I like your thinking but you have to be careful not to overcomplicate it.
Many good things are just simple. You want people to be able to take action immediately. That’s only possible if the action is easy to communicate and very easy to understand.
I would go with an “instant” reward in the first place. People would rather have something right away, than later…
Something like you suggest could be rolled out later or as an extra incentive.
Revulut’s metal card (link) was something that spread in my network well. A user had to refer at least 5 new users before he was eligible for metal (if I remember correctly). I would tie a premium product (like nash higher tier card) with the number of valid referrals. Gamification and status seems to be valued by users. So, rewarding the users with premium features like lower trading fees, better interest rates, preferential support etc. All features tied to number of referrals (and possibly even to amount of staked NEX).
There needs to be a limit how much a revenue a user should generate to nash before he is counted as a valid referral. Like onboarded/traded €3k? Or hold €10 worth of crypto on nash’s wallet for 6 months? Use nash savings with at least €5k worth of crypto?
Deposit on our wallet fees offered for the next x transactions. Use our trading bot for free with no fees on transactions for x time.
Deposit $ X amount to participate in the monthly / week lottery. XNEX and XBTC to win! And that every month or week of the year.
Awesome to see you guys brainstorming like this! 
Here are some of my ideas influenced by others in this thread and my time in crypto!
The refer-a-friend link should be easily shared from within the app, non-intrusive, simple and easy to copy to the clipboard, I kinda like the idea of a pop-up as mentioned already in this thread, but not every time you log into the app, first a pop-up then a little link you can click to activate the pop-up would suffice, possibly with some simple metrics displayed.
Would be great if there was more than one incentive… multiple smaller ones instead of one large one…
First, the referred user should get a small amount of ‘Free Money’ ($10 in Bitcoin) for downloading the app, signing up, making a minimum deposit and making their first purchase with fiat straight into their Layer-1 wallet or making their first trade via the Layer-2 exchange. The referrer should probably get the same amount as the referred, however, I wouldn’t be opposed to giving the referrer only half of what the referred gets…
Secondly, something to keep the new customer, further incentivise them by offering them $5 more Bitcoin for each purchase they make up to their next three purchases. The referrer shouldn’t get anything here.
I like the idea of negative fees for the first three purchases as mentioned by @Valentin It could really drive home the fact that Nash is the cheapest place to buy your Bitcoin, for your first three purchases WE will PAY YOU to buy bitcoin!
@Garda makes a good point about closing loopholes, I think possibly breaking up the reward to the first purchase, the third purchase and the fifth purchase or something, this way the new user gets comfortable using Nash over time and gets rewarded for it.
I very much like the lottery idea and angle that @BILLYBELT2018 and @Oldsport have discussed a few times, the lottery could really get people excited… 
I have some more ideas I will share later, however, it is late here and I need to hit the hay!
Thinking about Nash already takes up to much of my time heh! 
You cant give away money, but what is about borrow some staked nex token? Like someone recommends nash to some friend and when he joins nash, then he will get some staked nex. After the staking is over the nex tokens go back to the company. So he gets free dividende.
Robinhood’s referral program is interesting. Refer a friend, scratch-and-win 1 free stock from a pool of companies. Nash could do something similar, using coins from the exchange or spot pairs. Obviously it wouldn’t make sense to do flat 1 coin (1 BTC would be insane – but also kinda awesome if it was a low chance lol) but a variation of it could be figured out. The free stock is given out when the referred user connects their bank account, but with Nash it could be when they onramp or spot trade $100+. OR – maybe double or triple the incentive if the referred user proceeds to open a Nash banking account!
Just do a search on YouTube and there are tons of reveal videos. Not only does this referral campaign work well with actually getting users, but it’s a marketable campaign as well.
Robinhood Referral Program details
edit: on second thought, an advertised chance of 1 in 1000 (or maybe 5000) at winning 1 entire BTC would be insanely marketable. You’d have to calculate your desired cost per user and work out the probability from there. 1 in 1000 aka 1 BTC per 1000 users. Is that too expensive? I don’t know, I’m not a marketing guru but I bet it could be sorted out.
In my opinion, it’s much stronger if the reward is assured. Especially if you want to encourage people to keep doing it.
Yeah, that’s definitely something to consider. I will say that the loot box market (used in gaming) is absurdly high.
• Consumer spending on loot boxes and skins worldwide 2022 l Statistic | Statista.
Random chance of obtaining loot from a purchased box, with usually at least one item being super rare. People love it judging by the money being thrown at it, but it’s a pretty grey area in terms of legality. The practice has been under fire for some time now, since it’s essentially gambling.
Referral campaign though? The referrer isn’t spending anything, I think it’s a good synergy.
Robinhood is a great succes in terms of userbase (or was before the gme debacle). They sure figured out how to attrack new users and how to make their brand known.
