Attrace might have potential to grow, change referral marketing in Web3

5min Read

Posted: November 10, 2021

By: Anjali Sriniwasan

Journalist

Anjali Sriniwasan

Journalist

Posted: November 10, 2021

Attrace, a decentralized and trustless referral marketing network, is revolutionizing the referral market for Web3, gathering investors, promoters, and users alike.

Web3 is the future and most IDOs, Liquidity Pools, Yield Farming, Swaps, NFTs, other assets and dApps in this Web3 economy need promotion. However, the classic Web2 referral marketing solutions (affiliate marketing, cashback, etc.) have major trust, tracking, and privacy issues and cannot verify new users acquired in Web3 for dApps (e.g. a DEX user acquired via a third party).

Source: Attrace

Currently, there is no Web3 referral (affiliate) marketing solution that is fundamentally based on the same core principles as Web3 itself.

Even newly introduced solutions from the decentralized space seem to still be reminiscent of the traditional ones, where promotions are still centrally managed within siloed referral campaigns scattered across the ecosystem and blockchains, resulting in trust, transparency, integration, and privacy issues. Moreover, they also often lack the proper systems to distribute referral rewards to promoters who participate in promoting various processes, for example, Initial DEX Offering (IDOs), Liquidity Pools, decentralized applications (DApps), and NFTs.

Attrace aims to become a blockchain agnostic referral standard for Web3, a foundational block for the future of referral (affiliate) marketing in the tokenized economy by solving the existing issues in the Web3 marketing space.

The Attrace Referral Network seeks to redefine referral marketing for Web3 by becoming the promotion standard for all tokenized assets and dApps on any public network.

In practice, Attrace essentially verifies in a trustless manner user acquisition via third-party promotions.

The Attrace network empowers promoters to support a project they believe in by enabling promoters to share these projects with communities and getting rewarded for the real additional participation achieved. This promote-to-earn system allows better interactions between project owners, promoters, and the community at large as it is bridging all the broken trust we are familiar with in Web2.

In line with its vision, Attrace is based on four core principles. The first principle is completely trustless referral verification performed by the Referral Oracles (Verifier Nodes). The second principle is the fact that bounties can be allocated without any user tracking (no cookie tracking or fingerprinting). The third principle is guaranteed payout. The fourth principle is that the protocol works permissionless, cross-chain, and multi-chain. Attrace aims to become a community-owned network governed by its participants (DAO) within two years.

For end-users, it is straightforward. When a project (IDO, Liquidity Pool, Yield Farming, Swap, NFT, other assets, and dApps) has listed a promotion, promoters can register to promote and obtain a referral link, which they can share with their audience. Once a promoter has generated participation a bounty will be paid in a trustless manner. The protocol works across networks and bounties can be in any crypto of choice. Since its launch, Attrace has been receiving a lot of traction from potential partners from the NFT, DEX, and IDO space. The protocol is already supported by Ethereum and Polygon Networks and will soon connect to BSC as well.

Potential

The global advertising market recorded about $647 billion in 2021, a significant increase from numbers recorded in the previous year. However, experts believe this growth will continue in the same trajectory, rising to 5.2 % in the next six years.

Being the first of its kind, Attrace stands to make a significant contribution towards this growth by opening up promotion in Web3 based on Web3 standards. Furthermore, there is the real value of being able to leverage any third party (social) community, across any network, trustless in Web3, the value of being able to promote the dApps and assets via performance-based referral marketing for the first time, and then there is the first-mover advantage.

The Attrace Token

Over the last seven days, $ATTR, the native token for the Attrace referral Network, has been on an upward trend rising from $0.03 to highs of $ 0.05207. The token, $ATTR, is already listed on multiple exchanges, including Uniswap, SushiSwap, and DFYN.

$ATTR is an ER20 token launched on 23 June 2021 with a total supply of 1,000,000,000 tokens. These tokens have been distributed across various segments to enable further development, growth, and promotion activities.

The Attrace token is a functionality and governance token. Token holders will earn part of the network fee by staking $ATTR with the Referral Oracles. Secondly, they will be able to govern the network by voting. Holders can participate in the decisions process on the future development of the Attrace Referral Network, including deciding on the utility fees, liquidity mining rewards, staking requirements, among many other network future developments. Finally, $ATTR holders can earn by providing services to the network and receive conversion mining rewards and airdrops for network usage (DAO distribution).

Attrace is already live on Ethereum, Polygon and plans to add more networks to its ecosystem before the end of the year (e.g. BSC). The protocol recently launched IDO referrals, Liquidity Provision referrals, Yield Farming referrals and will go live this week with NFT referrals. The project has 60+ potential partnerships in the pipeline and in the last few months Attrace has for example already partnered with Occam to enable CardWallet liquidity pool referrals and with DFYN for liquidity provision referral programs. As the project continues forming strategic partnerships, it will, without a doubt, create a strong community geared towards a better ecosystem.