May 4, 2022
Attrace is launching with Sponsored Referral Farms — Nominate a token you believe in.
Nominate a token you believe in for free “word-of-mouth” promotion!
Attrace is a trustless Referral Protocol for web3 that empowers “word-of-mouth” marketing for all assets across the blockchain universe.
The team has been working tirelessly behind the scenes to incentivize anyone to get engaged in capturing the value of “word-of-mouth” marketing and is eager to launch the first sponsored referral farms!
“Word-of-mouth” marketing drives enormous value towards web3 projects and ecosystems. However, there is a disconnect between “word-of-mouth” (WOM) marketing and its influence on on-chain activity, the real buying and selling of crypto. There is currently no way to measure the exact influence and true value of WOM marketing. Crypto believers add value to projects via WOM marketing without being rewarded, while influencers are often overpaid without proof of performance. Not to mention, it’s absolutely impossible to capture the value of WOM activity cross chain, cross web2/web3 and metaverse.
With the upcoming referral farms, anyone can earn rewards from recommending crypto or NFT, performance based in a trustless manner.
Attrace Referral Farm, whose launch is planned for Q2, will allow token holders to nominate and vote on the crypto tokens and NFTs that would be rewarded with $ATTR for the successful referrals. Before the Attrace Referral Farm is delivered, the single referral farms will be launched within the Mask extension on Twitter, and the Attrace team is planning to kickstart the single referral farms by providing rewards in $ATTR. To achieve this, the Attrace team and community will decide on 5 crypto tokens to sponsor the rewards.
What are Referral Farms and how do they work?
Referral Farming is similar to yield farming, but the user will be rewarded for successful referrals (instead of providing liquidity). Any project or protocol can start a referral farm and dedicate a daily budget to promote its token.The moment a promoter is joining this farm, and successfully onboards a buyer for this token, the daily budget is divided over these two players.
The first participant gets the highest yield/commission, which will decrease as more value is being contributed. This creates the urgency to to start promoting a newly created farm ASAP, as the rewards will be higher if you are an early adopter of the project.
We are kicking off with 5 sponsored referral farms and we need your vote! Keep reading to learn more about the Referral Farm Token Nomination.
Details Referral Farm Token Nomination
Attrace is planning to include its community in the decision making process as we move towards a self-governed ecosystem, and ultimately a DAO.
How will this work?
During this week, each community member will be asked to nominate a single crypto token they strongly believe in, and share it in one of Attrace’s main channels (Telegram, Discord, Twitter). There will be a few guidelines for the token nomination that will be communicated (i.e., ERC20, traded on Uniswap, daily volume < $5M, reputable project, etc).
The Attrace team will collect all the nominations and make a shortlist of 20 tokens based on the same criteria as for the token nomination. The shortlist will then be shared with the community, where anyone will be able to vote for their top choice using a poll in the Telegram channel. For the top 5 voted tokens, the referral farms will be created and those would be sponsored with $ATTR rewards. These referral farms will be available in Mask extension on Twitter and later on in our upgraded dApp.
In future, and especially once Attrace Referral Farm is released, the governance process will be integrated via Snapshot, to allow only token holders to nominate and vote on tokens that would join the farm and be rewarded with $ATTR.
Why does this matter?
The intention of the Attrace Referral Farm is to incentivise users to recommend and promote tokens they believe in, and, therefore, build a network of promoters. This network is required to attract projects, who would sponsor referral farms while leveraging the exposure of that network.
With each sponsored referral farm, 5% of the farming rewards will be dedicated for protocol fees, which would be swapped to $ATTR and distributed to the stakers and Attrace Referral Farm users (60% of the fees for stakers; 40% for Attrace Referral Farm rewards).
The Referral Farm is critical, both to create a strong network effect and provide a mechanism for a long-term sustainable referral protocol. The Attrace team expects that the incentive and the protocol fee mechanism will generate great value to $ATTR, once the network effect is achieved.
Also, it is very important to note that anybody from the Attrace community would be able to become a user and recommend their favourite token to their friends, family, or community, while growing the network of users and earning $ATTR rewards.
Amount of Rewards
As previously shared in one of the tokenomics update announcements, 10% of the total token supply will be allocated to the Attrace Referral Farm over the next 30 months.
Since the Attrace Referral Farm is still to be delivered, a portion of this budget will be used to sponsor the single referral token farms, and the tokens will stay within the expected monthly emission of tokens via the Attrace Referral Farm (0.33% or 3.3M $ATTR monthly). The exact amount will be communicated prior to the creation of referral farms.
The rewards sponsored in $ATTR would be vested linearly based on the 12-month schedule. We strongly believe that, currently, vesting of rewards is required, as building the network effect takes time before the protocol fees collected from project sponsored referral farms will be driving the demand for the $ATTR token.
This marks the beginning of the launch of the very first referral farms!
Attrace team
About Attrace
Attrace is a trustless Referral Protocol operated by Oracles capable of observing and detecting referrals across the blockchain universe. The protocol empowers “word-of-mouth” marketing for web3 assets in a trustless and decentralized manner, by linking promotions (e.g. referral links) with the on-chain user activity (blockchain transactions). Furthermore, it connects communities across various blockchains and platforms within a single ecosystem by supporting the multi-chain and cross chain referral capabilities.
In practice the protocol enables crypto and NFT projects to incentivise referrals of their tokens, while rewarding those who contribute to their growth and adoption. Attrace App is envisioned as a referral marketplace where anyone can become part of the ecosystem and interact with the protocol, while direct integration and development of other decentralized apps will be possible in future in an open-sourced manner.
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