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
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Yes - Approve the proposal -
No - Do not approve the proposal
0 voters