Summary
This SIP proposes the formal acceptance and agreement of governance to payout referrals to both integrators and users that refer other users to the Lazy Summer Protocol. As part of the acceptance, this SIP will also update the AdmiralQuarters contracts across all four supported chains which will enable the acceptance of ReferralCodes when using the AQ contracts.
Motivation
As explained in the RFC here - an easy to use, onchain and scalable referral mechnasim for both users and integrators can be a key component for growth, and as such should be available on the Lazy Summer Protocol.
As part of the proposed referral program being accepted, it should be as easy as possible for users and integrators to refer users, which is why the AQ contracts also required updating.
Technical details
Integrator referral proposal
- Id range: Starting at 101 (slight change from RFC, originally starting at 1), and increasing up to 1,999,999. This gives us 2m integration codes for up to 2m different integrations. More than enough.
- Referral rates:
– Stable Vaults (USDC, USDT, EURC etc): 10bps per asset of TVL, annualised.
– Volatile Vaults (ETH etc): 5bps per asset of TVL, annualised.
– Both of these would be calculated on a per second basis over the period. - SUMR Rewards: As an integrator, you would also earn SUMR rewards referring users. These would be based on amounts of TVL you have referred, as an annualised figure, and tiered to incentivise future deposits. The amount of SUMR, for deposits over the period;
– Up to $10,000 → 0.1%
– Up to $100,000 → 0.2%
– Up to $250,000 → 0.3%
– Up to $500,000 → 0.4%
– Over $500,000 → 0.5%
– Prior to SUMR trading, it is proposed the same FDV value assumed within the Summer.fi app is used, which is $250M
User referral proposal
- Id range: Starting at 2,000,000, and increasing up to 9,999,999. This gives us 8m referral codes. These would be generated by the Summer.fi UI and could also be exposed and generated via an API for other integrators to make use of. Governance can approve more if it requires when it gets to that point.
- Referral rates:
– Stable Vaults (USDC, USDT, EURC etc): 7.5bps (5bps for referrer & 2.5bps for the receiver) per asset of TVL, annualised.
– Volatile Vaults (ETH etc): 4bps (2.5bps for referrer & 1.5bps for the receiver) per asset of TVL, annualised.
– Both of these would be calculated on a per second basis over the period. - SUMR Rewards: As an referrer, you would also earn SUMR rewards referring users. These would be based on USD amounts of TVL you have referred, as an annualised figure, and tiered to incentivise future deposits. The amount of SUMR, for deposits over the period;
– Up to $10,000 → 0.1%
– Up to $100,000 → 0.2%
– Up to $250,000 → 0.3%
– Up to $500,000 → 0.4%
– Over $500,000 → 0.5%
– Prior to SUMR trading, it is proposed the same FDV value assumed within the Summer.fi app is used, which is $250M
Code Numbers 1-100 would be reserved for testing, and no payouts would be made to Ids of these numbers.
Admiral Quarters Contract Updates
The following addresses are the new contracts, deployed on each chain;
- Ethereum:
0x1fff8345cff27fbf204644fbbcc08450d7fc63ee - Arbitrum:
0x0b966c2b4999d85ac175bee4f68fc42005f57f0b - Base:
0x16160cd5c54de1caba7c567c6d232c1a9d514515 - Sonic:
0xc5b2e6fdbc3ebdc72aa070b8e4573d2c6d125459
Specifications
Actions
Upon successful passage of this proposal, the following actions will be executed onchain:
- Approve the above Admiral Quarter Contract updates and whitelist them in the relevant Protocol Access Manager contract on each chain.
Upon the successful passage of this proposal, governance agree’s, unless superseded by a subsequent SIP;
- To approve the payout of the referrals at the rate stipulated in this SIP within 14 days of the end of the month.
The onchain vote link will appear as a follow up post when ready.