It is proposed that Sushi implements a two-pronged referral program, aimed at retail users and institutional users respectively.
This proposal should be assumed to be a raw starting point and a terrible idea as default. I believe in our community to help shape this into its most effective form.
It is proposed that Sushi reward wallets - both individual and institutional - for onboarding new users onto the protocol.
To mitigate the potential for abuse, it is proposed that this be done via two separate programs:
- “Sushi Trusted Partners”: A manually whitelisted, traditional ‘% of added revenue’ model
- “MEOW-llionaire”: A gamified points-based leaderboard, open to all
Moreover, it is proposed that a Referral Reward Pool be created to fund both these efforts.
Referral programs are typically a no-brainer user acquisition tool in many traditional companies: users are rewarded with a slice of the revenue that they acquire for the company or, in this case, the value that they accrue to SUSHI/xSUSHI holders.
This approach has been largely underutilized in crypto, with some notable exceptions (i.e. Lido using theirs to increase TVL by ~50% and stakers by ~100%).
The aim is to increase the k-factor of the protocol - the number of additional users each user acquires - ideally to >1; this would scale growth, and value to SUSHI/xSUSHI holders, exponentially.
Specification A: Reward Pool
In order to avoid funding via fee revenue directly, it is proposed that a Referral Reward Pool be created to fund these two programs.
Moreover, it is proposed that this take a phase-by-phase approach, so as to expand the scale of commitment in line with proven efficacy. Ideally progression to the next phase would only occur upon community sign-off. An example of what this could look like:
- Phase 1: X SUSHI (initial trial funding)
- Phase 2: 10X SUSHI
- Phase 3: 100X SUSHI
- Phase 4: Uncapped until community decides otherwise
Reward Pool: Discussion Points
A1. Format (number and transition between phases, non-phase approach etc.)
A2. Funding allocation amount
A3. Alternative to Reward Pool
Specification B: Sushi Trusted Partners
Essentially a reskinning of Lido’s Whitelist Mode. Namely:
- Only community whitelisted wallets are allowed to participate (focus on known dev teams, institutions)
- Whitelisted wallets are rewarded with an amount from the Reward Pool equal to a portion of the fee revenue they acquire for the protocol through onboarded users
Sushi Trusted Partners: Discussion Points
B1. Pre-approved candidates
B2. Portion of revenue awarded
Specification C: MEOW-llionaire (working title ^_^)
This program would approach the other half of the coin: abuse-prone, non-institutional users.
- Referrers create a unique referral link attached to their wallet address
- Referrers onboard Referees onto Sushi via this referral link
- Referrers accumulate points via Referee usage over a period of time known as a ‘Season’
- Various NFT-based game mechanics are layered on at this stage
- Points place you dynamically on the Referral Leaderboard
- Rewards determined by placement at the end of a Season
- Rewards - in the form of MEOW tokens and NFTs - can then be claimed by Referrers
- Commission from NFT resale goes to refill the Reward Pool
Full proposed details (abuse prevention, detailed game mechanics, rewards) are laid out in this doc: MEOW-llionaire Details - Google Docs
MEOW-llionaire: Discussion Points
C1. Non-stupid name
C2. Other sybil-resistant approach to reward non-whitelisted wallets
C3. Variations on game type/mechanics
Many thanks if you read this far. Let’s get the discussion going!