We are thrilled to announce that the MUX protocol referral program will be available soon! With the MUX referral program, referrers can earn rebates from the referee’s trading fees, and traders can enjoy trading fee discounts via a referral code.

In the referral tier system, everyone starts with a casual tier with no threshold, and users can level up the tier by increasing veMUX holding. The referral rebate rate goes up to 35%, and the trading fee discount goes up to 5%.

The referral rebates and trading fee discounts are derived from leveraged trading position open and close fees; both open and close fee rates are 0.1% of the position size. It should be noted that the maintenance margin (MM) on MUX is currently set as 0.001%, so when a position is liquidated, the protocol will only gather a small fraction of the closing fee. Additionally, the rebates and discounts don’t apply to the spread on BNB, AVAX and FTM positions.

The value of an account’s veMUX holding at Thursday 0:00am UTC determines the account’s referral tier for the previous week. The average price of $MCB token from the past seven days will be applied when calculating users’ veMUX holding value.

Regarding trading fee discounts, traders can apply referral codes to their accounts; and the trading fees will be discounted based on the rate from the code.

The referral rebates and trading fee discount will airdrop to users’ recipient addresses weekly on Thursday UTC, in the form of WETH tokens. 

Next Step

Launching the referral program involves smart contract upgrades; the upgrade will become effective with a 48-hour timelock.

On Aug. 30th UTC, 2022, we will enable the smart contract upgrade.

On Sept. 1st UTC, 2022, the upgrade will become effective and the referral program will be ready to go. Stay tuned;)