A TRX affiliate program can look attractive on the surface: high commission percentages, fast crypto payouts, low network fees, and a token that many retail users already recognize.

The real payout is usually decided somewhere else.

Not in the headline rate. Not in the banner that says “up to 50%.” Not even in the dashboard balance.

The money is in the definitions: qualified referral, net revenue, active user, chargeback period, KYC approval, minimum withdrawal, lockup, payout currency, attribution window, and the operator’s right to change terms.

That is where generous programs become mediocre. Sometimes worthless.

This guide breaks down how TRX affiliate programs actually work, how to compare them, and which terms matter before you send traffic, content, or your reputation to a crypto platform.

What does a TRX affiliate program actually mean?

“TRX affiliate program” usually refers to one of three things:

  1. A crypto affiliate program that pays commissions in TRX
  2. A referral program for a TRON-based product or wallet
  3. An affiliate offer connected to TRX trading, staking, swaps, gambling, mining, or yield products

Those are not the same.

A centralized exchange paying TRX for referred traders has different economics from a TRON casino sharing net gaming revenue. A wallet referral program might reward installs but pay nothing unless users swap or stake. A “cloud mining” platform might advertise large TRX commissions but rely on deposits from new users rather than sustainable revenue.

The keyword looks simple. The market behind it is messy.

The payout currency is less important than the revenue event

Many affiliates focus on whether they get paid in TRX, USDT TRC-20, BTC, or fiat. That matters for fees and volatility, but it is not the first question.

The first question is:

What user action creates commission?

Program model What usually triggers commission Why it matters Main risk
CPA A verified signup, first deposit, first trade, or minimum volume Easier to forecast if rules are clear High rejection rate if “qualified user” is vague
Revenue share A percentage of trading fees, swap fees, gaming losses, or platform revenue Can compound over time with active users Headline rate may apply to net revenue after deductions
Hybrid Smaller CPA plus revenue share Balances upfront cash and long-term upside Often comes with more conditions
Sub-affiliate A cut of commissions earned by affiliates you recruit Useful for networks and communities Can resemble MLM if product value is weak
Token bonus TRX or platform token rewards for user activity Simple for retail campaigns Token volatility and withdrawal restrictions

A “40% commission” can mean 40% of a $10 trading fee. It can also mean 40% of net revenue after rebates, bonuses, chargebacks, fraud review, and internal adjustments.

Those two payouts are not remotely equal.

Which commission terms decide the real payout?

The headline commission rate is only one variable. A lower-rate program with clean attribution and predictable payouts can outperform a higher-rate offer with aggressive exclusions.

Gross revenue vs net revenue

This is the most important distinction in affiliate terms.

Gross revenue means the commission is calculated before many deductions.

Net revenue usually means the platform subtracts costs first. Depending on the vertical, that may include:

  • Trading fee rebates
  • Bonuses and promotions
  • Chargebacks
  • Payment processing costs
  • Fraud losses
  • Network fees
  • Admin fees
  • Negative user balances
  • Taxes or local compliance costs

For exchanges, net revenue may be straightforward: the platform earns trading fees, then shares a percentage.

For gambling, prediction markets, leveraged products, or high-risk yield platforms, net revenue can be less transparent. A user depositing $500 does not mean the platform made $500. Your commission may depend on what the user loses, trades, borrows, swaps, or pays in fees.

“Up to” rates are tiered, not guaranteed

Many programs advertise “up to 50%” or “up to 60%” commission. The highest tier often requires volume, approved traffic quality, geographic targeting, or a direct manager relationship.

Read the tier table carefully.

Advertised rate What may be required Practical question
20% Standard approval Does it apply from the first referral?
30% Monthly active users or volume threshold What happens if you miss one month?
40% Private tier, manual approval, or high deposits Is the rate contractual or discretionary?
50%+ VIP affiliate, exclusive traffic, large audience Does it apply to all users or only new campaigns?

If the program does not show tier rules, assume the top number is marketing until confirmed in writing.

Lifetime commission often has a shorter life than you expect

“Lifetime” sounds powerful. In crypto affiliate terms, it may mean:

  • Lifetime of the referred account
  • Lifetime while the affiliate account remains active
  • Lifetime unless terms change
  • Lifetime for a fixed period such as 12 months
  • Lifetime only for specific products
  • Lifetime only if the user keeps trading above a threshold

A lifetime revenue share is only valuable if the operator survives, honors tracking, and continues paying.

