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With the MUX referral program, referrers can earn rebates from referee’s trading fees, and traders (referees) can enjoy trading fee discounts by using 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 the veMUX holding. The referral rebate rate goes up to 35%, and the trading fee discount goes up to 10%.
The referral rebates and trading fee discounts are derived from leveraged trading position open and close fees; the open and close fee rates are 0.06% of the position size. 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. When the MUX protocol calculates users’ veMUX holding value, it uses the MCB token average price from the past seven days.
Regarding trading fee discounts, traders can apply referral codes to their accounts; the trading fees will be discounted based on the rate of 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.