INDEX Growth Referral Program
Referral programs have proven to be effective growth mechanics from companies ranging from Coinbase to Uber. More recently, crypto-native projects like PoolTogether and dYdX have leveraged referral mechanics for growth.
The market for index products has gotten more crowded since launch. While we are an early mover, there are many other competitors coming and it is critical that we move fast to dominate the market. Speed matters as whoever is first to dominate a market is able to create a moat around speed and distribution of the product which is essential in finance. The virtuous cycle is described in the graph below.
We have done a great job of building an enthusiastic community and many of them are already spreading the word about DPI. We should reward those who are already doing so and incentivize the ones who are not. Referral programs range from highly complex pyramid schemes to fairly simple $10/$10 bonuses. We should keep the referral competition as simple as possible for small rewards and set bonuses low enough that it does not make sense to cheat.
- Create Awareness - Create more awareness for the Index Coop.
- Increase AUM - Onboard more DPI customers
- Distribute INDEX - increase the numbers of INDEX holders
Referral Competition Specification
Approval stage: January 15 - 22 (~1 week)
Building stage: 2 weeks (January - February)
Campaign stage: 30 days from the official announcement - (February - March)
6,000 INDEX (~$30,000 at current prices) based on the number of successful DPI swaps greater or equal than 0.5 DPI
- 1st: 2500 INDEX
- 2nd: 1000 INDEX
- 3rd: 500 INDEX
- 2000 INDEX allocated as 10+10 INDEX rewards for each successful $DPI swap made (100 reward pairs max, top 100 referrers and their referred users, at the end of the campaign, claimable after 30 days from campaign end date)
- 500 INDEX to cover for referral tool fees and running costs
Unclaimed rewards and unspent cost tokens are returned to the treasury 5 days after the 30 day waiting period has passed.
Referring User Journey
- Sign up on Indexcoop.com and link email + ETH address
- Get unique referral link with a share CTA
- Start sharing with your network and earn rewards
- At the end of the referral competition, INDEX rewards are claimable on indexcoop.com (similar to LP rewards)
Referred User Journey
- Anyone who clicks a referral link can claim their own referral link on indexcoop.com and tie it to an Ethereum address.
- The referral link directs people to the buy page on indexcoop.com
- When a buyer hits the referral link we display a modal confirming that they are using someone’s referral link, like this:
- After the referred user complete the required tasks, then the CTA changes to “share with your network” and they are allocated 10 INDEX token they can claim at the end of the competition
- Anyone is eligible to enter the competition by making at least one (1) successful referral
- A successful referral means that all the following conditions are met:
- The referred user has used a referral link to sign up and linked an Ethereum address
- The referred user has swapped crypto for a minimum 0.5 DPI in their eligible ETH wallet
- For the 10 INDEX rewards, no requirement that users hold the token
- For the top 3 rewards, referred users are only counted if (1) they don’t move their tokens during the thirty (30) day period (UTC) or (2) they provide liquidity and stake in the DPI/ETH farms on Uniswap or SUSHISwap (but must come from same Ethereum wallet)
- Referrers should encourage people to hold for 30+ days
- Referrers can encourage their network to liquidity mine on Uniswap or SushiSwap eligible pools
- Index Coop reserves the right to disqualify anyone if based on cheating, including but not limited to wash buying and using bots
Get community feedback
Recruit community members to help run
Complete product spec
Detailed implementation of referral links
Page for participants to view progress
Pull Funds from the treasury
Build landing page, referral system integration
Post Announcement - Release an announcement on the Index Twitter and Medium, with community members helping to share and amplify the message.
Run The Contest - for 30 days after the announcement. Monitor on-chain activity and keep the community informed about progress.
What do you think about this initiative? What about the plan? Are there any points we can improve on?
L.E. Thanks for the great points and questions! Time to vote. The vote will be open until Monday, Jan 25, 5PM.