feature will only be available on the basic app.
How can I renew my membership?
After 90 days of mandatory membership, if you do not deactivate your membership manually, your membership will automatically be renewed.
Cancelling my membership
How can I cancel my Club membership?
You can only cancel your membership after 90 days. In the Club section of the Young Platform app, you will see the option to cancel your membership in a few simple steps.
What happens after I cancel my Club membership?
- Your blocked YNG will automatically be transferred to your Step wallet.
- You will lose all your Club benefits, as well as the ones from lower levels. Fees and staking rewards will return to standard level.
- If you have an active stake with an increased percentage from your Club, you cannot leave the Club if you have not waited until the end of the staking period or cancelled the stake (thereby also losing the reward).
*Dates may be subject to change because of delays caused by third parties involved in the process.