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WOO X referrals: What to expect from the end of June?

WOO X referrals: What to expect from the end of June?

This is the last call for the WOO X Beta registrations and an announcement about referrals — the only way to get on the platform before the official launch!

Starting from June 24, WOO X will enter the next stage of its development — the Open Beta, featuring user referrals. The early WOO X stakers will have the exclusive right to invite new users and earn commissions from their invitees’ trading volume. Apart from the referrals, the WOO X Open Beta tier system will require larger token holdings for new users, with an additional tier 6 being added for larger holders.

Note: Specific details are subject to slight alterations, based on technical constraints or feedback from users or the community. Please follow Wootrade’s social media channels for the latest updates.

The last chance to enter the WOO X Beta is to fill out this survey before June 12, 00:00 UTC:

SurveyCake

Make your survey a piece of cake!

www.surveycake.com

Referrals on WOO X

The only way to get on WOO X during the period after June 25th leading up to the full launch in late July (2021) will be through an invite code from an existing WOO X token staker. Current WOO X Beta stakers will receive the number of invite codes based on their staking tiers.

  • Tier 1: eligible for 2 referral codes
  • Tier 2: eligible for 4 referral codes
  • Tier 3: eligible for 12 referral codes
  • Tier 4: eligible for 16 referral codes
  • Tier 5: eligible for 25 referral codes

The referral codes will be distributed after the staking tier snapshot which will happen on June 23, 00:00 UTC. Users staking more WOO tokens after the snapshot time will not be eligible for extra codes.

Edited as of June 10, 2021. Referral commissions are subject to change in order to properly incentivize growth on the platform

Referrers can get a commission fee based on the trading volume of their invitees. Different tiers will have different rates of commission, as shown in the table above. Note: Tier 6 is a new WOO X staking tier based on feedback from token holders. After June 25th, stakers will be able to reach this tier on the WOO X staking dashboard.

Want to learn more about referrals or the beta timelines? Check out our article from earlier this month:

WOO X Update: Staking, launch timeline, referrals, mobile and futures

Announcing the WOO X referral program, WOO staking update, and additional yield challenges.

medium.com

Commission calculation example:

The commission is calculated in bps — basis points, which represent 0.01% or 0.0001. If a referred trader trades 10,000 USDT in volume, tier 6 referral reward will receive 10,000 x 0.000035 = $0.35

What if I change my tier?

The tier snapshots will be done weekly during the Open Beta period to identify the referral rewards for the next week (based on the user’s tier). For example, if a tier 5 staker upgrades the WOO staking amount to tier 6 during the first week of the program, he will not be eligible for the tier 6 rewards till the next snapshot.

Important: If WOO X Beta users unstake ANY WOO they will immediately lose the grandfathering effect from the closed beta phase. Beta users who unstake will have to meet the staking requirements of non-Beta users.

The commission rewards will be distributed at 14:00 PM on July 26 (UTC). Users will be able to track the commission from deposit history in their WOO X account. Further details of referral commissions and the settlement token will be released soon.

Open Beta timeline:

  • June 12, 00:00 UTC: end of WOO X Beta survey
  • June 23, 00:00 UTC: staking tier snapshot
  • June 25, 00:00 UTC: distribution of the referral codes
  • June 25, 00:00 UTC — July 26, 00:00 UTC: referral commission calculations
  • July 26, 14:00 UTC — referral commissions distributions

The current referral program only applies to WOO X Beta stakers and will evolve into a permanent referral program that will be available for all registered users after the WOO X official launch. The current referral relationship will continue after the official launch.

*The WOO X Beta invitation code gives access to the Digital Assets services on https://x.woo.network. Due to country-specific local laws, only residents of eligible jurisdictions will have access to the product. If you are located or a resident of any jurisdiction where the services offered by Wootrade are restricted, you understand and acknowledge that you are prohibited from using them.

For latest updates, follow Wootrade on social media:

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