There is nothing wrong with Kellogg asking the community for inputs. It doesn’t mean that the team doesn’t have a good idea of what would work this time.
From what I have observed so far, Kellogg is a very smart and busy fellow, but he is also a cool and simple man. And that is why he likes to carry the community along. I know it has been a bit frustrating watching everything fly but let us be kind with our choice of words.
Quite happy with the new roadmap - if they can deliver on those promises in a timely manner, we shall see results!
PayPal just sent me an email offering money if I refer a friend so yeah, without reinventing the wheel, money incentive is kind of standard. But Nash can adapt it a bit and time it well.
That’s another possible incentive. Hopefully it could be done at a low cost, but if not, then it could be a reward for users who manage to refer 20, 50 or 100 people. Whatever seems cost appropriate and fair.
Don’t know about everyone else, but I’d certainly try to unlock that reward, and I wouldn’t get paid a cent.
It makes no logical sense to me to go with a fully-fledged monetary incentive straight off the bat.
Refer-a-Friend = mobilizing your existing userbase, incentivizing them to tap into their own social network. Both the user needs to be incentivized, as well as the person they’re attempting to invite; so the pool of possible referees remains the same. If you start handing out money from the get go, then you’ll only end up paying significantly more for roughly the same result in the mid-term.
Focusing on advertising first, to grow the userbase by external means (as to not exhaust your user’s social network, as well as your own capital), would be far more efficient in the long-run imo. I.e. Gain awareness with advertising, and only reward user referrals with free/cheap rewards at first, then scale up the company’s financial investment in RaF incentive programs later, whenever the cheap/free rewards lose their luster, and you have a larger userbase to mobilize (who haven’t already signed up everyone in their social circle).
The main benefit to that, is low/zero expenditures in the short-term, so you get to assess effectiveness and see what works best, pretty much for free. It’s low-risk and easy to tweak. It becomes much easier to offer more lucrative RaF bonuses later, because you’ve been generating small amounts of revenue for months.
And that justifies spending double for the same amount of new users? It’s not a question of whether burning more capital will attract more users - it certainly will, it’s just a poor long-term approach.
Other people have outlined some good approaches my experience with refer a friend is with Trading 212 UK stocks trading app.
Am usually not a fan of referral things as it never seems worth while unless maybe you’ve got a large following.
Having said that I like Trading 212’s approach where when you refer a friend and they deposit £10 you and your friend get a free share worth up to £100. Now what the equivalent to a giveaway a stock would be for Nash am not sure. They did set a limit to 20 referrals though.
Okay fine what he said
But we can also have both aka the cheese ( 5$ ) and the lottery ticket just saying
And i am like 1000% backing the channel to channel send / receive feature as an absolute must have for great success.
In all seriousness if you manage to nail channel to channel transfers for the 3 chains people will just switch to the nash wallet for this reason alone.
You can start with just ETH also and work for the rest later or just USDC.
Hey @zedsix - I’m also keen to stop using BTCMarkets. I’m working on summarizing the regulatory requirements to establish an Australian fiat ramp for when Nash is ready to expand.
Would love your help. Hit me up via a DM on Telegram ( @ianj300 ) if you’re keen to collaborate on this effort.
With capital preservation in mind, Nash needs to essentially offer things that cost them nothing or very little in return for user referrals.
I really like the idea of withholding some premium features of the Nash app until the a user has referred other users. It’s free for Nash, it’s a simple and easy task for the user to complete and they get an immediate perceived benefit or reward.
Because most users are hodlers, I think the best option is a referral strategy around the high interest savings accounts. "Refer 3 friends to activate to your high interest savings account!"
As soon as the user sends those referrals, you get immediate access. Reward the user immediately to avoid them losing interest in the app. Flash up a screen with something fun celebrating the achievement unlocked. Next step is to encourage them to deposit fiat through the fiat ramps. Keep pulling them in.
For the friend the receives the referral, it’s a great opportunity to sell Nash. “Hey John, I’m earning X% per annum in my Nash.io premium savings account. I’ve sent you an exclusive invite here.”
When new user signs up… “Refer 3 friends to activate to your high interest savings account!”
Ok. Hear me out on this one… if crypto has taught me anything, it’s that newbies would rather hold 100 coins of something worthless than .001 coin of something valuable.
Suggestion: For all users (new and existing) on Nash wallets, change the unit of BTC shown to reflect the user’s BTC balance.
For example:
If you hold > 0.1 BTC show it in full BTC units.
If you hold > 0.0001 BTC show it in milli-bitcoin (mBTC 0.001BTC) units.
If you hold > 0.000001 then show it in micro-bitcoin (μBTC 0.000001) units.
This will actually make all users feel better about their holdings. No-one likes the look of 0.000232 BTC. But 232 μBTC feels like something bigger.
Referral Program:
For the existing user, “Refer a new user for your chance to win BTC!”. Make it like a slot machine gambling / gaming experience where the outcome is unknown. When you send a referral, a splash screen pops up with a big golden spinning BTC symbol that eventually stops, spraying fireworks everywhere and telling you that you are amazing and you’ve been rewarded with anything from 10 micro BTC to 100 micro BTC. Winning a different amount for each referral holds some anticipation for the user.
Because of the uncertainty of the reward, people will want to keep taking a chance and play again. Make it fun. Make it seem like people are winning a lot even if it’s not worth that much.
At the end of the day, regardless of the referral bonus $ value, people will only recommend the Nash platform to their friends if it’s a quality product. Get the UX right first.
