# Referral Program

The referral program is a staged-access and rewards initiative that incentivizes users (referees) to bring assets into the protocol by inviting others (referrals).

## Overview

The program operates in two parallel tracks:

* **Reward Track**: Divided into Phase A and Phase B, governing how points and rewards are earned.
* **Access Track**: Divided into Stage A, Stage B, and Stage C, controlling protocol entry.

## Reward Track

### Phase A: Earning Referral Points

* Referees invite referrals to deposit assets into the protocol, earning **Referral Points** based on the assets deposited.
* Only assets whitelisted under the referral program qualify. The current list is:

| Assets | Referral Points |
| ------ | --------------- |
| ETH    | 1000            |
| USDC   | 1               |
| USDT   | 1               |

* Points accumulate based on the total volume of whitelisted assets deposited by a referee’s referrals.
* **Duration**: **Phase A** lasts approximately **180 days** (set at launch).

### **Phase B: Reward Distribution**

* Referees receive **SILENT tokens** proportional to their accumulated **Referral Points** from **Phase A**.
* Rewards vest over a set period (duration TBD).

### **Referral Levels**

* Referees generate referral links with a **deposit cap**, limiting the total assets their referrals can deposit. Once capped, the link expires, requiring a new one.
* The **deposit cap** per link increases with the referee’s **level**, which rises over time based on their performance (e.g., total assets referred).
* Referees must share new links as caps are reached.

## Access Track

### Stage A: Whitelist-Only Access

* Only **whitelisted users** can access the **Ghost Layer** and participate in the referral program.
* Whitelisted users generate referral links to invite new users, who can only enter via these links.

### Stage B: Invited User Access

* Users invited during **Stage A** can now generate their own referral links to onboard additional users.

### Stage C: Open Access

* The protocol becomes open to all. Anyone can enter and generate referral links without restrictions.
