diff --git a/apps/trading/client-pages/referrals/apply-code-form.tsx b/apps/trading/client-pages/referrals/apply-code-form.tsx
index c9065f642..ba4dad242 100644
--- a/apps/trading/client-pages/referrals/apply-code-form.tsx
+++ b/apps/trading/client-pages/referrals/apply-code-form.tsx
@@ -236,7 +236,9 @@ export const ApplyCodeForm = () => {
           {t('Apply a referral code')}
         </h3>
         <p className="mb-4 text-center text-base">
-          {t('Enter a referral code to get trading discounts.')}
+          {t(
+            'Apply a referral code to access the discount benefits of the current program.'
+          )}
         </p>
         <form
           className={classNames('flex w-full flex-col gap-4', {
diff --git a/apps/trading/client-pages/referrals/create-code-form.tsx b/apps/trading/client-pages/referrals/create-code-form.tsx
index 405e60a92..642960db4 100644
--- a/apps/trading/client-pages/referrals/create-code-form.tsx
+++ b/apps/trading/client-pages/referrals/create-code-form.tsx
@@ -48,7 +48,7 @@ export const CreateCodeForm = () => {
       </h3>
       <p className="mb-4 text-center text-base">
         {t(
-          'Generate a referral code to share with your friends and start earning commission.'
+          'Generate a referral code to share with your friends and access the commission benefits of the current program.'
         )}
       </p>
 
@@ -268,7 +268,7 @@ const CreateCodeDialog = ({
       {(status === 'idle' || status === 'loading' || status === 'error') && (
         <p>
           {t(
-            'Generate a referral code to share with your friends and start earning commission.'
+            'Generate a referral code to share with your friends and access the commission benefits of the current program.'
           )}
         </p>
       )}
diff --git a/apps/trading/client-pages/referrals/hooks/use-referral-program.ts b/apps/trading/client-pages/referrals/hooks/use-referral-program.ts
index d501c0161..f0eb2b282 100644
--- a/apps/trading/client-pages/referrals/hooks/use-referral-program.ts
+++ b/apps/trading/client-pages/referrals/hooks/use-referral-program.ts
@@ -4,12 +4,6 @@ import sortBy from 'lodash/sortBy';
 import omit from 'lodash/omit';
 import { useReferralProgramQuery } from './__generated__/CurrentReferralProgram';
 
-const STAKING_TIERS_MAPPING: Record<number, string> = {
-  1: 'Tradestarter',
-  2: 'Mid level degen',
-  3: 'Reward hoarder',
-};
-
 // eslint-disable-next-line @typescript-eslint/no-unused-vars
 const MOCK = {
   data: {
@@ -96,7 +90,6 @@ export const useReferralProgram = () => {
   ).map((t, i) => {
     return {
       tier: i + 1,
-      label: STAKING_TIERS_MAPPING[i + 1],
       ...t,
     };
   });
diff --git a/apps/trading/client-pages/referrals/landing-banner.tsx b/apps/trading/client-pages/referrals/landing-banner.tsx
index f9e3d6e98..34db11113 100644
--- a/apps/trading/client-pages/referrals/landing-banner.tsx
+++ b/apps/trading/client-pages/referrals/landing-banner.tsx
@@ -15,11 +15,16 @@ export const LandingBanner = () => {
         </div>
         <div className="pt-20 sm:w-[50%]">
           <h1 className="text-6xl font-alpha calt mb-10">
-            {t('Earn commission & stake rewards')}
+            {t('Vega Community Referral Program')}
           </h1>
+          <p className="text-lg mb-1">
+            {t(
+              'Referral programs can be proposed and created via Community governance.'
+            )}
+          </p>
           <p className="text-lg mb-10">
             {t(
-              'Invite friends and earn rewards from the trading fees they pay. Stake those rewards to earn multipliers on future rewards.'
+              'Once live, users can generate referral codes to share with their friends and earn commission on their trades, while referred traders can access fee discounts based on the running volume of the group.'
             )}
           </p>
         </div>
diff --git a/apps/trading/client-pages/referrals/referral-statistics.tsx b/apps/trading/client-pages/referrals/referral-statistics.tsx
index 5f76f0aef..98c31eaf9 100644
--- a/apps/trading/client-pages/referrals/referral-statistics.tsx
+++ b/apps/trading/client-pages/referrals/referral-statistics.tsx
@@ -10,7 +10,6 @@ import {
 
