Introducing HMX’s Referral Program
Dear Dragons,
Many of you have been eagerly inquiring about our referral program, and today, we’re thrilled to announce that this highly anticipated feature will be launching later this week. As we eagerly await our development team to add the final touches, we’d like to take this opportunity to provide you with a comprehensive overview of the mechanics behind HMX’s referral program. So, without further delay, let’s dive right into the details!
Referral Program Mechanics
HMX has its own referral program where users can sign up to create their referral link. Participation in the referral program yields two key benefits:
- Rebates of fees for referrers
- Discount on trading fees for code users
Rebates
Users at HMX can sign up to become a referrer. Referrers participating in HMX’s referral program can earn up to 15% rebates on trading fees generated by the users using their referral code. The placement of a referrer into a specific tier is determined by the weekly accumulation of Trader’s Loyalty Credits ($TLC) by the users who use their referral code during that week, as well as the number of active users who utilize their referral code during the same period. Each tier corresponds to different rebate rates, which are detailed in the table below:
Trading Fee Discount
Participants in our referral program who use a referral code will receive discounts on their trading fees. The discount percentage will be determined by their discount tier, which, in turn, is based on their accumulated Trader’s Loyalty Credits ($TLC) for the week. Below is a table that outlines the TLC balance required for each tier and its associated discount rate:
Rebates & Discount Payment Schedule
The tier at which the referrer and the code user are placed in for rebates and discount respectively are determined based on the amount of TLC accrued that week by the code users for rebates and by the user for trading fee discount.
Subsequently, the trading discount and rebate rates corresponding to these tiers are applied to the fees generated within that same week. This includes code users’ fees for rebates and the users’ own trading fees for discounts. The result of these calculations yields the total amount of USDC.e to be distributed to program participants. Payments are settled on a weekly basis, every Thursday at 00:00 UTC.
For a more detailed overview of the rebates and discount reimbursement schedule, please refer to the illustration below:
Example calculation 🧮
Let’s assume the case of Alice and calculate how much rebates and discount she should receive for week #1. Below are the statistics of Alice’s platform usage & her referral program details during week #1:
- # of Active Users using her referral code: 20
- Total trading volume on BTC & ETH from her code users (from opening trades only): $100,000,000
- Alice’s total trading volume on BTC & ETH (from opening trades only): $2,000,000
- Total weekly fees paid by Alice’s code users: $80,000
- Total weekly fees paid by Alice: $1,600
- Alice’s code users’ accrued TLC: 4 * $100,000,000 = 400,000,000
- Alice’s accrued TLC: 4 * 2,000,000 = 8,000,000
For more information on TLC is accrued, please visit here.
Based on the statistics above, Alice is placed in the following tiers for trading fee rebates & discount:
- Rebates Tier: 2
- Discount Tier: 3
Therefore, the total amount of rebates and discount claimable by Alice at the end of week #1 is:
- Rebates: $80,000 * 10% = $8,000
- Discount: $800 * 5% = $40
- Total Claimable: $8,000 + $40 = $8,040
Please note that rebates and discounts are calculated based on the trading fees generated BEFORE any discount.
HMX reserves the rights to void and cancel referral rebates and trading discount payouts from any suspicious abuse of the program such as sybil and self-referral, without a prior notice.
Closing Remarks 🙇
Our referral program is scheduled to launch this upcoming Thursday, on September 14th, 2023. As soon as it goes live, we will issue an official announcement across all our social channels. In the meantime, please stay tuned for further updates!
