The Rewards Estimation Model
As of January 1, 2022, Lolli will officially lock in the amount of sats you earn to reflect the market value of bitcoin at the time of your purchase!
This means that the amount of sats you earn on your purchase with Lolli will be locked in as your pending reward no matter how much bitcoin's price moves. So while the equivalent USD value may fluctuate, your pending bitcoin reward amount will stay the same.
For example, let's say your recent Adidas order earned you $8.40 in bitcoin and that's equal to 20,000 sats at the time of your purchase. This amount of sats will be locked in as your pending reward, regardless of whether bitcoin's prices goes up or down.
This officially makes shopping with Lolli pretty much like buying bitcoin at any given moment in time. AKA, if you buy sneakers when bitcoin’s price dips, you'll lock in more sats per dollar as your pending reward and your rewards will rise in value if bitcoin’s price goes up in the future.
All orders from January 1, 2022 onward will follow our new model. So if you made a purchase since January 1st, then congrats! You bought the dip.
If you want to learn more about our old model, check out my previous blog post here.
The Confirmation Period
Each merchant may have a different confirmation period for various types of items. You'll officially receive your bitcoin amount only after this period is complete and your pending rewards are released into your Lolli wallet.
Why Is There a Confirmation Period?
Although we're locking in the number of sats you'll receive on your purchase as a pending reward at the time you make the purchase, we don't actually release your rewards as available until after the confirmation period is over.
You'll officially receive your bitcoin amount only after this period is complete – at which point your pending rewards will become available rewards.
If you buy 10 shirts with Lolli and then return them all, you won't receive any bitcoin rewards on your purchase. We wait until the end of the confirmation period to convert your rewards from pending to available in order to account for this.
Confirmation Periods for Card Boosts
Lolli Card Boosts allow you to earn bitcoin on your in-store purchases and turn any credit or debit card into a bitcoin rewards card. Typically, Card Boost rewards confirm within a week or so after your purchase.
This is because many of these stores have shorter return periods; however, reward confirmation times will still vary for different Card Boost partners.
Why are my pending bitcoin rewards still fluctuating?
For any pending orders placed before January 1, 2022, the amount of bitcoin in your Lolli wallet will still fluctuate until the confirmation period has passed. All orders from that point onward will follow our new model, with your bitcoin rewards locked in at the time of your purchase.
Please, don't let my long explanation keep you from reaching out. We cannot make Lolli successful without feedback! Make sure you follow us on Twitter, including the main Lolli account @trylolli, Alex @alexadelman, and myself @MattSenter for product updates, inspiring memes, telling us what you think, etc.