To help onboard more users to GMX, we propose to launch a referral program.

Forum post: https://gov.gmx.io/t/referral-program/127

The program will have the following structure:

Tier 1 5% discount, 5% rebates to referrers. Anyone can create this code.

Tier 2 10% discount, 10% rebates to referrers. At least 15 unique users and referred weekly volumes above $5 million.

Tier 3 10% discount, 15% rebates to referrers paid in ETH / AVAX, 5% to referrers paid in esGMX, the esGMX will not have any requirements for vesting, referrers would be able to deposit it into a vesting vault to be converted into GMX over 365 days. At least 30 unique users and referred weekly volumes above $25 million.

There will be a cap of 5000 esGMX distributed per week. Assuming a price of ~$30 the full 5% bonus can be paid for total Tier 2 referral volumes up to $3 billion per week.

The price of esGMX will be based on the 7 day TWAP of GMX.

Wallet providers and other protocols will be eligible for the higher tiers.

Based on feedback with some potential referrers, the partnerships team may require the option to offer trial periods for a higher tier for a month to referrers who are likely able to bring in users.