AIP #2: Referral Program

AIP #2: Referral Program

Author(s): @Peter

Summary

Vote on adding a referral program to Alkemi Earn, with ALK incentives.

Abstract [What?]

The main objective of the referral program is to bring new institutions and individuals to the Alkemi Earn platform while retaining the existing user base in the Earn pools. The referral program is different from other marketing initiatives as it relies on existing customers to source potential new customers. Alkemi Network will advertise the referral program to current customers and through a range of online distribution channels. The remaining work is done by Alkemi Network’s existing customers when they search for appropriate friends and acquaintances to refer to.

Motivation & Goals [Why?]

  • 78% of B2B marketers say referrals generate good to excellent leads - Social Media Today
  • 84% of people trust recommendations from people they know, the highest of any form of advertising - Nielsen
  • On average, referred customers have:
    • 25% higher lifetime value
    • 37% higher retention rate

Specification & Implementation [How?]

KPIs:

  • Participation rate: (# of participating customers / total active customers) x 100
  • Growth rate: (# of invitations set / invitation conversion rate)
  • ROI: (Example calculation here)

Referred users must complete KYC verification and deposit into the ‘Verified’ pool for referrers to receive rewards (for users referred to the ‘Verified’ pool). Referrers will receive an X% reward bonus based on the interest earned of the asset amount deposited by the referred user for a certain amount of time. The reward bonus will be paid in ALK, after X number of days, directly into the referrer’s wallet.

Proposed referral levels:

Reward Amount Reward Coin Deposit Amount Eligible Coin(s) Protocol Deposit Length
0.25% ALK $100,000 All 30 days
0.50% ALK $250,000 All 60 days
1% ALK $500,000 USDC 90 days
2% ALK $1,000,000 USDC 120 days

Vote

Sentiment check [DEADLINE: 16/02/2022]:
  • :white_check_mark: Yes - Approve the proposal
  • :x: No - Do not approve the proposal

0 voters

1 Like

The vote has successfully passed and the proposal is now live on Snapshot:

https://vote.alkemi.network/#/proposal/0x088393616a46a0a9b247b54285e96f2aae8ee43aaa50d63312c224640620c879

1 Like

Snapshot has passed successfully, moving to the final stage.

1 Like