After speaking with many whales and shrimps alike, the referral program was a way for everyone to earn rewards and grow within the network even with small capital. The obvious reasons to re-instate this program ASAP would be to continue organic growth for the network by incentivizing new users to join and also to keep activity high from existing users by giving another reason to remain involved. After all, we need to recover from a 50% drop in user activity (we will).
The referral program proved to amplify the exposure of Blast through social media and incentivize large firms to funnel their users directly into the blast ecosystem. Let’s discuss some parameters involved with blast referral rewards with an end goal of reintroducing a system such as this.
This program also incentivizes everyone to promote various methods of capitalizing on points and gold gains to their referral teams since there is a flow back of rewards. Perhaps a mutual system could be implemented whereby both the referrer and referral gain based on certain metrics. This would be a benefit to both users and Dapps.
Since the new tempo of blast will be slow and steady, the referral program will fill the gaps and keep the energy high for constant activity. If there is documentation out there or if the Blast Foundation has an official stance on this, please share.
Even if you can’t afford to effectively LP, at least you can spread the news for benefits.
Yeah, not going to get any more referrals if we get nothing out of it. I can understand Phase 2 having a different reward for referrals, but if no rewards then they’ll have to market on their own, because I won’t invite anyone without reason. If someone needs an invite code to get started, sure I’ll give them mine, but I’m not going to go out of my way to get referrals just to have a list of names under me.
i get the idea of bringing back the referral program but i disagree. pacman wants to avoid the “ponzi” vibe, which is valid. relying too much on referrals can make the platform seem like it’s just about bringing in new users for rewards rather than creating real value.
instead, we should focus on building solid features and improving user experience. engaging content and rewarding active participation etc…
referrals were great for onboarding new users during phase 1, but the goal of phase 2 is to retain those users and strengthen the existing community. that’s i feel like align more with blast’s long-term vision.
I can see your points as well, we are in agreeance when it comes to a long term vision of sustainability but I think removing the referral reward aspect altogether is not the correct path. De-incentivizing new user onboarding from its own user base means taking away a large chunk of the motivation to bring users onto the platform. Rather than a complete removal, we should look at attaching some requirements to the reward, Such as:
The timed approach: New user that is referred must hold $BLAST token for X amount of time before the referral reward is unlocked for both referee and referral.
Referral reward is given when the new user makes a purchase of $Blast from a verified source by a unique wallet.
Quality of the referral on-boarded could reflect in the tier of reward received: User that holds 10k $BLAST vs holding 100K $Blast etc.
Things of that nature will work to both incentivize holding the governance token and promoting new usership within the blast ecosystem.
This is a great suggestion, @Golden! Re-introducing referral rewards would be a fantastic way to boost Blast’s growth and engagement across all account sizes.
You’re absolutely right, the referral program was a powerful tool for amplifying Blast’s reach and fostering a more collaborative ecosystem. It incentivized both smaller accounts (shrimps) and larger accounts (whales) to become active promoters of Blast, driving organic growth and creating a network effect.
Bringing back the referral program would:
Attract New Users: It would encourage existing users to actively bring their friends and colleagues into the Blast ecosystem, creating a positive feedback loop.
Boost Trading Activity: New users often bring fresh capital and trading volume, further strengthening the Blast network and generating more opportunities for everyone.
Promote Community Building: The program fosters a sense of community ownership and collaboration as users actively promote Blast and support each other’s success.
Drive Engagement: Even if a user doesn’t have a lot of capital to invest, they can still participate and earn rewards by referring others, creating a more inclusive ecosystem.
I love the idea of a “mutual system” where both the referrer and the referral gain based on certain metrics. This would create a stronger incentive for users to actively engage with their referrals and help them succeed, fostering a more supportive and long-term approach to community building.
It’s fantastic that you brought up the idea of a referral program. It’s a proven strategy that has worked well for other successful DeFi platforms, and I believe it would be a valuable addition to Blast’s ecosystem. Let’s get the conversation going!
I get your point, and I appreciate you raising the concerns about a “ponzi” vibe. It’s important to ensure that any incentive program doesn’t become the sole focus, overshadowing the core value proposition of the platform.
You’re right, focusing on building solid features and improving the user experience is paramount for long-term success. Engaging content, rewarding active participation, and creating a vibrant community are vital for retaining those early adopters and fostering growth.
Perhaps a more nuanced approach to referrals might be possible. Instead of just focusing on “new user” acquisition, we could:
Reward Referral Activity: Award a small amount of Blast Points or a tokenized reward for successful referrals, but focus more on rewarding continued engagement of both the referrer and the referral. This incentivizes building a strong community relationship, not just grabbing quick rewards.
Incentivize Participation: Instead of just rewarding referrals, reward a user’s overall engagement with the Blast ecosystem. This could include active trading, providing liquidity, participating in governance, or contributing to community initiatives.
By focusing on rewarding active participation and long-term engagement, we can create a more sustainable and robust ecosystem without relying solely on a referral-driven model.
Let’s continue the discussion and explore ways to build a Blast community that is both exciting and sustainable!
I do agree with some of it, But the referrals also increase the activity of sybils. I think it’s still a good idea to get referrals coming back up, we can come up with a way to avoid sybils, maybe adding a 2FA or KYC would be good as well
I think this is unsustainable and very easy to game in a way that isn’t healthy for the ecosystem. This was actually a multi-level marketing (pyramid) scheme. If Blast wants to be taken seriously moving forward, they need to get past the Ponzi vibes and start delivering sustainable value.
The biggest winners from the referral campaign were whales. And those whales mostly referred themselves, twice or more in fact, thus earning a minimum of 24% more gold/points on top of what they already earned, which is a ridiculous amount.
This can be gamed by any user, thus artificially inflating the accounts registered on Blast as well as diluting the benefits for smaller players and real users.
If they were to reinstate the referral system, the reward structure needs to be very heavily nerfed.
Great points for and against! I have to agree that the referral system as it was before needs major work. A new structure with controlled mutual rewards and a method of avoiding abuse seems to be the proper direction here.
This is a great suggestion, 
Re-introducing referral rewards would be a fantastic way to boost Blast’s growth and engagement across all account sizes.
It incentivized both smaller accounts (shrimps) and larger accounts (whales) to become active promoters of Blast, driving organic growth and creating a network effect.
