🔁Referral System
Wise Lending's robust referral system is designed to generate consistent income and even become a primary revenue source for dedicated promoters. To succeed, promoters simply need to have their group deposit ETH and stable coins into the "crypto bank" that is Wise Lending. No product-selling or investing is required, and referees will earn 10% extra Wise Points after joining.
No Personal Information Needed
Our referral system is open-source, and promoters can grow their referral network by sharing their referral link, designated by their unique 0x wallet address. Promoters can use an ENS to make their landing page more recognizable to their referees.
As people start depositing funds on Wise Lending after joining a referral group, the promoter will begin earning referral rewards based on the TVL of their network. The rewards are calibrated by the Global Referrer Rate, and promoters can earn up to 100% of this rate by meeting consistent growth requirements.
The Global Referral Rate
Promoters earn an APY percentage on the TVL of their network determined by the Global Referrer Rate. The rate is variable, based on the average borrow rate on Wise Lending, to ensure that the fees earned on Wise Lending can always cover referral rewards.
If the average borrow rate on stable coins is 10% APY, and if 100% of funds are utilized, then the Global Referral Rate can be set to 1% APR, because Wise Lending earns 10% of stable coin borrow fees. This would mean that a network having $1.2 Million in total stable coin deposits would earn $12,000 per year and $1000 per 30 day cycle in referral income.
Promoter Tiers
Promoter tiers will not be a feature in the first release of the referral system. All promoters will earn rewards as if they were Diamond tier for now.
Referrers don't automatically get 100% of the Global Referral Rate. They start at 25% of the rate (Bronze tier) and can work their way up to 100% (Diamond tier) through consistent growth. There are 4 tiers of promoters.
Bronze tier (25% of GRR) - $1-$10k total and maintain 50% network growth every 30d cycle
Gold tier (50% of GRR) - $10k-$100k total and maintain 10% network growth every 30d cycle
Platinum tier (75% of GRR) - $100k-$1M total and maintain 5% network growth every 30d cycle
Diamond tier (100% of GRR) - $1M+ total and maintain 2% network growth every 30d cycle
The network growth requirements are there to discourage people from self-referring without promoting. Referrers who fail to meet their growth benchmarks each cycle will be demoted one tier every cycle until they reach the threshold they originally missed.
Ex: Joe is a Platinum tier referrer with $100k total deposits in his network. He must grow his network to $105k by the end of the 30d cycle in order to maintain Platinum status. If he doesn't make it, he will get demoted one tier per month until he reaches his $105k missed benchmark. Bronze tier promoters can get demoted to tierless status (earns $0) but will immediately regain their appropriate tier status once they reach their missed benchmark.
There is a bit of nuance with ETH deposits, because you only need to increase the amount of total ETH in your network by the appropriate percentage to maintain your tier status. You will not be affected by the price of ETH going down, and the price of ETH going up will not aid you in reaching your growth benchmark. You may however get qualified or disqualified from a tier's TVL requirements if the price of ETH bumps you into a different TVL bracket.
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