Proposal to introduce a DFX Referral program.
A referral program in which the DFX Protocol would incentivize existing users to refer their friends, family, or colleagues to become new users. This is typically done by offering rewards or benefits to both the referrer and the new customer, in this case DFX emissions.
TLDR: The simple answer would be to expedite/increase the exposure of the DFX protocol and stablecoins it offers from all over the world.
Referral programs can take many different forms. For example, a business might offer a discount to both the referrer and the new customer when the new customer makes their first purchase. Or they might offer a free product or service to the referrer when a certain number of their referrals make a purchase. Referral programs can be an effective way for businesses to acquire new users because people are often more likely to trust recommendations from friends and family than they are to trust advertising or other forms of marketing.
This proposal is to enact the referral program and request emissions, just like a normal LP to the protocol.
Anyone can generate a unique referral link.
There is no limitation of how many invitees each referrer can refer.
To be treated as a referral you can do one of two or both,
- The invitee needs to swap $500 USD worth of stablecoins. and / or
- The invitee needs to LP $1,000 USD (Including staking of LPTs) for a total of at least 7 days.
I think it would be better to start small and work our way up if need be. This prop is requesting at least 10k DFX to be allotted for this program. Once we have given it a one month test trial, we can then post another proposal to increase the allotment if the program is fruitful.
Cost-effective: Referral programs can be an inexpensive way to attract new users compared to traditional advertising.
High conversion rate: Referred users tend to convert at a higher rate than other types of users because they trust the recommendation from someone they know.
Increased brand awareness: Referral programs can help increase brand awareness and reach new audiences.
Improved customer loyalty: A referral program can improve customer loyalty by rewarding existing users for their loyalty.
Positive impact on sales: Referral programs can boost sales, leading to increased revenue and profits for the business.
Limited reach: Referral programs may have a limited reach, as they rely on existing users to refer new users.
Dependence on user participation: A referral program’s success depends on the willingness of existing users to participate and refer others.
Incentivized referrals: Incentivizing referrals may lead to insincere recommendations or users referring people who are not a good fit for the product or service.
Administrative overhead: Referral programs can require administrative overhead to track referrals and reward users.
Lack of control: Referral programs can be difficult to control, as businesses have little control over the type of users that are referred, or the message conveyed in the referral.