Altrucoin will soon be adding a Referral Platform, where users are able to earn tokens when people buy using their code. This will start only for referring users to Altrucoin, but will later be expanded to other projects as well.
How Does It Work?
The Referral Platform will require working with willing projects to work. Each project will have its own page, where users can go to buy that token with a referral code, or to claim the rewards they have earned from others using their code.
Let’s look at a scenario: Brook is super excited to get their friends involved with BankerDoge. They tell their friend Emmerson about it, who is starting to invest in cryptocurrency and wants to buy some BankerDoge after hearing about It.
Brook shares their custom URL with Emmerson, who uses the referral link to buy $100 of BankerDoge. Emmerson gets the BankerDoge, plus a little bit more than they would get on Pancakeswap because of the referral link. Brook gets a little bit of BankerDoge, as well as a little bit of Altrucoin for referring somebody to the project.
To purchase the token, users will connect their wallet to the system. Next, they will enter the amount of BNB that they want to use to buy the token, and enter the wallet address of the person that referred them. If they are joining directly from somebody’s referral link, that address will be filled in automatically. Each wallet can only be referred to each token one time.
To claim the rewards generated from people using your referral link, go to the page of the token you have been referring. Connect your wallet to the system, and scroll down to the bottom. You can then enter the amount you want to withdraw, and click “Withdraw”.
So how does the system work? For the referral system, Altrucoin must partner with projects that are interested, rather than being able to do it for all projects. This is because the small discount that is needed in order to generate the rewards comes from the tokenomics of the project being referred.
Most BSC projects have some level of tokenomics, where a tax is applied on buy and sell transactions and goes towards marketing, development, redistribution, etc. With the referral system, those tokenomics are slightly reduced for purchases through the referral. This slight reduction is offset in the benefits for the project, which you can see later in this article.
Altrucoin holders (and the project) benefit from this system from increased holders and an increase in price because of purchases. Whenever anybody uses a referral link to buy a token, the person who gave the referral is rewarded with some Altrucoin. This applies for all tokens that are able to be referred. As the number of projects increase, so do the number of people that are getting Altrucoin. This naturally increases the number of holders.
The contract will also purchase Altrucoin. As part of the above, the referral system will automatically sell a small portion of the token being referred in order to buy Altrucoin. Then both the native token and Altrucoin will be given to the person that referred their friend.
Projects enjoy a range of benefits from the ability of their users to refer others to buy their coin.
- Increased involvement — With the ability for your users to visualize, track, and compare their support of the project, holders have larger incentives to shill for the project. This ranges from individual pride in helping to full competitions between users to refer the most people to buy and join the community!
- Referral activity tracking — Altrucoin provides statistics for each token, so each project can quickly see how much the community has done to bring in new holders! While every project is glad to have active communities, they can now quantify some of the amazing work that they do.
- Influencer statistics — With the ability to track individual wallet referrals, it’s now easy to track the performance of influencers and marketing. Rather than just the number of impressions or likes, projects can now see exactly how many people decided to buy based on the work of each influencer, allowing a much more accurate and detailed ROI.
How Can My Project Join?
Projects can apply to join the referral system through https://forms.gle/4iUACU8475DbNQPo7. Somebody from the Altrucoin team will reach out to your team directly on Telegram.