I was thinking of ways that would help grow the IDLE user base fast & organically, while incentivizing the users that help the platform grow. (Something like a growth hack referral system)
Splitting performance fees with stakers likely wont happen for a while, since there is no real benefit until protocol/TVL becomes very large.
Because of this, I suggest we create a referral system for IDLE users and split the 10% performance fee (5% treasury and 5% to the person that brought in new user via referral link)
In order for someone to create their own referral link that is directly tied into their ETH address, they must stake 1 IDLE (or however many IDLE governance agrees is needed, but will use 1 IDLE as example for remaining post) in order to generate this referral link. (So every time that specific user they referred into IDLE withdrawals, they will always get 5% performance fee)
If someone wants to keep their referral benefits, they must always have that 1 IDLE staked that they used to generate the referral link tied into their eth address.
Make referral system time locked, to where after 1 year, they can withdraw 60% of their locked tokens and still receive full referral benefits. Then 2nd year they can unlock remaining 20% of locked tokens, 3rd year they can unlock remaining 10%. BUT the remaining 10% has to remain locked up forever to keep referral benefits. If they unstake their IDLE early, there will be penalty and they will lose all referrals they brought in and the full 10% will then go to treasury forever.
This will also dry up supply fairly quick, since there are only 13 mil max supply and there will be many that want to benefit from referrals.
We can create an new tab on IDLE page dashboard (Referral system). In that tab, users will plug in 2 things:
- Their current ETH address for rewards
- Required to lock x amount of IDLE based on referral bonus they want.
After those two things are complete, they will generate a referral link or code that they can easily share on social media, mobile, youtube etc to bring in users.
Also, to dry up supply even more, we could make it so for every IDLE staked to generate referral link adds 1% bonus, with a max of 5 IDLE. For example…
1 IDLE staked = 9% treasury 1% referral
2 IDLE staked = 8% treasury 2% referral
3 IDLE staked = 7% treasury 3% referral
4 IDLE staked = 6% treasury 4% referral
5 IDLE staked = 5% treasury 5% referral
Also, we can make referral system with much larger amount that will still bring many influences, marketing pros, and sales agent to partake in it.
Can be something like 200,400,600,800,1000 IDLE locked for the 1-5% extra bonus. OR even larger 1000, 2000, 3000, 4000, 5000 IDLE locked to get 1-5% bonus.
Anyways, this is just an example and just shared to start discussion on some sort of referral system. Successful referral systems allow platforms to achieve explosive growth without worrying about marketing and also rewards users based on effort and success they have in driving in traffic into the platform. You can also have stakers that generated referral link simply click a “Im still active” in the referral tab every 3 months to ensure fees are not going to waste on inactive accounts. If they don’t check it within that time, all funds start going to treasury.