Referral Program

  • Updated

Welcome to the Perpetual Protocol referral program. This guide will walk you through how the program currently works and showcase any future updates. 

As a quick overview of the terminology in this document:

  • Referral partners: Anyone with a referral code, like you!
  • Referral traders: Any traders that use your referral code to join the referral program.

Check out this guide to learn how to claim referral rewards as vePERP. 

Referral Program Overview

As of October 11th, 2022, the old referral program will be ended and replaced with an improved version utilizing vePERP. Lock into vePERP before Thursday, October 13th (00:00 UTC) to be eligible for the first batch of rewards from the updated referral program. Read our Twitter announcement for full details: https://twitter.com/perpprotocol/status/1576953766728716288

The referral program is open to everyone to join. Referral partners can earn a share of the fees generated by referred traders depending on the proportion of vePERP they hold relative to all other referral partners. Referred traders can earn 20% rebates on their trading fees. 

Once you receive your code, you simply need to ask your referral traders to go to https://referral.perp.com/ and input the referral code. Once they input the code they will be able to see all their trading stats and how much they earned.

Referral program participants can check all of their stats here: https://referral.perp.com/

The earnings from the referral program become larger as:

  • more people trade on Perp under your referral code,
  • the volume of each of your referred traders increases,
  • you increase the amount of vePERP you hold as a percentage of the total supply held by all referral partners.

Timing

All referral rewards are calculated at 00:00 UTC Thursday until 00:00 UTC the next Thursday. 

The first snapshot will be taken at 00:00 UTC on Thursday, October 13th. 

Lock vePERP and claim earnings every week on Monday here: https://token.perp.com/referral

Calculation Method

  1. Take the volume referred by each referral partner
  2. Apply the formula below to get the updated volume referred
  3. Take (2) and get the ownership 
  4. Apply this ownership percentage to the amount of PERP

\[min((ReferredVolume * 0.4) + (TotalReferredVolume * ({VotingBalance \over VotingTotal} * 0.6)), ReferredVolume)\]

To participate as a referral partner, you must:

  • Lock at least 10 vePERP
  • Share your referral code

To calculate how much rewards will be distributed we will take the fees generated on the given week by all referral partners and multiply it by 20%. This will then be converted to PERP via a 7-day time-weighted average price. 

Note: There is a maximum cap of $400M trading volume per week. 

Locked PERP is required to claim referral rewards but there’s no minimum lock time or amount as there is for earning referral rewards. For example, if you have less than 10 vePERP, then you can claim any referral rewards but you will not continue to earn referral rewards in the following weeks. 

Programmatic Trading

Only EOAs (externally owned addresses) can hold vePERP, while contract addresses can’t. A new “delegation” feature has been added to our contract, and programmatic traders will have to delegate and update their contracts. 

Follow the migration guide here to delegate to an EOA. 

When claiming rewards, the process is the same as before, the only difference is the rewarded vePERP will be distributed to the delegated EOA instead of the contract who owns the referral code or uses a referral code to trade.

For Referral Partners

Creating a Referral Code

To create a referral code, check out our video guide below or the walkthrough in the following section.

Sign Up Walkthrough

Step 1:Begin by adding the Optimism Network to any of the supported wallets (MetaMask, WalletConnet, Coinbase Wallet or Torus).

A guide to adding the Optimism Network to your MetaMask can be found here: Optimistic Ethereum.

Step 2: Visit https://referral.perp.com/, click “Connect Wallet” and choose which wallet you want to connect. 

Step 3: Click on your preferred wallet option under “Choose Wallet”. You will be prompted to sign into your wallet and asked to switch over to the Optimism Network if you haven’t already.

Screenshot_2022-11-01_at_14.02.33.png

Step 4: Continue by clicking “I am a referrer”.

Screenshot_2022-11-01_at_14.02.41.png

Step 5: Enter in the desired name for your Referral Code and click “Create”. MetaMask (or your selected wallet) will prompt you with a transaction to create the Referral Code.

Screenshot_2022-11-01_at_14.02.50.png

 

For Referred Traders

Traders will receive a flat 5% rebate that is capped at $500 per week (equivalent to $10M trading volume).

To participate:

  • Lock at least 10 vePERP
  • Apply a referral code
  • And trade