Referral System

The P2X Referral System incentivizes community expansion by rewarding users for bringing in new participants, boosting the ecosystem's growth and vibrancy

Introduction to the Referral System

The P2X protocol includes a referral system designed to incentivize user growth and enhance network effects. This system rewards existing users for introducing new participants to the platform, contributing to the expansion and dynamism of the P2X ecosystem. The program will last for 45 days.

How the Referral System Works

• Referral Links: Each user in the P2X protocol is provided with a unique referral link. This link can be shared with potential new users. When a new user joins and participates in the P2X protocol using this referral link, the referring user receives a reward.

• Reward Mechanism: The rewards for the referral system are a percentage of the P2X shares acquired by the new user by participating in the daily auction. For example, if the referral reward is set at 10%, and a new user purchases an amount of P2X shares by interacting with the Auction House, the referrer will receive 10% of that amount as a referral reward virtually minted as P2X shares. Additionally, the referred participant is granted a bonus of 5%, virtually minted on top of the claimable P2X shares.

• Automated Tracking: The referral process is automated through smart contracts. When a new user participates in the protocol using a referral link, the smart contract automatically calculates and credits the referral reward to the referrer's P2X share claim section.

Benefits of the Referral System

• Incentivizing Growth: The referral system incentivizes existing users to promote the P2X protocol.

• Rewarding Participation: It provides additional revenue for users to earn rewards, supplementing the earnings from mining and participation in the Auction House.

• Enhancing Community Engagement: By encouraging users to bring in their network, the referral system fosters a more engaged and active community, which is vital for the health and success of the protocol.

• Building Network Effects: As more users join and participate in the P2X protocol, the overall value and utility of the network increase, benefiting all participants.

Conclusion

The referral system in the P2X protocol is a strategic component that serves multiple purposes: it incentivizes community growth, rewards active participants, and strengthens the overall ecosystem. By leveraging the power of network effects, the referral system helps in building a robust and vibrant P2X community.