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id Title Status Author Description Discussions to Created
TIP-166 Implement Referral Tier system Implemented @padzank Implement a Tier system for referrals where higher tier addresses can get higher referral fees https://discord.gg/thales 2023-08-28

Simple Summary

Implement a Tier system for referrals where chosen higher tier addresses can get higher referral fees and additionally adjust Referral fees to be funnelled exclusively from SafeBox fees and not from the min_spread variable (minimal default spread).

Abstract

Current Referral program works by funnelling 0.5% of SportsAMM (1% for ThalesAMM) Volume by the referred address as a fee to the referrer address. This fee is currently deducted from the min_spread variable to keep the net odds for end user unaffected..

This TIP proposes to change the referral program so it takes away a percentage of SafeBox fees towards the referrer, instead of a percentage of the min_spread variable (minimal default spread). Additionally this TIP proposes to implement a Tier system for Referrals with three categories of Referrers:

  • Normie Tier: Accruing 0.5% of Referred Volume. Default for all new referrers.
  • Silver Tier: Accruing 0.75% of Referred Volume. Whitelisted addresses (ambassadors, partners and integrators) determined by Thales Protocol DAO.
  • Gold Tier: Accruing 1% of Referred Volume. Whitelisted addresses (ambassadors, partners and integrators) determined by Thales Protocol DAO.

Motivation

As the Thales Protocol architecture matured, there was a significant increase in integrations that wished to use Thales contracts (especially SportsAMM and ParlayAMM) as an engine for their own third party dapps and products. Thales Referral program provides a perfect opportunity to award and incentivize third party integrations and award promotion of Thales suite of products via direct atomic on-chain fee sharing.

By implementing a tier list, Thales can get into additional ambassadors,parthenships and integrations by whitelisting beneficial third parties to accrue higher percentage of volume they invite or drive through the Thales smart contracts. Additionally, this development supports large integrators that also rely on the Referral Fee to fund running costs of their end products that have the potential to drive significant volume.

This TIP proposition also entails that from now on the referral fees are taken away from the SafeBox fee towards the referrers, so the end users and liquidity providers in the AMM have the same UX as if without referrals.

Specification

This TIP entails the Thales Protocol DAO to set referralFee architecture to take away from SafeBox fee instead of the min_spread variable.

This TIP additionally entails the Thales Protocol DAO to set referralFee to 0.5% as default.

This TIP additionally entails the Thales Protocol DAO to implement a function that allows the Thales Protocol DAO to whitelist referrer addresses (at pDAO discretion) so they are included in one of the two additional tier lists:

  • Silver Tier: referralFee set to 0.75%
  • Gold Tier: referralFee set to 1%

Test Cases

n/a

Copyright

Copyright and related rights waived via CC0.