Inspiration
Meta, Google AdSence, and TikTok have permanently prohibited token advertising. Instead, Web3 companies adopt a community-based marketing approach to promote their products, where a referral program is the most popular revenue growth channel. Binance, Sandbox, and other centralized solutions leverage it to acquire up to 30% of new users, but it poses a challenge for token teams due to the prevalence of fraudulent activities. After conversations with over 100 Web3 founders and agencies, we have developed a Web3 referral protocol that enables token teams to implement referral programs in just one day.
What it does
The referral program increases token sales on SushiSwap and, as a result, the price and market cap of tokens. The token sales team does not spend marketing budgets on this, the development team does not spend time developing the program from scratch.
How I built it
We built smart-contract for rewarding referrals and interface for referral link generation. People share referral links with their friends, they buy tokens on the SushiSwap and our smart contract guarantees a reward for successful recommendation. Any token that exists on SushiSwap can create a referral program, set referral rewards and freeze period, top up the Protocol balance, and launch the program in just one hour.
Challenges I ran into
Main challenge is safety. For example, ability of person who has referral link buy and sell tokens only for collecting rewards. We add 1 month freezing period for rewards and maximum reward mount to avoid this type of scam.
Accomplishments that I'm proud of
We spend over 100 hours talking to token teams, which helps us understand a lot to create a secure and easy to use referral protocol. We host a Web3 marketing podcast about this: link
What I learned
First, we learned how SushiSwap actually works. We studied Swap and BentoBox services and are ready to build new Dapps with them. In addition, we learned a lot of ways to cheat around referral programs. I'm thinking of writing a book about it. :)
What's next for Network
We plan to share referral protocol with tokens live on SushiSwap and develop new one for Sushi BentoBox (it was a very interesting workshop).
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