For the new user:
“Congratulations! John has sent you 10 micro BTC! Sign up today at Nash.io to access your Bitcoin.”
Allow people to share the micro BTC referrals to unlimited new users.
The referral’s micro BTC sits on the L2 exchange waiting for them to sign up to Nash. If they don’t sign up within 6 months then the referral expires and the BTC is returned to the company.
first of all gratulations to the new road map…i feel, this is the right direction
I loved the system of my second project i am backing. In short they had 2 campaigns running…one was a classic lottery scratch ticket for downloading their app and topping up a certain amount. both referrer and referred person got a lottery ticket to scratch with a guranteed win between 1 and 100 EUR) u can ready about details here: Refer friends and get rewarded | SwissBorg
pretty simple, but sucessful.
for nash: I would suggest not give away money for each lottery ticket, but to give a chance to win a price pool with a draw each quarter for a price (maybe nex tokens in this one)
Second campaign was about doing tasks and get rewarded: for example u were asked for:
both campaigns were kind of a gamification and very sucessful.
For nash i could see the following tasks (just brainstorming)
open an account on nash and make a crypto transfer from another platform
use fiat ramps
follow nash on twitter, reddit, telegramm, insta etc.
like and retweet the post on twitter about this refer a friend system
buy something with nash link (if available)
invite x friends to nash and earn x amount of lottery tickets (maybe different tiers in this category and like a cross selling between this two programs.
create your first API and let a bot trade from our terminal selection trade for u (i feel this are the users we need a lot as the bring constant liquidity to our markets…once they tried bot trading, they will love it…like it happens with me ;-))…therefore this task should get more points then others…
take part in your first nash league and create at least 10k Volume during it
maybe a final reward for comleting all tasks. (it was called hall of fame within the swissborg program)
there could be an underlying point system where all parts done get u x points and a share of a price pool…of x amounts of USDC (the more players take part, the higher the price pool)
I really like this idea it sounds both rewarding and engaging!
If Nash can implement something that is simple yet engages the user like this in a gamification type way it becomes self fullfilling in a way and drives itself!
This is one of the biggest issues for me as unlike yourself, I literally don’t have any options available to me that I am aware of. I’ve had to jump through hoops from provider to provider dodging the local banks becoming wise to this and blocking credit/debit card purchases. Our government even shut down the only local BTC ATM operator.
Even with that frustration though, I can understand that Nash is trying to get everything working in Europe first before expanding globally. Do I like the fact that I can’t use Nash as my source of purchasing crypto? No…but I get it and I’m just trying to stay patient as I know it’s going to be awhile especially as my country isn’t even one of the most well-known/largest.
Accordingly to cryptodiffer nash raised about 21.8 Milllion out of 25 Million at their STO. So, there is a difference of about 3.2 Million NEX token, which could have been distributed to the public.
For the refer-a-friend system I’d exactly use the remaining amout of those 3.2 Million NEX token. I guess some of these token were used for different prices (Liquidity mining, Trading competition).
I would the system setup like the following:
invited friend: 20 NEX token
referer: 10 NEX token
amount of max. invited friends: 15
Needed requirements:
invited friend must reach tier 1 (KYC); avoid abuse of the system
Nothing complex.
Doing some simple maths:
One successful referral would cost 30 NEX token. Let’s say there are 3 Million NEX token left. This would allow nash to finance about 100.000 referrals with the settings above.
Because NEX token was sold at 1$ each, we can take this as value, which is necessary to be created with a new user. So, one new user should create about 30$ in fees. Because we only have knowledge about fees on the current L2 network (not on the planned wallet spot purchases), we calculate like the following:
To reach 30$ fees (0.25% taker fee) a volume of 12000$ must be created. If 12000$ volume is reached the referral paid of himself, more or less (nash don’t get all 30$, because of dividends). Taking a look at the current Rookies we see that about 1/3 of the new users pass this level. And a small part of these users trade way more than 12000$.
So, the remaining question is what the conversion rate of referrals into traders is. It can be estimated that those who start trading have a chance of about 1/3 to negate the initials costs for the referral.
Distributing NEX in the refer a friend system would be positiv in many ways.
New users find out about NEX token
Create more awarness about the NEX token
Token distribution gets more decentralized
Funds for the system came from a “left over” from the STO
A Canadian company, Shakepay, has an interesting referral incentive; ShakingSats.
Eligibility: Refer a friend or be referred in order to participate in ShakingSats. Both referrer and referree receive $30 CAD after the referred user deposits and trades $100+, on top of gaining access to ShakingSats.
Once the above criteria is met, users simply open the app and shake their phone (literally shake the phone). You can shake once a day, and you get sats as a reward. A streak builds over time if users don’t miss a day shaking, with more sats given for higher streaks.
The draw is that users open the app every day ( app traffic) and the requirement to refer or be referred makes it an exclusive, ‘social’ program.
The idea is not that Nash should copy this – I think most Shakepay users get their one referral and then just shake for Bitcoin everyday, never to use the app again. This is mostly to show how creative some programs can be. Note that Shakepay evaluates the BTC payout per shake on a monthly basis, if BTC price has gone up too much they lower rewards to stay in line with their budget.
it sounds both rewarding and engaging! 
, any estimate on: when the new affiliation strategy is going to be live? Thank you 
app traffic) and the requirement to refer or be referred makes it an exclusive, ‘social’ program.