That is not guaranteed in crypto.

Lockups protect the platform, not the affiliate

A payout lockup is a delay between earning commission and withdrawing it. Common reasons include fraud checks, chargebacks, duplicate accounts, KYC review, and regulatory screening.

A reasonable lockup might be 7–30 days.

A risky lockup is vague, extendable, or tied to manual review without deadlines.

Watch for language like:

  • “Payouts may be delayed at our sole discretion”
  • “Commissions are subject to risk review”
  • “Final commission amounts may be adjusted”
  • “We reserve the right to withhold payment”
  • “Abusive traffic is determined by the company”

Some discretion is normal. Unlimited discretion is not.

How much can you realistically earn from TRX referrals?

The easiest way to evaluate a TRX affiliate program is to ignore the percentage and model user behavior.

A program paying 40% revenue share can produce almost nothing if referred users do not generate fees.

Example 1: A user buys $100 worth of TRX once

Assume:

  • User signs up through your link
  • Buys $100 of TRX
  • Platform charges a 0.1% trading fee
  • Affiliate rate is 40% of trading fees

Calculation:

Item Amount
Trade size $100
Trading fee at 0.1% $0.10
Affiliate share at 40% $0.04

You earned four cents before payout thresholds, lockups, and token volatility.

This is why affiliate dashboards can show many referrals but little withdrawable commission.

Example 2: A trader swaps or trades $10,000

Assume:

  • User trades $10,000
  • Fee is 0.1%
  • Platform earns $10
  • Your rate is 40%
Item Amount
Trade size $10,000
Platform fee $10
Affiliate commission $4

That is better, but still not huge. The affiliate business depends on repeat activity, not one-off trades.

If the trader makes $10,000 of volume every week, the numbers change. If they trade once and leave, they do not.

Example 3: A staking referral looks large but pays slowly

Assume:

  • User stakes $2,000 worth of TRX
  • Annual staking reward is 5%
  • Platform shares 10% of the user’s staking reward with you
  • Token price stays constant for simplicity
Item Amount
User stake $2,000
Annual reward at 5% $100
Affiliate share at 10% of rewards $10/year

That may be a clean referral model, but it is not a fast payout model.

Example 4: A high CPA offer rejects half your leads

Assume:

  • CPA offer pays $50 per qualified TRX trader
  • You send 100 signups
  • 40 complete KYC
  • 20 deposit
  • 10 meet the minimum trade volume
  • 2 are rejected for duplicate accounts or restricted geography
Funnel step Users
Signups 100
KYC approved 40
Deposited 20
Met trading requirement 10
Approved payable referrals 8
CPA per approved referral $50
Total payout $400

The advertised CPA was $50. Your effective payout per signup was $4.

That distinction matters more than the headline offer.

What should you read in the terms before joining?

Most affiliates read the landing page. Experienced affiliates read the terms, FAQ, payout policy, and prohibited traffic rules.

That is where the real offer lives.

The minimum viable term sheet

Before promoting any crypto affiliate program, you should be able to answer these questions:

Term What to check Why it matters
Qualified referral Signup, KYC, deposit, first trade, minimum volume? Defines whether you get paid
Attribution window How long after click does tracking last? Short windows reduce credit
Attribution model First-click, last-click, coupon, account manager override? Determines who gets paid
Commission base Gross revenue, net revenue, fees, losses, deposits? Changes payout math
Payout frequency Daily, weekly, monthly, manual? Affects cash flow
Minimum withdrawal TRX amount, USD equivalent, or platform balance? Small affiliates may wait months
Lockup period 7 days, 30 days, 90 days, indefinite review? Delays and risk
Clawbacks Can approved commissions be reversed? Impacts reliable income
Geographic restrictions Which countries are excluded? Prevents rejected traffic
Traffic rules PPC, brand bidding, Telegram, influencers, email, SEO? Avoids account closure
Self-referrals Usually prohibited Prevents accidental bans
Term changes Can rates change retroactively? Critical for long-term content

If a program does not disclose these clearly, ask support before sending traffic. A vague answer is an answer.

The hidden cost of payout thresholds

A high minimum withdrawal can trap small commissions.