I think the most pressing endeavor at this time, is figuring out how to make the mobile app as visually appealing, intuitive and streamlined as possible (Maiar wallet signup flow was great).
If the mobile app design is on point, then I think there are easy and effective ways to encourage new user signups, without having to offer any monetary rewards. I feel that such growth hacking is best conducted early, otherwise you’re simply paying people to sign up who otherwise would’ve signed up for free.
The problem here is that you need to offer something which appeals to someone’s needs or values. If you’re throwing money at individuals so early on, there’s a chance it’s because you’re lacking desired feature(s); I’d say don’t target individuals with any monetary incentives whatsoever, until that monthly growth figure shows signs of an upcoming plateau. To do otherwise would feel like incredibly poor timing/resource management, indicative of multiple incongruous strategies being executed simultaneously (which I’ve witnessed happen more than once these past 2 years).
In designing refer-a-friend programs (we probably want 2-3 lined up, conducting one after the next), I think it really depends on the question of: “Exactly what type(s) of users we are wanting to attract first?”
Answer - “Retail users, not-yet acquainted with crypto.”
So which types of retail users are we going for?:
we won’t attract a meaningful number of traders with RaF; we won’t get freelancers yet (details below); nash link is an ongoing process, w/ co-marketing; so the unacquainted soon-to-be BTC HODLers, and those seeking better savings accounts vs traditional banks would be the most effective first targets, and we should base all our designs on targeting them first.
My advice is to bundle the target users into appropriate groups, design a RaF program around each, and then execute each program in order - depending on what features & services we have available, and what your current EU/UK marketing strategies entail (try to make them all synergize).
The problem I encounter here, is that groups #2 and #5, almost exclusively value money(investing/savings), whereas group #3 (freelancers) value tools & features that improve efficiency and reduced expenditures, in additional to just money(investing/savings); so it’s much easier to design zero/low-cost programs to attract the latter group, as we have something of immense value to offer them - except we don’t, yet; we’re currently lacking what they need, yet they’d make for a great first target, so there’s no optimal path forward from my view. We’ll have to slot them in much later.
In the case of freelancers:
I haven’t been able to refer anyone because the needed features simply aren’t there yet, and I get the feeling this could remain the case until mid-2022 (hope I’m wrong). Freelancing is largely global, so I need to be able to pitch:
Points #2 and #3 need to be functional in at least: USA, Canada, UK, EU, Australia, New Zealand (those are mandatory); Russia and Japan are a nice bonus.
When the above is all in place, then PayPal + Traditional Bank ceases to be a requirement for one to get by, and freelancers won’t have to frequently juggle between PayPal <-> traditional bank <-> Nash, depending on which country their clients are from. I know I can onboard a good number of people once this overarching system is in place.
Map it out something like this:
RaF Group #1: (non-crypto users - BTC HODLers / traditional bank savings acc. replacement)
RaF Group #2: (merchants & consumers?)
RaF Group #3: (freelancers & clients)
Things to look at & include:
Bundle up all these free incentives which appeals to the target group, and roll them out first. When it looks to plateau, boost the signal with cheap monetary incentives, and so on.
I don’t know anyone who likes those signup bonuses, they feel as if you’re being baited in, and some people might think it’s a scam.
I think a better way to design it would be to tie the reward to a user signing up with phone number + KYC (that feels like punishment enough), and then deposit the sign-up bonus somewhere they can see it appreciate in value, but not immediately withdraw it. Perhaps have them trade with it several times before being able to send or withdraw it. As soon as the user is able to send or withdraw it, they’ll know it’s not a scam and feel more comfortable with depositing, but I’d try to timegate that withdrawal.
Alternatively, convince them to deposit $3-5 first, to unlock something of value to them (a non-monetary incentive). Or set the reward as: “earn X amount in your DeFi savings account, to unlock the signup bonus” - they can expedite that process by using Nash cash to deposit more into DeFi savings; using the fiat ramp becomes part of a process rather than the objective.
- how should refer-a-friend links be shared
Straight from the app to whatsapp, telegram, facebook, twitter, email and sms.
- what should be the incentive
$10 to both the referrer and the new customer, in a crypto of each of their own choosing.
- we can’t just give away free money, so there needs to be an action tied to the incentive (e.g. download the app, buy $100 using our fiat ramps for a X deposit
Keep it very simple to explain and understand. As the target market is people new to crypto and trading in general. I don’t think it should be tied to first deposit/purchase only, as for some people even an initial deposit of just $100 equivalent might make them hesitant. Make it a time based constraint, so they can send just $25 first as a trial run, which contributes to the $100 equivalent minimum requirement for a reward, which must be completed within 3 months.
Also, what about the ability to send what could be named Nash crypto gift cards via Nash app, directly via whatsapp, telegram, email and sms?
