Energi is excited to announce that our new referral program is now LIVE!!! This affiliate reward program is intended to bring new users, and the current users who invite them, to Energiswap — Energi’s fully decentralized exchange (DEX) platform. This is the first decentralized referral system that has ever been successfully deployed within a DEX — and it’s pretty amazing.
How the Energiswap Affiliate Program Works
Users visit the Energiswap trading exchange, where they’ll find the Affiliates page. Here users can accept an affiliate invitation. Accepting an affiliate invitation creates a transaction that is stored on the Energi blockchain, all our affiliate levels are tracked in this way.
On this page, users also generate their referral link that they can share with others. Anyone who accepts an Energiswap referral link invitation receives a permanent 10% discount on their trading fees on the exchange. Conversely, the Energiswap user who provides the referral link gets a 10% commission on the trading fees paid by their friend or family member who accepted the referral link and joined the DEX.
Multi-Level Rewards Benefit Both Current and Brand New Users
Our referral program is groundbreaking in that we provide multi-tier commissions on your referrals. You’ll receive 10% of the trading fees incurred by the first level of referral users you recruit. If any of them secure their own referrals, you earn an additional 5% on the 2nd-tier participants. If those second-tier participants get their own batch of referrals to sign up for Energiswap, you earn another 3% on these as the root recruiter of the affiliate network you’ve built. There’s no cap on how many people an Energiswap user can add to their referral group. So when you help them save 10% on transaction fees, you’re also able to help yourself by building a no-cost, passive revenue stream. It’s truly a WIN-WIN scenario!
Its Decentralized Construct is Unique in Its Elegance
A decentralized referral system has simply never been successfully deployed before, due to the lack of oversight and dependence on direct reward deposits for each recruit.
“This is different because it has the decentralized, on-chain storage of each users’ referral tree. So when you accept a referral, that referral link of the address who recruited you is stored on the blockchain. Those smart contracts automatically expand and accurately reward both sides of each referral — the person who initiated the referral request and the person who accepted it. It’s a totally decentralized, trustless affiliate system that works incredibly well,” said Energi Core President, Ryan Lucchese.
Because it’s decentralized there’s no special signup, no application, and no prior authorization needed to participate — it’s completely automated from start to finish. The only thing you need to do is let people know how they can save on trading fees, let them know that they too can benefit from the multi-tier system, and have them join the program with your referral link!
“The key innovation here, and why it’s never been done before, is that the reward needs to be a percentage of the trading fees for both the referral inviter and referral accepter. The incentivized discount on trading activities ensures real people are rewarded for real referral recruits. It took a while to figure that out, but once we did it’s proven to be a truly elegant solution,” said Lucchese.
How are the Commissions Paid Out?
For new referrals who accept the affiliate link and join Energiswap, their discounts automatically kick in when they engage in transactions and their savings are automatically discounted from the token they are starting the transaction with. If you want to trade Ethereum (ETH) for Energi (NRG), your discount occurs with your ETH.
Similarly, for an affiliate member with a referral network beneath them, their commission is paid in the cryptocurrency that any of your referral members use to start a transaction. If they want to trade Dai (DAI) for Energi (NRG), your commission arrives in your wallet as Dai. It’s also worth noting that all Energiswap users need to have at least some NRG in their wallet to cover minimal gas fees for each transaction — those Energi gas fees are separate from trading fees and are WAY cheaper than gas fees you’d normally pay on the Ethereum blockchain.
“One of the unique benefits of how we created this affiliate program is that referral intiatitors are going to gather a diverse mix of the most popularly traded coins — the fact that the most highly traded coins and tokens will start showing up in your portfolio is one of the best attributes of this referral system that we intentionally built that way to benefit our Energi community,” said Lucchese.
The Energi team is continuing to work hard to achieve its mission of making Energi the world’s leading cryptocurrency platform — with many more exciting developments to share in coming weeks. So be sure to follow us here on Medium, Telegram, and on Twitter for the latest Energi news and updates.