Management and reporting

A referral system is a natural add-on to a proper attribution system, as it's effectively adding a business model to the question of "who brought in this user?" That referrer can be anyone: an influencer, a popular community member, or even a publisher like CoinGecko (the biggest referrer on the GMX referral system). The attribution is effectively agnostic: every referrer, whether KOL or The New York Times, is treated equality in the attribution system as yet another channel. You can pay out the referrer as a bounty (i.e. CPA), or what we call CPV (a revenue share on user value). You can do tiers based on volume (e.g. bounty A if the referred user trades up to X amount, and bounty B if it's more). You can do practically anything: if it's onchain (or even offchain), Spindl can measure it and build a referral model around it.

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