Effective as of August 8th, 2022, referral rewards will be paid as vePERP on the Optimism network (instead of PERP on mainnet). The contract address for vePERP can be found here.
With the introduction of vePERP, there are a few important updates to the referral program:
- Rewards will be paid out in vePERP,
- To claim these rewards, you must have locked a non-zero amount of PERP for at least 4 weeks.
- The lock time for referral rewards is equal to the amount of time you have locked PERP for.
Referral tier and the payouts you receive continue to be determined by how much staked PERP (sPERP) you hold. In the near future, we’ll be changing this requirement to base on it the amount of vePERP a referral partner holds.
This guide will help walk you through the process of locking PERP, extending the lock time and claiming vePERP as referral rewards.
Learn more about our referral program here.
How to Lock PERP
Go to the tokenomics page and approve access to your PERP for the locking contract.
Once approval has been confirmed, click on “Lock PERP” and you’ll see the following pop-up:
Select the amount of PERP you want to lock (it only has to be a non-zero amount) and choose a lock time of at least 4 weeks. Then click on “Lock PERP”.
Once you have confirmed the transaction and your PERP has been locked for 4 weeks or more, the referral rewards will become claimable!
You can also lock PERP directly from the tokenomics page:
Once the lock expires, you cannot lock more tokens or extend the lock time. The “Unlock PERP” button will be shown when the lock time has ended. You’ll then have to unlock PERP, confirm the transaction in your wallet and then lock PERP again to claim your rewards.
Extending Lock Time
If you have already locked PERP, but do not meet the minimum requirement for the lock time, you’ll have to extend the lock time so that it is 4 weeks or greater. For example, if you have PERP which is currently locked for 1 week, you’ll need to extend the lock by another 3 weeks to meet the minimum lock time requirement.
Go to the tokenomics page, click on the “+” button next to date your PERP is locked until to extend the lock time.
If your PERP is currently locked for 1 week, you can extend it by 3 weeks by using the slider, as shown below:
Click on “Extend” and confirm the transaction in your wallet. Return to the tokenomics page to see when the PERP is locked through until. When it shows that your PERP is locked for 4 weeks or more, then the vePERP rewards become claimable.
Claiming Referral Rewards
After locking PERP for at least 4 weeks, referral rewards can be claimed as vePERP. Referral rewards are distributed weekly, on every Monday at 06:00 UTC.
If you try to claim your referral rewards without locking PERP, you’ll be prompted to lock before claiming. A faucet will provide 0.10 PERP for free so you can use it right away to claim rewards.
The available rewards are shown on the right-hand side of the page.
Click on “Claim” to receive the vePERP rewards.
You’ll then see the list of rewards by week. You can claim the rewards from multiple weeks at once, where you can check up to 10 boxes. Only 10 weeks worth of rewards can be claimed at a time to ensure the gas limit is not exceeded.
Once you have signed the transaction in your wallet and received the rewards, your amount of locked PERP will increase and the rewards balance will decrease.
The lock time of the vePERP rewards will be the same as your locked PERP. For example, if you have locked some PERP for 4 weeks, the vePERP rewards will also be locked for 4 weeks.