Proposal: Update the Referral Program's terms of service to be more inclusive to smaller stakers, influencers, and educators

Proposal
Change terms and conditions of the whitelist referral program to accept smaller wallets, protocols, or individuals that submit an application by limiting the amount of referral rewards these smaller applicants can earn per payment period.

Reasoning for proposal

The goal of the changes is to make the referral program more inclusive while preventing abuse and gaming of the system.

We think the current framework is denying good applicants from the whitelist. Right now, only large organizations with significant reputations are accepted because the risk of abusing the program is lower for high reputation referrers than anonymous or low reputation referrers. It is our belief that as long as all applicants submit an acceptable application, with limited payout restrictions, Lido can onboard significantly more referrers.

Proposed changes

-All candidates that submit detailed information about their platform name, background information, and how they intend to make use of the Lido referral program, are eligible for the referral program.

-Referral applicants by default will be limited to a maximum of 300 ETH per period in LDO rewards. Referral applicants with an established track record and reputation will not have referral rewards capped.

-Referrers that have their rewards capped can request to remove the limited payout restriction if they show a good track record of bringing ETH into Lido while not breaking the rules.

How is an applicant with an established track record determined?

The following is the framework the Lido community will use to determine if an applicant qualifies for being “established track record and reputation”. If an applicant meets one or more of these they can have the referral limit lifted.

-Social media presence of more than 5,000 followers

-If the applicant is an established organization

-If the applicant is doxed

-If the applicant is a well-known OG

-The applicant’s values are long term aligned with Ethereum.

-If the Lido community determines that the applicant is trusted.

Snapshot voting will begin on Wednesday(17-11-2021) if there aren’t any blockers to this proposal.

7 Likes

I think this is a good idea moving forward. The referral program has been a powerful tool for Lido to continue its growth. Will the whitelisting process still be in the thread here in the forum or will it be updated/modified?

1 Like

I think it can still be maintained in the original forum thread. The original post can be edited by @MineDeFi to reflect the new T&C.

But Im not against creating a new thread. The original thread is getting quiet big and cumbersome so it might be a turn off for potential referral applicants.

1 Like

Maybe google form of sorts could help? One may make a results page visible, so both transparency + visibility would be possible here.

1 Like

The snapshot is live!

https://snapshot.org/#/lido-snapshot.eth/proposal/0x7e5fdcd56527d4f53f341fab5f0df0d22829b84fcdc81e395d35ae62d790446d

2 Likes

Snapshot has passed! Thank you to everyone that voted! This is a step in the right direction for the referral program.

1 Like

I think this or something similar would be good. It would streamline the inputs and still allow for visibility on the members of the program currently.

1 Like

Lido is an enlightened community and this is a great proposal.