Referral Rewards Update - Call for comment

Proposals
1

Perpetual Protocol Referral Program Re-Launch

:warning: This document is archived. For the current state of the program, please see the docs.

The initial phase of the Perpetual Protocol referral program began May 1 and so far has been quite successful. We have 5 referral partners signed up, and many more waiting to join the program including some very high profile traders in the space.

We’d like to hear your feedback regarding some planned changes to the program. Please read on and comment below! :pray:

The initial program used a manual process and cannot scale, so we have been anxiously awaiting the launch of a dashboard and referral calculation system that will automate many aspects including sign-ups and reward calculation.

We currently expect the new system to launch Sept 1!

Note for trades made August 21-31, all rewards will be calculated and issued on September 1, according to the previous rules.

Key updates

Reward updates

With the growth of the PERP token price and to keep the program sustainable, a restructuring of rewards is needed. Rewards will continued to be issued on xDai until we launch on Arbitrum, when we will evaluate the feasibility of issuing rewards on L2.

As before, traders will receive a rebate on their trading fees, paid in PERP.

   Month     Trader rebate*  
 ---------- ---------------- 
  Jul-Aug         40%             
  Sept-Oct        25%             
  Nov-Dec         10%
*Based on trading fees, and paid in PERP

Reward caps

  • Reward caps will reset weekly
  • Traders can increase caps substantially by staking PERP tokens (staking and trading address must be the same)
  • Caps are in USDC but rewards will be issued in PERP, using 7-day TWAP for conversion
  Staked PERP   Reward cap (USDC)  
 ------------- ------------------- 
            0                 200  
          100                 500  
         1000                 800  
        10000                1200

Rewards period

Sunday thru Saturday UTC

Rewards will be calculated for trades performed each week, beginning Sunday 0:00 UTC and ending Saturday 23:59 UTC.

Weekly rewards will be issued every following Monday.

Referral sign-up

Sign-ups will be easier than ever. Traders can go to the referral dashboard, log in with a web3 wallet, and enter the referral code. The address and referral code will be linked in the system database.

Or, if you’re sending transactions programmatically, you can include your code in each transaction using openPositionWithReferral and closePositionWithReferral. Be sure to include the code for each trade.

Or, you can sign up with a referral partner by entering their code using setReferralCode in this contract: 0xF1d5BA04a25A6D88c468af932BFe2B1e78db7B45. The address used to sign the transaction will be associated with the referral code you enter.

In either case, you will start accumulating rewards for all subsequent trades immediately after sign up.

The dashboard will also feature stats to let traders monitor rewards and staking tier status.

1 Like
2

A user comment shared with me privately

Currently, with a 40% discount, trading fees are somewhat competitive with CEXs. Traders are likely making that mental weighing, ‘do I want to pay slightly more per tx for non custodial and non KYC trading?’, however, there are some pretty big drawbacks with the basic UX at the moment – no stops, no limit orders, no cross margin, etc. I wonder if decreasing the trading fee discount before improving the UX might weigh the decision in favour of CEX’s (or competitor DEXs, DYDX for instance). Something to think about.

3

+1 about UX, and also want to ask about UI. Is new version will be with new UI and can we see model now? it really important for peoples, i tried onboarding some my friends with 7 figure volume of perpetuals per day but everyone said about ui. i even tried to become tester of ui and connected with team but didnt get feedback.

4

I second this. Generally, I agree with the proposal - it brings some improvement for tokenomics by giving an incentive for the referrals to hold earned Perp (kinda similar to veCrv here). However, I believe we firstly should provide a level of experience and UI comparable with CEX’s before decreasing and limiting the rewards

5

cc @d.serebryakov

Thanks for the comments! We are working on an all-new UI that will make the interface prettier and hopefully easier to use as well. It’s very much a ‘DeFi’ style rather than CEX style, so we will see what people think. The new looks is not ready to share just yet but it’s getting close. It will be unveiled with our testnet and we look forward to community comments.

Were there any specific comments about the UI? Missing features? Or just not pretty enough.

6

Hmm this is an interesting point. From the FTX campaign I could see it would be 5% rebate vs in Binance it’s set to 20% to the referrer and 0% to the referee by default - so the maximum could be the referrer receives 0% and referee gets 20% but I suspect unlikely?

7

if you hold 500 BNB it will be 20% to the referrer and 20% to the referee, same with FTT

8

I like the referral rebates linked to SPERP - I think it should be heavily weighted to SPERP to really incentivise that form of participation.

I agree UX is critical- what if there is a tier of referral partners who participate in UX workshops with team UX designers and front-end developers to continually iterate on the UX in collaboration with the power users?

9

big fan of automating the onboarding and improving UX.

IMO what would be nice is a referral partners can simply sign up over the perp exchange, meaning anyone can become a referral partner. I remember back in the day Binance offered this, and I think this can really spread the message and lead to the rapid growth of them.

10

For now we are limiting who can be a referral partner in order to attract big players to sign up. We have some big names who will onboard once the new system goes live who would otherwise have not been interested if just anyone could make a referral code.

We’ll try this method at least until the end of the year, and at that time if it looks like it’s not working that well, we’ll open it up to anyone to create a code. But so far I’m pretty happy with the progress we’ve made in signing up influencers in the derv trading space.