Lido Finance Referral Program

Lido is a liquid staking solution for ETH 2.0 backed by industry-leading staking providers. Lido lets users stake their $ETH – without locking assets or maintaining infrastructure – whilst participating in on-chain activities, e.g. lending. Lido attempts to solve the problems associated with initial ETH 2.0 staking – illiquidity, immovability and accessibility – making staked ETH liquid and allowing for participation with any amount of Ethereum to improve security of the Ethereum network.

When staking with Lido, users receive stETH tokens on a 1:1 basis representing their staked $ETH. stETH balances can be used like regular ETH to earn yields and lending rewards, and are updated on a daily basis to reflect your ETH staking rewards, minus any penalties. Note that there are no lock-ups or minimum deposits when staking with Lido.
When using Lido, users receive secure staking rewards in real-time, allowing for participation in the securing of Ethereum with fewer associated risks and less downside potential.

To give back to the community, Lido Finance will kickstart a referral program, an activity where users can invite their family and friends to discover the platform and in return they will receive a certain amount of rewards depending on their efforts.

The Referral Program Conditions:

1. Users are given the ability to generate a unique referral URL that is specific to their Ethereum address.
2. A Referrer will receive LDO as a reward after her/his Referee (new user) staked at least 1 ETH using the unique referral link.
3. The Lido Referral Program does not have any timeframe. The Program ends when there are no more tokens in the Reward Pool (i.e., the total amount of LDO tokens that can be distributed to participants of the Program) or when the DAO makes an active decision to cancel it.
4. The DAO can cancel or pause the Program at any time.
5. The DAO determines the LDO Token Reward.
6. The DAO determines the size of the Reward Pool.
7. The DAO can at any time change the LDO Token Reward and the size of the Reward Pool.
8. The DAO can at any time change the way the Lido Referral Program is implemented.

Proposed LDP Token Reward and Reward Pool

The proposed size of the Reward Pool is 15m LDO. The proposed LDO Token Reward is 15 LDO for 1 ETH staked. It means that if a Referee stakes 10 ETH, her/his Referrer is rewarded with 150 LDO Tokens.

Implementation

1. A participant gets a unique referral link. It will also be possible to indicate the address during an interaction with the smart contract. Developers of protocols and wallets, please, read the following two guides.
2. Guide for protocols 
3. Guide for wallets 
4. 15 million LDO tokens held in the DAO Treasury will be reserved for the purpose of the Lido Referral Program.
5. Every two weeks from the start date of the Program after the voting necessary to move some part (200 000 LDO for example) of LDO tokens, Rewards will be transferred to a dedicated blockchain address and, then, subsequently, within 7 days to Referrers using the L2 Ethereum scaling solution Arbitrium. It means that there are about 26 Reward Calculation Periods and 26 Pay-out Periods within one calendar year

Pay-out Period
[15.07.2021-22.07.2021]

4. If for whatever reason there are any errors in the calculation or transfer of allocations of the Rewards to any Referrer, the error can be rectified in any suitable way (e.g., if the Referrer received more Rewards than it is supposed to, he would not receive Rewards for further referrals until the mistake was corrected).

Implementation date
If this proposal is successfully approved, the Lido Referral Program will start on 22 Jul 2021.

ABOUT Lido Finance