If a program requires the equivalent of $100 before withdrawal and your average commission is $0.20 per casual user, you need 500 payable actions before touching the money.

That may be acceptable for a large media site. It is painful for a small creator testing content.

TRX payouts are cheap, but token volatility still matters

TRON network transfers are often chosen because TRX and TRC-20 transfers can be cheaper than many Ethereum mainnet transactions. Low transfer cost helps, especially for smaller payouts.

But receiving commission in TRX introduces price risk.

If you earn 1,000 TRX and the payout is locked for 30 days, your USD value may change before withdrawal. That can work in your favor or against you. If your expenses are in fiat, stablecoin payouts may be easier to manage.

Payout rail Typical advantage Typical drawback Best suited for
TRX Low transfer friction inside the TRON ecosystem Price volatility Affiliates who already use or hold TRX
USDT TRC-20 Stable USD-denominated accounting with relatively low transfer cost Requires careful address/network handling Affiliates managing fiat-like cash flow
Internal platform balance No immediate network fee Withdrawal may depend on extra rules Small affiliates accumulating commissions
BTC or ETH Broad liquidity and recognition Network fees can be higher depending on conditions Larger payouts
Fiat bank payout Easier accounting in some jurisdictions Slower, more KYC, bank restrictions Businesses and agencies

Never choose a program only because it pays in TRX. Choose it because the economics, tracking, and product quality make sense.

How do different TRX-related affiliate offers compare?

Not all TRX affiliate offers carry the same risk. A referral to a regulated exchange is not the same as promoting a high-yield “TRX mining” site.

The product behind the program affects your conversion rate, commission durability, compliance exposure, and reputation.

Offer type Common commission model Payout potential User risk Affiliate reputation risk What to verify
Centralized exchange CPA, revenue share, hybrid Medium to high if users trade repeatedly Custody, KYC, market risk Medium Licenses, withdrawal history, fee schedule, supported regions
Wallet app CPA, swap revenue share, staking share Low to medium Seed phrase security, smart contract risk Medium Non-custodial design, permissions, swap providers
DEX or swap aggregator Fee share, volume-based rewards Depends on volume Slippage, MEV, smart contract risk Medium Routing quality, supported chains, execution transparency
TRX staking service Share of staking revenue Slow but potentially steady Custody or validator risk Medium Validator details, unstaking rules, reward calculation
Casino or betting site Net gaming revenue share, CPA Can be high Gambling losses, jurisdictional limits High Licensing, restricted countries, responsible gambling rules
Cloud mining / “TRX mining” Deposit CPA, tiered referrals Often advertised as high Very high Very high Proof of revenue, withdrawal records, legal structure
High-yield investment platform Deposit-based referrals High on paper Very high Very high Sustainability, audits, custody, regulatory status

The most dangerous programs usually pay the most upfront.

That is not a coincidence.

Product quality affects affiliate earnings more than banner rates

If users cannot withdraw, face poor execution, encounter hidden fees, or distrust the platform, your commission rate becomes irrelevant.

For swap products, execution quality is especially important. A user swapping $100 may not notice a small price difference. A trader swapping $10,000 will.

Product path for TRX-related swaps Fees Liquidity Execution quality Price impact Gas/network cost Supported chains Speed Security considerations Ease of use
Centralized exchange Trading and withdrawal fees Usually deep for major pairs Good for liquid pairs Often low on major pairs Off-chain trading; withdrawal fee applies Depends on exchange Fast internally Custodial risk Easy after KYC
Single DEX Pool fee plus network cost Limited to that DEX’s pools Can be poor if liquidity is thin Can be high on large trades Chain-dependent Usually limited Fast if chain is uncongested Smart contract and approval risk Medium
DEX aggregator Aggregator or route-included fees plus network cost Pulls from multiple sources Often better due to route comparison Can reduce impact by splitting routes Chain-dependent Varies by aggregator Route-dependent Smart contract, approval, route risk Medium
Bridge plus swap Bridge fee, swap fee, gas Depends on bridge and destination liquidity Variable Can be high if route is inefficient Multiple chain costs Cross-chain Slower than same-chain swaps Bridge risk is material Harder for beginners

Platforms such as switchfi.app automatically compare multiple liquidity sources before selecting an execution route, which is the kind of routing behavior affiliates should understand if they promote swap-related products. Better execution can improve user retention; worse execution creates support complaints.

