1- What is Referral Program:
Referral Program allows the User (Referrer) to refer friends (Referee) to use Krystal Services via Referral Codes. Afterward, both the Referrer and Referee can earn “Referral Rewards” (in Krystal Points) based on the Tiers of Trade Volume they achieve every month in Krystal.
Tiers of Trade Volume and Referral Rewards are determined as follows:
2- How does Referral Program work:
When creating or importing a wallet in Krystal, 05 Referral Codes will be automatically generated for the User (Referrer) to send to the friends (Referees).
If a new User creates/imports a wallet and perform a digital asset swap in Krystal via a Referral Code, the Referee’s Trade Volume will be used to calculate Tiers for the Referrer and the Referee following the structure given below:
Referral Code 1: 100% for the Referrer’s Tier - 0% for the Referee’s Tier.
Referral Code 2: 75% for the Referrer’s Tier - 25% for the Referee’s Tier.
Referral Code 3: 50% for the Referrer’s Tier - 50% for the Referee’s Tier.
Referral Code 4: 25% for the Referrer’s Tier - 75% for the Referee’s Tier.
Referral Code 5: 0% for the Referrer’s Tier - 100% for the Referee’s Tier.
Each wallet of a Referee is associated with one Referral Code generated by a Referrer. Neither the wallet nor the Referral Code can be replaced.
In order to get 05 Referral Codes, the User needs to import an Ethereum wallet (or create a new wallet) to Krystal, then access the Explore → Krystal Point → Referral tab. The User can find out 05 Referral Codes associated with his wallet on this screen. Each Referral Code can be used to introduce multiple Referees.
The Trade Volume is kept in the “Pending Volume” state until the end of the month when the Krystal team reconciles all transactions and recalculates the Trade Volume based on the latest “token to ETH” rates. At that moment, Trade Volume will be converted to a “Confirmed Volume” state.
3- Walkthrough example:
For example, Alan downloads the Krystal app and imports his Ethereum wallet. Alan will be given 5 Referral Codes which he can share with anyone. Alan shares Referral Code 3 (50%-50%) to Jake.
Switching to Jake, he refers Alice with Referral Code 2 (75%-25%) and Bob with Referral Code 3 (50%-50%) to Krystal. Both Alice and Bob don’t refer anyone to Krystal.
Suppose during a month, the Trade Volume of Jake, Alice and Bob is 50 ETH, 100 ETH and 30 ETH respectively. Thus, the Confirmed Volume to calculate their Tiers will look like this:
Confirmed Volume of Alan = 50% * (Trade Volume of Jake) = 50% * 50 = 25 ETH
Confirmed Volume of Jake = 50% * (Trade Volume of Jake) + 75% * (Trade Volume of Alice) + 50% * (Trade Volume of Bob) = 50% * 50 + 75% * 100 + 50% * 30 = 25 + 75 + 15 = 115 ETH
Confirmed Volume of Alice = 25% * (Trade Volume of Alice) = 25% * 100 = 25 ETH
Confirmed Volume of Bob = 50% * (Trade Volume of Bob) = 50% * 30 = 15 ETH
And the respective Tiers as well as Krystal Points Earned will be: