Referrals on rhino.fi
Rhino.fi has launched a referral scheme to enable active users of the platform to earn rewards for growing our community. Here we discuss that methodology in detail, and aim to answer all potential questions about our referral programme.
Current parameters
rhino.fi’s referral scheme is open to anyone who holds at least $1,000 on our platform and wants to refer their friends. Participants can refer up to 10 friends by default, although we can increase this limit when people reach out to us on Discord.
To join the scheme, all participants (or referrers) need to do is share a link. When the recipient of the link (the referee) verifies their email and deposits at least $1,000 on rhino.fi, both parties have the right to spin our ‘rewards wheel’, an algorithm trained to select a prize at random.
The prize will be unlocked for both parties once the referee has held their funds on rhino.fi for 30 days. They can withdraw their funds at any point during this period (although this will invalidate both parties’ reward).
We feel the core criteria of the scheme provide a major deterrent to cynical activity.
By establishing a $1,000 minimum for both referrers and referees, we ensure that only genuine committed DeFi traders can enjoy the referral scheme.
In addition, we have imposed the 30-day period to ensure that new joiners stay on our platform for a significant period and have time to explore DeFi.
Evolution of the methodology
In the initial version of the referral scheme, both referrers and referees needed to deposit $250 to qualify for rewards, and the referee needed to hold their deposit for only 7 days.
Both the amount and the holding period have changed: both sides must now commit $1,000 and referees must hold for 30 days.
The criteria have changed because we found, during the beta period, that certain users were depositing the minimum amount and then wash-trading stablecoins. Our goal is to prevent this kind of activity and restrict the referral scheme to genuinely motivated supporters.
User flow
Here is a brief overview of the steps required of both referrers and referees.
To join the referral scheme and begin the process, a referrer must first click the gift icon in the top right-hand corner of the app screen and select the ‘Invite Friends’ option. The following screen will provide a link for them to share, either by copying and pasting or sending via Twitter.
When the referee opens the link, they will be directed to a landing page where they can see the missions to complete. Each mission will be ticked off once complete.
The referee is also given their own link to share, and invited to explore rhino.fi’s passive income opportunities via a link on the right-hand side.
Finally, once the referee has completed all their missions, both sides will receive a link to spin the rewards wheel.
What are the risks of the scheme?
There is no inherent risk to claiming rewards on rhino.fi. The risks are the same as those of any other contract that has control over users’ funds, notably the risk of hacks (on a very small number of occasions in DeFi, smart contracts have been hacked).
To minimise these risks, rhino.fi has put rigorous checks in place and we attempt to avoid pushing any unnecessary changes. Our contract changes are rigorously audited internally prior to release, and receive regular external audits from industry-leading blockchain security experts, such as PeckShield.
If the user wishes to use the funds they’ve deposited, or earned in rewards, to trade or invest on rhino.fi, the usual risks apply: crypto markets are volatile and no investment is guaranteed to deliver profit. So users should always do their research before pursuing any opportunity.
If you would like to discuss our referral scheme process, or any other aspect of rhino.fi’s technology in more detail, please contact us via Twitter or Discord.
Current parameters
rhino.fi’s referral scheme is open to anyone who holds at least $1,000 on our platform and wants to refer their friends. Participants can refer up to 10 friends by default, although we can increase this limit when people reach out to us on Discord.
To join the scheme, all participants (or referrers) need to do is share a link. When the recipient of the link (the referee) verifies their email and deposits at least $1,000 on rhino.fi, both parties have the right to spin our ‘rewards wheel’, an algorithm trained to select a prize at random.
The prize will be unlocked for both parties once the referee has held their funds on rhino.fi for 30 days. They can withdraw their funds at any point during this period (although this will invalidate both parties’ reward).
We feel the core criteria of the scheme provide a major deterrent to cynical activity.
By establishing a $1,000 minimum for both referrers and referees, we ensure that only genuine committed DeFi traders can enjoy the referral scheme.
In addition, we have imposed the 30-day period to ensure that new joiners stay on our platform for a significant period and have time to explore DeFi.
Evolution of the methodology
In the initial version of the referral scheme, both referrers and referees needed to deposit $250 to qualify for rewards, and the referee needed to hold their deposit for only 7 days.
Both the amount and the holding period have changed: both sides must now commit $1,000 and referees must hold for 30 days.
The criteria have changed because we found, during the beta period, that certain users were depositing the minimum amount and then wash-trading stablecoins. Our goal is to prevent this kind of activity and restrict the referral scheme to genuinely motivated supporters.
User flow
Here is a brief overview of the steps required of both referrers and referees.
To join the referral scheme and begin the process, a referrer must first click the gift icon in the top right-hand corner of the app screen and select the ‘Invite Friends’ option. The following screen will provide a link for them to share, either by copying and pasting or sending via Twitter.
When the referee opens the link, they will be directed to a landing page where they can see the missions to complete. Each mission will be ticked off once complete.
The referee is also given their own link to share, and invited to explore rhino.fi’s passive income opportunities via a link on the right-hand side.
Finally, once the referee has completed all their missions, both sides will receive a link to spin the rewards wheel.
What are the risks of the scheme?
There is no inherent risk to claiming rewards on rhino.fi. The risks are the same as those of any other contract that has control over users’ funds, notably the risk of hacks (on a very small number of occasions in DeFi, smart contracts have been hacked).
To minimise these risks, rhino.fi has put rigorous checks in place and we attempt to avoid pushing any unnecessary changes. Our contract changes are rigorously audited internally prior to release, and receive regular external audits from industry-leading blockchain security experts, such as PeckShield.
If the user wishes to use the funds they’ve deposited, or earned in rewards, to trade or invest on rhino.fi, the usual risks apply: crypto markets are volatile and no investment is guaranteed to deliver profit. So users should always do their research before pursuing any opportunity.
If you would like to discuss our referral scheme process, or any other aspect of rhino.fi’s technology in more detail, please contact us via Twitter or Discord.
Updated on: 30/05/2023
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