What tracking problems cause affiliates to lose commission?

Tracking is where affiliate programs become operational, not theoretical.

A referral link is not enough. Attribution can break for technical, behavioral, and policy reasons.

Cookie windows are weaker than most affiliates assume

A cookie window defines how long a click remains eligible for commission. A 30-day cookie means the user must complete the required action within 30 days unless the program uses account-based tracking.

Common problems:

  • User clicks on mobile, signs up later on desktop
  • Browser blocks or clears cookies
  • User uses a VPN or privacy browser
  • User clicks another affiliate link before signup
  • User installs the app from an app store, breaking web attribution
  • Telegram or Discord opens links in an in-app browser
  • KYC email links create a new session
  • Coupon code overrides link attribution

For crypto audiences, these issues are common because users often switch devices, wallets, browsers, and networks.

Last-click attribution can punish educational content

Many programs use last-click attribution. That means the final affiliate touchpoint before signup wins.

This can be unfair to in-depth content.

For example:

  1. A user reads your 3,000-word TRX wallet comparison.
  2. They research for two days.
  3. They click a short “bonus code” post before signing up.
  4. The coupon site gets paid.

If your strategy relies on education, ask whether the program offers first-click, multi-touch, coupon protection, or direct account manager review.

Wallet-based referrals are not automatically cleaner

Some Web3 programs use wallet addresses instead of cookies. This can help with on-chain attribution, but it introduces different problems:

  • Users may use multiple wallets
  • Users may rotate wallets for privacy
  • A wallet may be compromised
  • Smart contract interactions may not map to account-level revenue
  • Sybil farming can trigger fraud reviews

On-chain data is transparent. User intent is not.

Which red flags should make you avoid a TRX affiliate program?

Some offers are not worth testing, even with high commissions.

Red flags in the business model

Be cautious if the platform:

  • Pays commissions mainly from user deposits
  • Advertises guaranteed daily returns
  • Uses “TRX mining” language without credible mining infrastructure
  • Claims risk-free staking with unusually high yield
  • Requires affiliates to deposit before earning
  • Pushes multi-level recruitment over product usage
  • Has no clear company, jurisdiction, or support process
  • Blocks withdrawals or delays them without explanation
  • Has no public fee schedule
  • Has no meaningful product except referrals

TRX is a token on the TRON network. It is not a magic yield engine. If the product cannot explain where revenue comes from, affiliate payouts may depend on new users entering the system.

That is not sustainable.

Red flags in the affiliate terms

Avoid or question terms that allow the operator to:

  • Change commissions retroactively
  • Cancel commissions for any reason without evidence
  • Withhold payouts indefinitely
  • Define fraud vaguely
  • Refuse payment for “low quality traffic” without metrics
  • Ban entire countries after you have already sent traffic
  • Require confidentiality around payout disputes
  • Pay only after users lose money or deposit large amounts

A legitimate program still needs anti-fraud protections. The issue is balance. The terms should protect both sides, not only the operator.

What are the pros and cons of promoting TRX affiliate offers?

A TRX affiliate program can make sense for the right audience. It can also damage trust quickly if the product is weak.

Pros Cons
TRX is widely recognized among crypto users Recognition can attract low-intent bonus hunters
Low-cost TRON transfers can make small payouts more practical TRX-denominated commissions can fluctuate in fiat value
Exchange and wallet referrals can match educational content naturally Many programs have strict KYC, geography, and traffic exclusions
Revenue share can compound if users keep trading or swapping Casual users generate very little fee revenue
Crypto audiences are comfortable with referral links and wallets Tracking breaks easily across devices, apps, and privacy browsers
Some programs offer dashboards with real-time data Dashboard balances may still be pending, locked, or reversible
TRON ecosystem activity can support swap, transfer, and stablecoin use cases High-yield and “mining” offers create serious reputation risk

The upside is real, but only when the underlying platform has durable user activity and clean terms.

How should you evaluate a TRX affiliate program before sending traffic?

Use a scoring process instead of reacting to the highest number.

Step 1: Identify the real revenue source

Ask: How does this platform make money after the user arrives?

