Objective: To create a referral program that incentivizes current users to bring new stakers to the K9 platform, fostering community growth and increasing the total value locked (TVL).
Overview:
Referral programs have been successfully implemented in various DeFi projects, significantly boosting user acquisition and engagement. For example, platforms like PancakeSwap and Aave have effectively used referral rewards to enhance their ecosystems, leading to increased liquidity and user participation.
Program Structure:
1. Referral Rewards:
• Current stakers will receive a reward (e.g., a percentage of the referred staker’s first stake) when they successfully refer new users to the platform.
• New stakers will also receive an incentive for joining through a referral link, such as a bonus in KNINE tokens or reduced staking fees for a limited period.
2. Tracking Mechanism:
• Implement a unique referral link for each user that tracks the number of successful referrals.
• Use smart contracts to automate the distribution of rewards, ensuring transparency and security.
3. Promotion:
• Launch the program with a marketing campaign highlighting the benefits of staking on K9 and the additional rewards from the referral program.
• Engage existing users through social media, newsletters, and community forums to promote their referral links.
4. Duration:
• Introduce the program for an initial period (e.g., 3 months) to evaluate its effectiveness. Based on results, adjustments can be made to optimize participation.
5. Evaluation:
• Monitor the number of new stakers, total locked value, and user engagement throughout the program.
• Collect feedback from participants to improve future iterations of the referral program.
This would require a very significant change to the Bonecrusher smart contracts. Hours are likely better suited creating a referral program within the upcoming airdrop program that ties into Bonecrusher
I feel like the incentive already exists for holders to spread the message. I understand a desire to increase recruitment activity would exist. My concern is cost/reward of the new holder, as well as the time of the team to detour from current plans. I would want to see an estimated dollar per customer amount before voting either way. Great idea, will look forward to what comes next on this.
This is to complicate and require lots of programming time.
Depending on how it’s set up there could be opportunity for scammers to take advantage of the referral program. To eliminate that there should be no direct pay system.
Investment into the K9Finance DAO needs to be strictly organic. Behaviors such as this ultimately will lead to a celebrity endorsement; a practice that is currently being shunned upon. Not only will this devalue the coin it will also incite investigatory youtuber’s looking to defame another cryptocurrency project; labeling it another PS. (word withheld for obvious reasons.)
The best thing K9Finance can do is be a part of conventions at this point in time. We missed an opportunity to be at the Las Vegas Def Con, and another bug bounty hack-a-thon amongst some of the brightest hackers on the scene.
Also of which we have yet to see the results of the last hack-a-thon against our servers, and what came about it. I just can’t keep up with so many news sources.