incentive to bring market makers and big volume to the exchange is something i can understand, and everyone wants that. That’s exactly why a good referal program that rewards people for refering whales, would be good to have. any suggestions?
I agree, didn’t receive mine yet…almost 2 weeks and BTC price is moving up. Hope they fixed the BTC price at the time of the draw…
yeah me too! It’s better for them to wait so they give a smaller portion of their BTC!!!
And how do you know the company holds BTC?
I see that a new referral program is active in the mobile app. What I don’t understand is if this program is valid for the purchase of any available crypto on Nash, even the btc/eth/neo on which Nash makes no profit since these purchases act as MM orders on the exchange?
The only purchase that Nash profits from are those from the L1 program which currently only extends to AAVE.
1 Like
Under T&C is written as "you will receive 5 Nex tokens once that person makes their first single purchase on Nash equivalent to 100 EUR in value from our fiat gateway (“Buy/Sell in the Nash mobile app”)
1 Like
Thanks but I am not sure this answers my question.
Let’s try this; so I invite a user to try Nash, the user registers with my referral code and buys over 100€ worth of Neo. Now we both get 5 Nex. I get that but what’s in it for Nash? Nash doesn’t make profit on btc/eth/neo since those are treated as MM orders on the L2 exchange. The only coin that Nash makes profit of from the fiat on/off ramp (which is currently offered) is AAVE.
Fiat ramp purchases into the Trading Wallet (L2) have zero fees.
Any other fiat ramp purchase comes with a 1% fee. Example, ETH purchased to your Personal Wallet has a 1% fee.
The T&C don’t specify which ramp needs to be used to get the 5 NEX, but I’d expect either works (“any purchase from the Buy/Sell tab on the app”, etc). Maybe @chris.fenwick could confirm. IMO the point is to bring traffic to Nash, so whether it’s onramping to Personal or Trading wallets the goal will have been achieved.
1 Like
That explains it, thanks @pplvee!
So the 100€ mark will not count if my referral bought crypto in his Trading wallet?
It doesn’t matter which wallet they choose.
3 Likes
The aim is to acquire users and get them to use our easy-to-use and instant fiat ramps, and not necessarily to make money off the first transaction. We have long term vs short term thinking
2 Likes
I understand now. The user has 2 choices:
a) buy assets for 0% fee with assets being deposited in the Trading wallet - in which case it would only make sense to trade them on the L2 exchange since getting them out of Trading wallet incurs at least 2 blockchain fees (first to move them to Personal wallet and the second one to move them out of Nash wallet)
b) buy assets that are deposited in Personal wallet with a 1% fee
Option A is likely to grow L2 volume (if a person doesn’t mean to trade those assets there is little point of selecting this option)
Option B earns Nash a 1% fee
The only thing I am missing in the new referral program are more levels. For instance, a user (and his referral) would get the same 5 Nex from his referral no matter if a referral bought 100€ or 10.000€ worth of crypto. I am sure you already thought this through but from my perspective it would make sense to grow the reward the more crypto is bought. The reward doesn’t have to be linear (5 Nex / 100€ crypto, 50 Nex / 1000€ crypto, etc) it can be some arbitrary sum that is optimal for Nash but that would attract some larger purchases.
I have a friend that handles crypto for a few clients and his first question (upon me notifying him about the new Nash referral programme) was “but what if I buy 10K € worth of crypto”.
I think a decent comparison to illustrate Nash’s referral program is BlockFi’s approach. Refer a friend, they deposit $100 or more into their account and both parties earn $10 in BTC – very similar to what Nash is doing. Meanwhile, if you go to their Promotions page, they have various other promotions related to trading, bonus interest rates, and initial deposit promotions.
The base referral program is the long-term promotion (deposit $100, get $10 BTC), while everything else lasts anywhere from a few weeks to a couple months and offers scaling rewards. These are the shorter-term marketing ‘sprints’.
3 Likes