Good answers include:

  • Trading fees
  • Swap fees
  • Spreads
  • Staking service fees
  • Subscription fees
  • Validator commissions
  • Lending fees with disclosed risk

Weak answers include:

  • “User deposits”
  • “Mining income” without proof
  • “AI trading profits”
  • “Guaranteed arbitrage”
  • “Community growth”
  • “Treasury rewards” with no documentation

If revenue is unclear, your commission is unclear.

Step 2: Calculate effective commission

Use this formula:

Effective commission per visitor =
Visitors × signup rate × qualification rate × average revenue per qualified user × affiliate share

A simplified example:

Metric Assumption
Visitors 10,000
Signup rate 4%
Signups 400
Qualification rate 25%
Qualified users 100
Average platform revenue per user $8
Affiliate share 35%
Estimated commission $280
Effective earning per visitor $0.028

Now compare that with your content cost, ad spend, email list value, or community trust.

A $280 payout may be fine for one article. It may be terrible for a paid campaign.

Step 3: Test withdrawals early

Do not wait until the balance is large.

Send a small amount of traffic, earn a small commission, and test the withdrawal process. Document:

  • Approval time
  • Required KYC
  • Minimum threshold
  • Network fees
  • Actual TRX received
  • Any manual review
  • Support response time

A program that cannot process small payouts cleanly is unlikely to improve when larger sums are involved.

Step 4: Ask the uncomfortable questions

Before promoting, ask the affiliate manager:

  1. What exactly counts as a qualified referral?
  2. Are commissions based on gross revenue or net revenue?
  3. Can commissions be reversed after approval?
  4. What is the payout lockup?
  5. Are rates lifetime or time-limited?
  6. Which countries are excluded?
  7. Is paid search allowed?
  8. Are brand keywords allowed?
  9. Are Telegram, Discord, influencer, or email campaigns allowed?
  10. What happens if a user clears cookies or signs up through the app?
  11. Can rates change retroactively?
  12. Is there a written policy for disputes?

The quality of the answer tells you almost as much as the terms.

What common mistakes reduce TRX affiliate earnings?

Most affiliate losses are not dramatic. They come from small assumptions that compound.

Mistake 1: Comparing programs by headline rate

A 50% revenue share with poor tracking may underperform a 25% share with accurate attribution and reliable payouts.

Compare effective payout, not advertised percentage.

Mistake 2: Ignoring geography

Crypto platforms often restrict users from the United States, United Kingdom, Canada, Singapore, sanctioned jurisdictions, or specific regions depending on product type.

If your audience is mostly from restricted countries, conversion metrics will look fine until payout approval. Then the rejections arrive.

Mistake 3: Promoting products you would not use

Readers can detect distance. If your content explains benefits but avoids risks, it reads like a paid placement.

You do not need to use every product personally, but you should understand the user journey: signup, KYC, deposit, swap, withdrawal, support, fees, and failure points.

Mistake 4: Forgetting tax and accounting

Crypto payouts are income in many jurisdictions. TRX price may move between earning, payout, and conversion.

Track:

  • Date earned
  • Date received
  • Token amount
  • Fair market value
  • Transaction hash
  • Exchange or wallet used
  • Conversion to fiat or stablecoin

Do not rely on an affiliate dashboard as your only record.

Mistake 5: Sending beginners to advanced products

A new user who wants to buy $50 of TRX may not be ready for cross-chain swaps, liquidity pools, leverage, or bridge risk.

Higher-revenue products often have higher user risk. Match the offer to the reader’s sophistication.

What expert tips improve affiliate outcomes without damaging trust?

Lead with use cases, not bonuses

“Get a bonus” traffic often converts poorly and churns quickly.

Better content answers specific problems:

  • How to buy TRX safely
  • How TRON network fees work
  • How to move USDT on TRON
  • How to compare TRX wallets
  • How to avoid wrong-network transfers
  • How staking rewards are calculated
  • How exchange fees affect small trades

Useful content attracts users who understand what they are doing. Those users are more likely to become qualified referrals and less likely to file support complaints.

Separate educational content from promotional claims

If a program pays you, disclose it clearly. Do not bury the relationship.

A simple disclosure protects readers and improves trust:

This page may contain referral links. If you use them, we may earn a commission. That does not change the fees you pay or the risks of using the platform.

Disclosure is not just a legal issue. It is an editorial credibility issue.