Your friend Kellogg wishes to send you a $10 BTC Nash gift card. As a bonus, you can also receive an additional $10 welcome reward after depositing and purchasing $100 in cryptos of your choosing within 3 months.
It would allow people to send money as gifts or settle a debt, then potentially retrieve $10 of it back from Nash as a referral reward, plus the new user receives $10 in this example straight away in their account without having to send any money. For some people, there may be a perceived risk to getting into crypto and sending money to a company previously unknown to them, but a $10 gift card received (and no kyc required to receive it?) is completely risk free.
Perhaps the best would be a combination of both: 1 small assured gain + 1 scratch-to-win ticket
If that is easy enough to communicate in a very simple way then why not. If not, the simpler the better.
I disagree. Even if you were to pay users who would otherwise have signed up for free, a good money-reward certainly make sense. By having a good payed reward system you should attract more users than only those who were planning to do it anyway. Also the users who were planning to sign up without a reward might just bring in a lot more additional users because of that reward.
Different angle - some personal anecdotes from USA
I have a checking account with a banking institution for twenty plus years (piss poor interest, but it’s where I store non-invested fiat). Recently, I opened a new checking account with another institution because they rewarded $400 just to hold a fixed amount in with them for a period of six months. That reward afforded them an increase for their fractional-reserve program, and was a meager 2.7% return for me TL;DR it was a mutually beneficial reward
About six years ago I had opened > 8 credit card accounts, and referred numerous friends in order to accumulate huge bonus points for frequent flyer programs. At least five of these accounts had annual fees ranging from $100-500/yr (I dropped the $500 fee cards and kept the smaller fee cards). Some of the cards had referral programs that gave bonus miles if you referred friends (with a limit). TL;DR Partner incentives
Venmo. I was paying friends using checks up until 2015, with some occasional usage of my bank’s payment product (poor UX) and over time a number of friends starting asking me to “venmo” them instead. Was very reluctant to use it because I never heard of the company, but the legitimacy was there because of this cluster of requests from people I knew. TL;DR Maybe the referral program can be tied to groups - more power in numbers
System that unlocks a bonus. Like after 5 deposit of X amount you earn XNEX. You lose the bonus if you did not trade the equivalent of the amount deposited during this period
This is a fucking good idea !
The lootbox system is something that works very, very well. I don’t know how it can be integrated (NFT?) But many will want to play to have the rarest boxing. I even think it’s more additive than a simple lottery ticket because there’s the pleasure of opening or unlocking something. It may please @fcc
For nash cash something like deposit $100+ and both will get $20.
Additionally For new users some task based rewards system is good. Like,
Create account and will get $2
Verify account and get $5
Deposit $100+ to channels and get $5
Do first trade and get $5
Do $1000+ trading volume within month and will get $10.
Also these task based rewards can be some random amount from prize pool. But total should be guaranteed like $20-$500. Everyone should get atleast $20 and upto $500 by completing all task.
Some promotions like $500 for new users really attractive.
These would be abused to infinity. People would open accounts left and right with their family and friends names, reap up all the benefits and never look back.
For this we should find ways to implement scarcity and prestige & growth opportunity.
Growth Example:
A invited B = rewards each
B invited C = rewards each + A receives 100 Satoshi
C invited D = rewards both + B receives 100 Satoshi + A receives 50 Satoshi
D invited E = rewards both + C 100 Satoshi + B 50 sat + A 25 sat
…,
So let’s say that D invited E and E is a big whale 
, in this case D gets a bigger bonus, if E makes a big contribution in trading $$$ ( in first 48 h)
The strategy is to make people bring new people and encourage the new people to bring in others and those others to bring in others…(you got the idea ) it will keep the game on, I would open my app every day to see new BTC coming in ( or to have notifications that I just received 100 Satoshi 
. Just like social media keeps people engaged with all of the notifications ). It will keep me excited and motivated to do more.
The BTC rewards amount is for you to decide. For me the higher Satoshi number is, the more exciting it looks ( even if dollar value is not great)
Also the idea of having BTC is amazing.
Scarcity:
Every 48 hours ( is important to use hours in measuring time, it gives the feel that is more then 2 days) the chain of invites is broken if no new users are coming in. So you start from the beginning.
Also the reward of the invited friend should be somehow tied to the contribution of that new user ( its not fair if all contributions are rewarded the same ) this will keep me searching for quality, not only quantity.
After chain is broken, give 1 to 10 Satoshi in case any of those friends bring new friends, seeing any amount will make me think about Nash 
Prestige:
It’s just a number that could be displayed and rewarded again once a week. Giving attention to firs 3 biggest chains.
Keep it often and engaging.
It’s complex but people might love it. I love it already. The only thing is that people that I know are almost all from USA.
MY REWARD WILL BE THE DIVIDENDS 
Got milk? campaign was a success, we can use:
Got Bitcoin?
New people don’t really know about crypto, but they know about Bitcoin 
Thank you 
