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

The referral program is open to everyone to join however we have introduced a new VIP tier for v2. To reach this VIP tier there will be two requirements:

  1. Exclusivity to Perp in the area of decentralized derivatives. You can still go shill Binance or FTX all you want, we don't mind. Just not other derivative DEXes,
  2. Fulfil minimum fee generation from referral traders.

As a benefit for this you will receive:

  • Very high rebates,
  • Higher capped earnings.

Referral partners have to be added in manually by the Foundation team in order to access a VIP tier. We will create it such that for the first 30 days that you are added to the VIP tier you do not need to fulfil the minimum fees or the staked PERP (sPERP) requirements (i.e. they are both set to 0).

After this 30 day period you must fulfil the minimums to stay in the tier. If you do not meet the minimum requirements, then you will be automatically moved to the corresponding tier.

Note: VIP tiers are reserved for those with a large following or other social influence.

The table below details all of the relevant information for referral partners: 

Tier Rebate Trader Caps (USD) sPERP Minimum Fees (USD) Exclusivity
Tier 1 20% 100 0 0 No
Tier 2 30% 1,000 1,000 0 No
Tier 3 (VIP 1)

40%

3,000 2,000 10,000 Exclusive to Perp
Tier 4 (VIP 2)

55%

3,500 10,000 50,000 Exclusive to Perp

Definitions:

  • Trader Caps: how much you can earn per week per trader referred.
  • sPERP: the amount of staked PERP held in your wallet.
  • Minimum Fees: this is the minimum amount of fees paid by your referral traders.

Referral Dashboard

You will be able to check all of your stats here: https://referral.perp.com/

Once you receive your code, you simply need to ask your referral traders to go to the above site and input the referral code you created Once they input the code they will be able to see all their trading stats and how much they earned.

Timing

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

Calculation Method

To calculate your weekly referral reward we do the following:

  1. Trader Fees: For each trader we take the amount of fees attributed to you,
  2. Rebate Percentage: We get the rebate percentage based on your sPERP,
  3. We apply the rebate percentage (=Rebate Percentage x Trader Fees). If this amount is greater than your cap, then it will be equal to the cap. If it is less than the cap then it is whatever the number is generated,
  4. Iterate through all of your referral traders and then sum it up,
  5. Convert to vePERP using a 7-day Time Weighted Average Price and then we send it to you.

⚠️ An important note here is that all trading done via app.perp.com will be attributed to you. If it is traded via a 3rd party UI they may have their own referral code. If you'd like to build out your own application and refer trades make sure you pass it through the transaction! See the programmatic trading section below for more details.

Promotion

Promote your referral code using giveaways and other creative ideas. Give users a reason to use your code instead of their own. We have attempted to design the system such that top-tier referral partners can earn far more than individual traders, so your promotional efforts could pay serious dividends.

Programmatic Trading

Traders who want to trade direct with the contract will need to supply the "referralCode" argument to the position methods on the contract.

⚠️ Important details to follow!

1. The transaction must be encoded as bytes before sending or the transaction will fail.

2. Verify the referral code before making a transaction. Incorrect referral codes will not yield rewards. There is no contract level validation for referral codes so it is the responsibility of the user to verify.

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_2022-06-02_at_11.58.37.png

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

Screenshot_2022-07-28_at_15.56.52.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_2022-07-28_at_16.02.30.png

 

For Referred Traders

The rewards that each referral trader will be eligible to are displayed in the table below:

Tier Rebate Cap (USD) sPERP
Tier 1 20% 200 0
Tier 2 20% 500 1,000
Tier 3 20% 800 2,000
Tier 4 20% 1,200 10,000

 

Trader’s caps do not affect the amount of referral fees their referral partner can earn from them. Trader caps only affect the trader, and referral partner caps only affect the referral partner.

Example

If your trader has 0 PERP staked but has paid $3,000 in fees then rebate * fees = $600. However they are above the USD cap for their tier so they will receive $200 worth of vePERP. 

If they increased their staked PERP to 1,000 then they would receive $500 worth.