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Version: testnet (v0.73)

Enable or replace referral program

The on-chain referral program allows users to refer new traders. Referrers can get a cut of their referees' trading fees, and referees get a discount on their fees. In addition, a referrer with VEGA tokens associated can multiply their rewards.

The referral program needs to be enabled by governance. Once it's enabled, both the requirements and the benefits can also be replaced with a new program.

This page describes what you need to propose enabling or replacing the referral program, and provides example proposal templates that you will need to edit before sharing and submitting.

Requirements​

You will need:

Anatomy of a referral program proposal​

The fields below all need to be defined to enable the referral program or replace an existing one.

If you are suggesting a replacement referral program, you'll need to include all the fields, even if you don't want to change their values. Just use the existing values from the current referral program.

End of program timestamp: Date and time after which, when the current epoch ends, the program will end and benefits will be disabled.

Window length: Number of epochs over which to evaluate a referral set's running notional taker volume.

To end an existing program early, set your proposal up with the exact same parameters. Set the end of program timestamp to be the same as the proposal's enactment timestamp.

Benefit tier fields​

Benefit tier fieldDescriptionAccepted values
benefitTiersList of values defining the reward and discount factors for the programHolds the details of each benefit tier, listed below. Maximum of 🔗10 tiers
minimumRunningNotionalTakerVolumeThe notional volume of aggressive trades that a trader is required to have across the aggregation window, to access this tierInteger greater than or equal to 1
minimumEpochsRequired number of epochs that a referee must have been in a referral set to access the benefits in this tierInteger greater than 0
referralRewardFactorProportion of the referee's paid fees that will be rewarded to the referrerWhole number, decimals allowed, greater than or equal to 0, and less / equal to 🔗0.2
referralDiscountFactorProportion of each referee's fees to be discounted, will be converted to a percentageMust be greater than or equal to 0 and less than / equal to 🔗0.1

Staking tier fields​

Staking tier fieldDescriptionAccepted values
stakingTiersList of values defining the multipliers to be used for referralsHolds the details for each benefit tier, listed below. Maximum of 🔗10
minimumStakedTokensRequired number of VEGA tokens a referrer must have associated to their Vega key to receive the reward multiplierInteger greater than 0
referralRewardMultiplierMultiplier applied when calculating referral rewards due to the referrer, if they meet the criteriaWhole number, decimals allowed, greater than or equal to 1

Templates and submitting​

Below you will find:

  • JSON example that can be submitted with the governance dApp ↗
  • Command line examples for different operating systems
  1. Copy the JSON example below into a text editor.
  2. Replace the placeholder values with those you want for the market.
  3. Tip: Use markdown formatting in your proposal's rationale to make for easier community review.
  4. Submit your proposal on the governance dApp ↗.
  5. Check you can see your proposal under Open Proposals on the governance dApp ↗.
{
    "proposalSubmission": {
    "rationale": {
      "title": "Referral proposal title",
      "description": "This is why I want to enact or replace referral program"
    },
    "terms": {
        "updateReferralProgram": {
          "changes": {
            "end_of_program_timestamp": 1234567890,

            "window_length": 3,
            "benefitTiers": [
              {
                "minimumRunningNotionalTakerVolume": "10000",
                "minimumEpochs": "6",
                "referralRewardFactor": "0.001",
                "referralDiscountFactor": "0.001"
              },
              {
                "minimumRunningNotionalTakerVolume": "10000",
                "minimumEpochs": "6",
                "referralRewardFactor": "0.001",
                "referralDiscountFactor": "0.001"
              }
            ],
            "stakingTiers": [
              {
                "minimumStakedTokens": "100",
                "referralRewardMultiplier": "1.5"
              },
              {
                "minimumStakedTokens": "500",
                "referralRewardMultiplier": "2"
              }
            ]
          }
      },
      "closingTimestamp": 1111111111,
      "enactmentTimestamp": 1111111155
  }
  }
}

Voting​

All proposals are voted on by the community.

To vote, community members need, at a minimum, the larger of 🔗more than 0 tokens or 🔗1 token associated to their Vega key.

Your proposal will need participation of 🔗0% and a majority of 🔗66%, so having community support is essential.

Proposers who invite feedback, engage with comments, and make revisions to meet the needs of the community are more likely to be successful.

Enactment​

If successful, the program changes will go live in the epoch following the time you specify in the enactmentTimestamp field.