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Page last updated: January 26, 2023

Ethereum Referral Program Terms & Conditions

The Lido DAO controls the full life-cycle of the referral program including but not limited to launch, defining total rewarding pool, allocating rewards for each period, pausing, resuming or stopping the Program at any time.

Conditions

1.

Only whitelisted referral addresses will be eligible for rewards.

2.

Users are given the ability to generate a unique referral URL that is specific to their Ethereum address.

3.

Rewards are calculated and distributed on a month-to-month basis.

4.

Rewards are calculated every 2-week Rewards calculation period.

5.

To be eligible for rewards in the current rewards calculation period, referral should drive at least 5 ETH in referee stakes during this time.

6.

The Lido Referral Program does not have any timeframe. The Program ends when there are no more tokens in the Reward Pool (i.e., the total amount of DAI tokens that can be distributed to participants of the Program) or when the DAO makes an active decision to cancel it.

7.

The Lido DAO determines the size of the Reward Pool, amount, and terms of the DAI Token Reward, and can change them at any time.

8.

The Lido DAO can stop, pause, and resume the Program at any time.

9.

The Lido DAO can, at any time, change the operating conditions of the Lido Referral Program.

10.

The DAI referral program is open to all interested parties, but the DAO reserves the right to prioritize or restrict participation in the program.

Reward Pool

1.

Implement a new referral model for stETH structured as per referrer:

  • 2.5 DAI per ETH referred up to $100m worth of ETH
  • 3.5 DAI per ETH referred up to $250m worth of ETH
  • 4.5 DAI per ETH referred up to $500m worth of ETH
  • 5.0 DAI per ETH referred up to $1.0bn worth of ETH
  • 5.5 DAI per ETH referred up to $5.0bn worth of ETH

2.

Initial reward pool is 1,000,000 DAI. Depending on the success and market dynamics, refreshing the pool in 1M DAI increments will be voted on and discussed.

Program Implementation

1.

1,000,000 DAI held in the DAO Treasury will be reserved for the purpose of the Lido Referral Program.

2.

Each Rewarding Calculation Period takes 1 calendar month. During this time a referral, preliminary rewards are calculated based on the referee staking. The Payout Period that comes after is the time to check and filter abuse cases and approve rewards. During Payout Period approved rewards are allocated to Rhino.fi for referrals to claim or delivered directly to referral addresses.

3.

Smart contracts currently are not able to claim the reward from Rhino.fi, so payments will be sent directly on chain for smart contract.

4.

In order to ensure that the Referral Program can successfully achieve the purposes of developing the Lido ecosystem and attracting new stakers, there are rules in place to limit abuse and misbehavior. Namely, participants/addresses involved in abusive, incorrect, suspicious behavior that is against Lido DAO values and goals will be excluded from the Program and will not be entitled to DAI rewards, including but not limited to the following situations:

  • Participant/Address directly or indirectly worsen the ETH:stETH peg in incentivized liquidity pools such as, for example, Curve ETH:stETH liquidity pool;
  • Participant/Address is involved in cycle staking — using the same amount of ETH to generate rewards multiple times (user sends ETH through Lido using a referral link, only to sell their stETH later for more ETH in order to repeat the whole process again and again);
  • Participant/Address removed liquidity from stETH/ETH pools (as it's affecting price peg);
  • A suspicion that staked ETH are the proceeds of crime (e.g., hack).
  • Staking of ETH borrowed on lending/borrowing protocols (like Aave and others) is not eligible to be rewarded. This includes ETH that was bought with any other borrowed cryptocurrency (like DAI).
  • Participant/Address removed liquidity from stETH/ETH pools (as it's affecting price peg);
  • A suspicion that staked ETH are the proceeds of crime (e.g., hack).**

5.

Referral Periods Reports showing the distribution of DAI will be regularly published to ensure transparency of the Lido Referral Program.

6.

If, for whatever reason, there are any errors in the calculation or transfer of allocations of the Rewards to any Referrer, the error can be rectified in any suitable way. Users are welcome to contact Lido support at the following channels in case of any problems: