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Version: release (v0.77)

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 governance 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:

  • A connected Vega wallet, with your wallet name and public key to hand
  • A minimum of whichever is larger, associated with that public key, based on the network parameter values for governance.proposal.referralProgram.minProposerBalance or spam.protection.proposal.min.tokens
  • Familiarity with governance

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 referralProgram.maxReferralTiers 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 the value of the network parameter referralProgram.maxReferralRewardFactor
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 the value of the network parameter referralProgram.maxReferralDiscountFactor/>

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 referralProgram.maxReferralTiers
minimumStakedTokensRequired number of governance 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

Submitting proposals in a batch​

If you want to submit this proposal as part of a larger batch of proposals, follow this sample structure:

{
    "batchProposalSubmission": {
        "rationale": {
            "title": "High level title",
            "description": "Description of all parts of this batch of proposals"
        },
        "terms": {
            "closingTimestamp": "123",
            "changes": [
                {
                    "enactmentTimestamp": 123,
                    "cancelTransfer": {
                        "changes": {
                            "transferId": "345"
                        }
                    }
                },
                {
                    "enactmentTimestamp": 123,
                    "cancelTransfer": {
                        "changes": {
                            "transferId": "789"
                        }
                    }
                }
            ]
        }
    }
}

Templates and submitting​

Below you will find:

  • JSON example
  • 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.
{
    "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 the values of the network parameters governance.proposal.referralProgram.minVoterBalance or spam.protection.voting.min.tokens associated to their Vega key.

Your proposal will need participation of the value of the network parameter governance.proposal.referralProgram.requiredParticipation and a majority of the value of governance.proposal.referralProgram.requiredMajority.

Enactment​

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