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Title: MRC 45 - Morpheus stETH Referral System

Authors / Discord Name:

Jeff McDonald (Jabo38), David Johnston (Smart Agents), Sergey Kozlov, Christopher (storm.father), Jon (jonisjon), Rene (rene9386)

Status: IN PROGRESS

Summary:

Morpheus community members can create a referral address. Any other user can use the referral address when depositing stETH and earn a 1% bonus.

Additionally, since a capital depositor added stETH with a referral address, the community member who created the referral will receive up to a 5% bonus in MOR.

Rationale:

As a decentralised project with no centralised foundation, LLC, or core team entity, many of the traditional marketing strategies that other blockchain platforms and decentralised apps take to bring awareness to a project are not applicable.

Referral programs have traditionally been cost-effective marketing strategies. Businesses have often used them to successfully incentivize customers to refer new customers, thus aiding in word-of-mouth and peer-to-peer marketing.

Considering these points, a referral program is a rational and logical fit for the Morpheus community to explore. With advances in smart contracts, this can be entirely on-chain in a trustless and transparent model.

Mechanics of a Referral System:

Referral address creation: Community Member A (Alice) creates a referral that contains her wallet address. She is the referrer.

Staking stETH: Community Member B (Bob) uses the referral wallet address created by Alice when sending a stETH staking transaction. Bob is the referee. Bob gets a 1% bonus for using Alice’s referral.

Claiming MOR: Bob can claim MOR when he wants.

Claiming the referral bonus: Alice can claim her referral bonus as she pleases, even if Bob has locked his MOR in accordance with the power factor curve.

If the referral field in a staking transaction is empty, it means that no referral reward is applied.

Rates for Referrals:

A community member can earn up to 5% as a bonus when community members using their address deposit stETH. This will come in four tiers of 3%, 4%, 4.5%, and 5%:

Tier 0: Community members with referrals that have less than 3.5 ETH deposited by addresses of all their referees will get a bonus of 3%.

Tier 1: With a minimum of 3.5 stETH having been deposited across all the capital depositors totaled, a referrer maker can get a bonus of 4%.

Tier 2: With a minimum of 35 stETH having been deposited across all the capital depositors totaled, a referrer maker can get a bonus of 4.5%.

Tier 3: With a minimum of 350 stETH having been deposited across all the capital depositors totaled, a referrer maker can get a bonus of 5%