💎Tokenized Referral Program

👋 Introduction

Storm Trade introduces an innovative approach to referral programs through tokenized referrals. This advancement transforms each referral link into a unique and valuable NFT (Non-Fungible Token), which serves as a transferable recurring payment stream. These tokenized referral links can be leveraged in marketplaces, opening up new possibilities for traders.

💡 Understanding the Concept

A referral program is a common strategy for attracting new traders to exchanges. Storm Trade takes this concept further by introducing tokenized referrals. Each referral link is represented as an NFT, providing unique advantages. This not only benefits the referrers and referrals but also offers a pathway for monetization.

In the context of Storm Trade, every referral link is treated as a distinct token. Leveraging the architecture of TON (Telegram Open Network), each token functions as a separate smart contract with an individual address. This setup grants these tokens access to various resources, including jettons such as jUSDT.

Each referral link is characterized by two key parameters:

  • Discount: This parameter determines the reduction in trading fees for users who utilize the referral link. By default, a discount of 5% is applied.

  • Rebate: The rebate parameter specifies the percentage of a trader's fees that the referrer will earn. A default rebate of 10% is established.

🌐 Real-World Example

Consider a scenario where a trader initiates a position with an Open Interest (OI) of $10,000. The fee for this transaction is calculated as follows: Fee = 10,000 * 0.0012 = $12.

By utilizing the default referral link, the trader's fee is reduced to $11.4. In turn, $1.4 is directed towards the referrer.

Storm Trade offers different types of referral links, each serving distinct purposes:

  • Normal Links: These links can be generated by any user and offer standard benefits for both referrers and referrals. They are freely transferrable.

  • KOL (Key Opinion Leader) Links: Created by the Team, KOL links provide enhanced benefits for referrers and referrals. However, they are non-transferrable.

  • VIP Links: Limited edition VIP links, also created by the Team, offer unique images and significantly higher benefits. They can be freely transferred.

Users can create normal referral links effortlessly by selecting "Create referral link." This action generates a unique link directly on the blockchain. The most recently generated link automatically becomes the default link for the trader.

Sharing referral links is straightforward, whether by copying the link or sharing a trading position. When sharing a position, the default link is automatically applied.

🚀 Simplified Access with Short Codes

Each referral link is assigned a unique consecutive ID, serving as a short code. This short code is base91 encoded and is used in URLs and QR codes for convenience. The resolution of a short code to its corresponding address is efficiently handled by a backend service.

Users have the option to sell their referral links on NFT marketplaces. The backend provides metadata for each link, based on on-chain performance metrics such as referral numbers and fees.

VIP Links represent a limited collection of exclusive editions. These links offer higher rebates and discounts, making them an appealing choice for traders looking to maximize their benefits.

📊 Monitoring and Claiming Rewards

Under the Referral tab, users can conveniently monitor all their referral links. This section provides insights into the rewards earned from each link and cumulative reward amounts. Users have the flexibility to claim rewards for individual links as needed.

Referral links have a direct impact on various trading fees:

  • Position open fee

  • Position close fee

  • Liquidation penalty (rebate only), and only without bad debt

NOTE: It's important to note that funding and rollover fees remain unaffected by discounts or rebates.

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