Proposal 44 - Setting up Whitelisted Referral Systems

Currently, the referral mechanism works in a way that everyone can get the referral link. From the past, we realised that it makes more sense to have a whitelisted referral system. In this way, we will be able to on board an influencer army to help spearhead the MCDEX adoption.

This proposal is to -

  1. Cancel the previous referral system so that everyone can get a referral link.
  2. The smart contract needs to be upgraded to support the whitelisting referral system.
  3. MCDEX DAO will authorize the right of approving referrer to MCDEX Foundation. MCDEX foundation will choose high-profile influencers in the trading and investments space to help promotion.

For - agree to the three terms above
Against - keep the referral system unchanged

100% Against. This is wrong on so many levels.

  1. You are adding a permission layer to an original permission-less system that’s running without a problem.

  2. Make the smart contract unnecessarily complex, and risk to introduce security bugs.

  3. This gives team centralized authority to arbitrarily pick who get the discounted trading fee without further community approval. Real traders who traded substantial volume in epoch 0 like me, who opposed team’s decision before, will not be picked for the obvious reason.

Jean, if you and your team are so big with centralized control, just start a CEX. DAO and Defi ethos is clearly not compatible with your vision.

I’m against this proposal. In such early stages of MCDEX, it’s essential that as many people as possible are incentivized to bring volume to the platform. One of the key differentiators of MCDEX was the affiliate system, not often seen in decentralized platforms. Removing this before organic growth (TVL/Trading Volume) would be shooting MCDEX in the foot.

If anything the affiliate system should be put at the forefront of MCDEX marketing. Run a campaign on the website and have an “affiliate” section in the header to remind people of the incentives to invite people to trade.

Your community is your main growth engine, not pay for play influencers (which mainly have a negative ROI).

Thanks for the inputs. You do have a point regarding differentiation. That is my thought when we launch that permissionless system.
But duing operation, we find it at the innitial stage, we need to onboard some influencers that have influences in traders. Reasons:

  1. For now, we don’t have too many traders (I mean, perpetual traders) in the communtity yet. And if someone in the community does have such resources, super welcome to reach out to us to get whitelisted!

  2. we need a proper way to onboard those whoever have resources to trader community. get whitelisted is one way.

Ideally I wanna keep both (permissionles referral link for everyone and some whitelisted referals ), but for now, due to the tech we have to choose one. So we are thinking that to onboard influencers first and then gradually empower the whole community when we have more perp traders.

And we don’t pay the referers, they get paid by bringing volume.

Welcome comments !