| id | Title | Status | Author | Description | Discussions to | Created |
|---|---|---|---|---|---|---|
| TIP-148 | New Overtime Ambassador Referral | Draft | fhd | description | discordlink | 2023-07-11 |
Current Overtime referral system needs a rehaul. There is not much sharing of referral codes, at least I haven't seen any on twitter. We should entice users to refer others and spread the word by increasing the benefits of referrals.
Increase the SafeBoxFee to 1.5% in order to accommodate the new referral system.
Leave the current referral system as is.
I propose introducing a new gated referral program, for whitelisted “influencers.” This system has been proven to work, as seen with GMX. Everyone remembers when all influencers were shilling their gmx referral links, and this generated massive volume.
Influencers must apply to become whitelisted, with proof of their following as well as why they would be a good Overtime Ambassador.
So, I propose that these gated referrals are able to earn 1% of their referred USD volume and their referred users get a rebate of 0.25% on all of their trades. The SafeBox will accrue the other 0.25% fee.
GMX does not have a 'gate', but tiers with better bonuses based on referral usage, but IMO this stage of overtime is too early to create a system like that. The reason this is gated because if not, people would just use their friends codes and it wouldn't encourage these ambassadors to spread the word. This system entices influencers to spread their referral links, while also giving their following a reason to use the link other than for donating to the influencer. Users will happily use a referral link to save on fees, which leads to the influencer getting more volume, and being more encouraged to spread the word as well.
If a user bets $1000, the SafeBoxFee will be $15 (1.5% of $1000). The referrer will receive $10 (1% of $1000), and the bettor will receive a rebate of $2.5 (0.25% of $1000). SafeBox will accrue the other $2.5.
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