Keep screenshots of terms

Crypto affiliate terms can change. Save dated copies of:

  • Commission rate
  • Payout rules
  • Qualification rules
  • Restricted countries
  • Traffic restrictions
  • Lockup policy
  • Any email agreements with affiliate managers

If there is a dispute later, memory is useless. Documentation helps.

Monitor user complaints after publishing

Your job does not end at conversion.

Track comments, emails, Discord feedback, Reddit threads, and withdrawal complaints. If users start reporting blocked withdrawals or surprise fees, update or remove the promotion.

Affiliate revenue is temporary. Reputation damage lasts longer.

FAQ

Is a TRX affiliate program the same as a TRON referral program?

Not always. A TRX affiliate program may simply pay commissions in TRX. A TRON referral program usually relates to a product built around the TRON ecosystem, such as wallets, swaps, staking, transfers, or TRC-20 stablecoins.

Always check what the program actually promotes and how commissions are calculated.

Do TRX affiliate programs really pay lifetime commission?

Some advertise lifetime commission, but the definition varies. It may be limited by account activity, product category, affiliate status, or future term changes. Treat “lifetime” as a claim to verify, not a guarantee.

Why did my TRX affiliate commission disappear?

Common reasons include pending fraud review, user failing KYC, restricted geography, duplicate account detection, chargeback, self-referral violation, canceled trade, or commission recalculation based on net revenue. Check whether the commission was pending or approved.

Are high-paying TRX mining affiliate programs safe?

Be very careful. Many “TRX mining” and guaranteed-yield offers use aggressive referral payouts because user deposits are the main growth engine. If the platform cannot explain sustainable revenue, custody, withdrawal rules, and legal structure, the affiliate payout is not worth the reputational risk.

Is revenue share better than CPA?

Revenue share is better when referred users remain active and generate fees over time. CPA is better when you want predictable upfront payouts and the qualification rules are fair. Hybrid deals can work well, but only if both parts are clearly defined.

What is a good commission rate for a TRX affiliate program?

There is no universal good rate. A 20% share from a trusted exchange may outperform a 60% share from a platform with poor retention or unclear deductions. Evaluate effective earnings per qualified user, not the headline percentage.

Can I refer myself to earn TRX rewards?

Most programs prohibit self-referrals, duplicate accounts, family account abuse, VPN manipulation, and coordinated farming. Violating those rules can lead to canceled commissions or account closure.

Why do programs require KYC before paying affiliates?

KYC helps platforms comply with financial regulations, screen sanctioned users, reduce fraud, and prevent abuse. Some programs require KYC from referred users, affiliates, or both. If your audience dislikes KYC, conversion may be lower.

Are TRX payouts cheaper than Ethereum payouts?

TRON-based transfers are often cheaper than Ethereum mainnet transactions, especially for smaller transfers. That does not make every TRX payout better. You still need to consider token volatility, withdrawal thresholds, exchange support, and wrong-network transfer risk.

Should I promote a TRX casino affiliate program?

Only if you understand the legal, ethical, and audience risks. Gambling affiliate programs can pay well, but they may be restricted by jurisdiction and can harm reader trust. Responsible gambling disclosures and licensing checks are essential.

Key takeaways

  • A TRX affiliate program should be judged by terms, not headline commission.
  • “Qualified referral” is the most important definition in the agreement.
  • Revenue share depends on actual platform revenue, not user deposits or trade size.
  • Lockups, payout thresholds, clawbacks, and net revenue deductions can materially reduce earnings.
  • Programs connected to exchanges, wallets, and staking tend to be easier to evaluate than high-yield or “mining” offers.
  • Tracking can break across mobile apps, wallets, privacy browsers, and last-click attribution.
  • Test small payouts before committing serious traffic.
  • Avoid any offer where the business model depends mainly on new deposits and referrals.
  • Disclose affiliate relationships clearly and keep dated records of terms.

Final verdict

A TRX affiliate program can be worthwhile if the product is legitimate, the audience fit is strong, and the terms are specific enough to model real earnings.

The best offers are usually not the loudest. They define qualified referrals clearly, pay on a predictable schedule, explain deductions, respect attribution, and give users a product they would use even without a bonus.

The worst offers hide behind big percentages, vague lockups, deposit-based rewards, and “guaranteed” returns.

If you cannot calculate how the platform earns revenue, when you get paid, and why a commission might be reversed, do not promote it yet. The generous-looking number is not the offer.

The terms are.