(OGP 18) - Implement Referral Program

Title: (OGP 18) - Implement Referral Program

Author: @mertioi | twitter.com/mertioi

Sentence Summary: This governance proposal seeks to implement a referral program that rewards users for spreading the word about Overlay. It needs to be live with full launch.

Security Risks: There are no significant security risks associated with this proposal.

Introduction: At Overlay Protocol, we understand the importance of community and the role it plays in driving growth. To incentivize users to spread the word about the protocol, we propose implementing a referral program that rewards both the referrer and the referred user.

Body: To participate in the referral program, users will need to create a referral code that they can share with friends and their audience. When a user clicks on the referral link and opens a position, they will receive a discount on their trading fees, and the referrer will earn rebates from the fees paid. The rebates and discounts will be claimable in $OVL tokens, with the rebates history being viewable on the user's account dashboard.

I proposed Tiered system earlier on Commonwealth, but turned out it's a little bit too complex for the beginning, so I'm offering one type of referral program with a contest paid in USDC.

I propose a referral program like this:

Referrers receive a commission of 15% on the fees generated by users they refer to Overlay, and the referred users are granted a 5% discount on their fees.

Contest: Top referrals should be rewarded with USDC and OVL by the Overlay Foundation for the first month, to encourage participation.

Proposed Cost: There is no cost associated with implementing the referral program.

Security Risks: There are no significant security risks associated with this proposal. The referral program will be implemented in a way that ensures the safety and security of all users.

Conclusion: In conclusion, Overlay Protocol seeks to incentivize users to spread the word about the protocol through a referral program. By offering rebates and discounts, we hope to create a strong and engaged community that will help drive growth for the protocol. It is important to implement the referral program before the full launch to maximize its potential. We encourage the community to support this proposal and help build a vibrant and thriving ecosystem.