Chromatic Protocol Referral Program Coming soon in Feb

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8 Feb 2024

⭐️ The Referral Program UX pre-view (Official Launch : 1st Feb) https://testnet.chromatic.finance/referral
⭐️ Special Tier for early bird traders!
You can apply for the Special Tier from now to 24th Jan https://docs.google.com/forms/d/e/1FAIpQLSfMdGZw4_Ow0VpJR2QuTYRBBe_pScE5bPjAogE68bDNEvzF7w/viewform

Introduction

Chromatic Protocol introduces a Referral Program aimed at activating the protocol and expanding the ecosystem by acquiring key participants, the traders.
The program operates by rewarding referrers based on their performance in acquiring traders. Through the tier system, higher rewards are guaranteed for active and successful participants. Get your unique referral link and share it with your friends and communities to earn rewards.
The official launch date of the referral program is February 1.
Until February 1, the activities available are creating and registering referral links. Trading during the testnet period will not be eligible for rewards.

Both you and the users you brought to Chromatic Protocol through the Referral Program will be rewarded.

How to Become a Referrer

Invite your referrals by sharing your unique referral link with friends and communities. When they join Chromatic Protocol and trade, you become their referrer.
There are 2 simple steps to follow:
1. Connect: Visit Chromatic Protocol Referral Program page, connect your wallet, click ‘Check my Referral Code’
2. Share: You will find your unique referral link as a screen below. Send your referral link to friends and communities. You can send and share your referral link through any platform including Twitter, Facebook, Telegram.

! Special Tier for early bird traders, registration open until 24th Jan.

The Special Tier allows participants to earn higher rewards, with potential earnings of up to 13% for themselves and up to 15% for their referrals.
Typically, access to the Special Tier is limited to a whitelisted few. However, to celebrate our mainnet launch and to reward early supporters, we’re offering Special Tier to early bird participants.
Don’t miss this opportunity to enhance your earning potential with Chromatic Protocol. Submit your early bird application form through the link to secure your Special Tier.

How to Become a Referral

1. Connect: Referrer shares his/her referral link with you. Click the link and connect your wallet.
2. Register: Click ‘Register Now’ to be a referral of the referrer(the owner of the referral link). And sign a wallet.
! Please note that once you register someone as your referrer, it’s not possible to cancel or replace it.
3. Done: You registered the link’s owner as your referrer. You are now a referral of the link’s owner.

Referral Tier System

The referral tier system is to incentivize referrers to engage actively in the program. The tier is determined based on their performance, and the referrer’s rebate rate and boosting rate are decided based on the tier. In order to reach a higher referral tier, certain conditions must be met. The higher the tier, the more you earn.
There are two separate tier systems, Normal Tiers and Special Tiers. Each tier systems has 3 different tiers, totaling 6 tiers in Chromatic Protocol’s Referral Program.

Normal Tier

The normal tier is the tier for non-whitelisted referrers.

Special Tier

The Special Tier allows participants to earn higher rewards, with potential earnings of up to 13% for referrers themselves and up to 15% for their referrals.
Access to the Special Tier is limited to a whitelisted few. However, to celebrate our mainnet launch and to reward early supporters, we’re offering Special Tier to early bird participants.
Early bird participators can get the Special Tier by submitting application form
Early Bird application period: from 27th Dec to 24th Jan

Tier Calculation

The performance aggregation for tier calculation is executed daily at UTC 00:00. Regardless of the referrer’s registration time, the entire day’s trading fees of the referral are aggregated. Specifically, the basic data for the tier calculation, such as the average daily number of referrals traded and the average daily trading fee amount, are calculated using the formula. The data is smoothed using an exponential moving average to prevent fluctuations in daily aggregation.
The formula is as follows:

Eligibility by Tiers

Tier 1

Transactions with 0 or more referrals, with referrals’ trading fees totaling $0 or more.

Tier 2

Transactions with 3 or more referrals, with referrals totaling $400 or more in trading fees.

Tier 3

Transactions with 6 or more referrals, with referrals totaling $800 or more in trading fees.

Boosting and Rebate Rates by Tiers

Normal Tiers
Special Tiers

Referrer Rebate Distribution

The equation for distributing the referrer’s rebate is as follows:
In some cases, the total amount of fees paid by a trader may be very small in a given period. In this case, a large number of rewards can be earned by paying a very small trading fee, which negatively affects the token price and disadvantages existing rewards or token holders. To prevent this from happening, we set a lower limit for rewards. (Currently set at 0.05)
Example
Suppose the total daily trading rewards allocated is 5,000 CHRMA. During this period, two traders, Alice and Bob, have paid trading fees. Alice paid $25 in fees, while Bob paid $100. Bob participated through referrer Carol and received an additional 10% boost, while Carol received a 5% rebate.
In this case, the calculation for Carol’s rebate would be as follows:
It’s important to note that in the example from the Trade Reward Program, Carol’s referral Bob received 1661.63 CHRMA as a reward, and Carol received a rebate corresponding to 10% of Bob’s reward.

Vesting of Referrer Rebate

The vesting stipulations for the rebate rewards received by the referrer is the same with those for the Trade Reward Program. After TGE, the points received as reward can be exchanged 1:1 with $CHRMA tokens without vesting. UX that can claim $CHRMA tokens will be provided for one month after TGE, and the $CHRMA that are not claimed during this period will be burned.