[Discussion] Referral program

Summary

Recommendations are a big factor on whether or not someone uses a platform, and having a referral program will definitely incentivize people on coming to mStable. Referrals are one of the best marketing tools but of course it has some drawbacks which are described bellow.

Pros

  • Having a referral program would generate some traction and free marketing of course :stuck_out_tongue:
  • It would make users feel closer to the platform as well
  • Referees might go deeper into the ecosystem/community compared to someone who just found us on twitter.

Cons

  • Derc was worried about sybil or other possible frauds, but those can be mitigated by whitelisting the participants as dimsome suggested, or for example, by having certain amount of MTA staked for a period of time, or both.
  • Might look like a pyramid scheme if not careful when setting it up.

Reward Ideas:

  • Permanent quest that will slowly increase the boost.
  • MTA reward proportional to the average imUSD minted - burnt in a year for example. Of course this would be more difficult to implement :smiley:
  • Fixed amount of MTA per successful referral.
  • NFTs, swag?

Targets:

  • Protocols, companies projects, (easy to whitelist, hard to sybil)
  • People. Prone to abuse, but wider audience.
2 Likes

Hey, thanks for putting this idea forward!

This was also on my mind and I think with your suggestion we should start exploring this idea. This would make integration of mStable much more attractive for third parties.

However, I think we should be very clear who we target with this effort and the clearest path is other protocols/wallets/projects in general, rather than individuals. This could make our BD process so much more convincing.

We need to figure out a few things:

  • Technical feasibility or how it would work in principle
  • How much of an effort this is
  • What smart contracts need to be changed for this
  • What is the commission scheme
  • What is being paid out? MTA or a portion of the fees generated in mUSD/mBTC
  • Probably a few other things
3 Likes

I support this idea. In terms of implementation, I suggest that the simplest thing would be to track referrals through events on the Savings contract, and then do the rewards/calculations off chain (e.g. NFTs, Grants, etc)

1 Like

Totally agree that referrals are a key growth strategy for the protocol. I know Yearn are rolling out something to that effect c.f. Partnership Program | Yearn.finance

From our perspective, B2B sounds like it could be implemented relatively easily as @alsco77 mentioned or on-chain e.g. with an optional function call parameter ‘referrer’ which could be the id/address of the partner on the relevant contract functions.

If it makes sense, we’re happy to test any early implementations of a referral program and help build a case study that the protocol/community can use as an example for further potential partners!

1 Like