🧑🤝🧑Referral Program
Introducing the New Vertex Referral Program. Refer More Volume. Climb the Tiers. Earn More Rewards.
Overview - New Vertex Referral Program
Vertex’s referral program is now live with new tiers including VRTX staking thresholds and commission rates.
In collaboration with our Affiliate Referral Partner, Fuul, the new referral program includes three key updates:
Earn a higher percentage of your referee’s taker trading fees in USDC.
Introduction of 5 commission tiers based on referred volume thresholds.
Referees receive 10% USDC rebates on their taker trades.
Introduction of VRTX Staking Tier thresholds.
You can start referring users today by visiting the Referrals Page on the Vertex app and sharing your link across your network.
Whether it's Twitter, YouTube, newsletters, or any other platform, simply generate your unique referral code and share it with your audience to start earning a % of their taker fees paid on Vertex.
09/05/2024: The following short-term changes are actively in effect until a larger upgrade to the referral program is implemented:
API Restrictions: Rate-enabled API users will not qualify for the referral program. This is an extension of the existing ineligibility of users actively participating in and qualifying for the Vertex Maker Program.
Maximum Referral Value Caps: A $5K maximum cap on referral value per account (e.g., earnings associated with any referral cannot exceed $5K).
Referral Program Structure
The new referral program is structured into 5 Commission Tiers.
Using a rolling average over a 60-day period, a referrer’s commissions are based on the total taker volume traded by their referees.
Commissions are defined as a percentage of the referees' total fees paid on taker trades.
Referrer commissions are direct payouts in USDC, available to claim shortly after commissions are earned. The USDC commissions will be deposited directly into the referrer’s wallet connected to Vertex.
You can find the taker volume thresholds, VRTX staking tiers, and corresponding commission tiers displayed below.
Users need to meet both the referral volume and staking requirement to qualify for a given tier. For Tier 1 users, there is a 1,000 USDC daily commission cap for payouts since their is no staking requirement.
For every new day, the previous day drops out of the calculation and the new day's data is included.
Therefore, taker volume thresholds do not reset every 60 days but are recalculated based on the most recent 60-day period.
Please Note: Market Makers that qualify for and actively participate in the Vertex Maker Program are NOT eligible for the Vertex Referral Program.
Referrals also do NOT include referrals of referees to prevent gaming of the program.
Example: 60-Day Rolling Average
Alice qualifies for Tier 3 in the first 60 days based on her referees' taker volume exceeding $10 million.
Her status and boosted commission rate as a Tier 3 referrer will be determined by the most recent 60 days' taker volume at any given time.
The calculation will update daily by dropping the earliest day in the 60-day window and including the latest day.
Alice's taker volume thresholds and commission rate are continuously updated and do not carry over or reset in a discrete manner.
They are always based on the rolling average of the latest 60-day period.
Benefits for the Referred Trader
Accounts that start trading on Vertex via a referral link will be eligible for USDC fee rebates.
Referees can reclaim 10% of all taker fees paid, directly to their wallet connected to Vertex.
Calculating Commissions & Rebates
Calculating your USDC commissions as a referrer or your USDC rebates as a referee are straightforward. Let’s run through a simple example below.
Here’s a simple example:
Referrer = Joe (Generates a unique referral link on Vertex).
Referee = Jane (Uses Joe’s referral link to trade on Vertex).
Joe generates his unique referral code on the Vertex Referral Page and shares it on his Twitter bio.
Jane clicks on Joe’s referral link and trades $3 million in taker volume on Vertex during the first 60-day rolling average period.
Jane receives a 10% discount on her taker fees.
Jane’s trading volume qualifies Joe for the Tier 1 commission rate.
Calculations
Original Taker Fees:
Taker Fees = 2 basis points (0.02%)
Jane’s Trading Volume = $3 million
Original Taker Fees = $3,000,000 * 0.02% = $600
Jane’s Taker Fee Savings:
10% Discount on $600 = $60
Jane’s Total Taker Fee Savings = $60
Joe’s Commission:
Joe receives 20% of Jane’s original taker fees.
Joe’s Commission = 20% of $600 = $120
Joe’s Total USDC Rewards = $120
Referring & Claiming USDC
Using the new referral program is easy. Simply go to the Referrals Page and follow these steps:
Copy Your Link: Copy your unique referral link under the [Refer Traders] box on the referrals page.
Share & Customize Your Link: Share the link with your friends and network. You can also customize your link by clicking on [Customize] and typing your preferred custom URL. Click [Confirm Change] to save it.
Claim Commissions: Click on the [Claim Commissions] button in the “Earnings” card. USDC will be directly deposited into your connected wallet.
Rebates for Referees: Rebates for referees are claimed the same way as referrer commissions, directly to the connected wallet. Both rebates and commissions are claimed simultaneously, and the “Available to Claim” amount represents the sum of both.
Previous Vertex Referral Program
If you referred traders during the previous Vertex Referral program, they will carry over and count as your referees in the new program.
If you have any questions regarding the new Vertex Referrals program, please reach out to a moderator or team member in the official Vertex Discord.
Official Vertex Discord: https://discord.com/invite/vertexprotocol
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