 import { useVegaWallet } from '@vegaprotocol/wallet';
 import { DEFAULT_AGGREGATION_DAYS, useReferral } from './hooks/use-referral';
-import { CreateCodeContainer } from './create-code-form';
 import classNames from 'classnames';
 import { Table } from './table';
 import {
@@ -32,7 +31,7 @@ import BigNumber from 'bignumber.js';
 import { DocsLinks } from '@vegaprotocol/environment';
 import { useT, ns } from '../../lib/use-t';
 import { Trans } from 'react-i18next';
-import { ApplyCodeForm } from './apply-code-form';
+import { ApplyCodeForm, ApplyCodeFormContainer } from './apply-code-form';
 
 export const ReferralStatistics = () => {
   const { pubKey } = useVegaWallet();
@@ -53,7 +52,7 @@ export const ReferralStatistics = () => {
   if (referee?.code) {
     return (
       <>
-        <Statistics data={referee} program={program} as="referee" />;
+        <Statistics data={referee} program={program} as="referee" />
         {!referee.isEligible && <ApplyCodeForm />}
       </>
     );
@@ -68,7 +67,7 @@ export const ReferralStatistics = () => {
     );
   }
 
-  return <CreateCodeContainer />;
+  return <ApplyCodeFormContainer />;
 };
 
 export const useStats = ({
diff --git a/apps/trading/client-pages/referrals/referrals.tsx b/apps/trading/client-pages/referrals/referrals.tsx
index ac06f7257..ea35ee4b5 100644
--- a/apps/trading/client-pages/referrals/referrals.tsx
+++ b/apps/trading/client-pages/referrals/referrals.tsx
@@ -4,11 +4,10 @@ import {
   VegaIcon,
   VegaIconNames,
 } from '@vegaprotocol/ui-toolkit';
-import { HowItWorksTable } from './how-it-works-table';
 import { LandingBanner } from './landing-banner';
 import { TiersContainer } from './tiers';
 import { TabLink } from './buttons';
-import { Outlet } from 'react-router-dom';
+import { Outlet, useMatch } from 'react-router-dom';
 import { Routes } from '../../lib/links';
 import { useVegaWallet } from '@vegaprotocol/wallet';
 import { useReferral } from './hooks/use-referral';
@@ -21,12 +20,13 @@ import { useT } from '../../lib/use-t';
 
 const Nav = () => {
   const t = useT();
+  const match = useMatch(Routes.REFERRALS_APPLY_CODE);
   return (
     <div className="flex justify-center border-b border-vega-cdark-500">
-      <TabLink end to={Routes.REFERRALS}>
-        {t('I want a code')}
+      <TabLink end to={match ? Routes.REFERRALS_APPLY_CODE : Routes.REFERRALS}>
+        {t('Apply code')}
       </TabLink>
-      <TabLink to={Routes.REFERRALS_APPLY_CODE}>{t('I have a code')}</TabLink>
+      <TabLink to={Routes.REFERRALS_CREATE_CODE}>{t('Create code')}</TabLink>
     </div>
   );
 };
@@ -95,15 +95,13 @@ export const Referrals = () => {
         <h2 className="text-2xl">{t('How it works')}</h2>
       </div>
       <div className="md:w-[60%] mx-auto">
-        <HowItWorksTable />
         <div className="mt-5">
           <TradingAnchorButton
             className="mx-auto w-max"
             href={REFERRAL_DOCS_LINK}
             target="_blank"
           >
-            {t('Read the terms')}{' '}
-            <VegaIcon name={VegaIconNames.OPEN_EXTERNAL} />
+            {t('Read the docs')} <VegaIcon name={VegaIconNames.OPEN_EXTERNAL} />
           </TradingAnchorButton>
         </div>
       </div>
diff --git a/apps/trading/client-pages/referrals/tiers.tsx b/apps/trading/client-pages/referrals/tiers.tsx
index 8e765bd2e..4a3338cfb 100644
--- a/apps/trading/client-pages/referrals/tiers.tsx
+++ b/apps/trading/client-pages/referrals/tiers.tsx
@@ -5,10 +5,11 @@ import classNames from 'classnames';
 import { BORDER_COLOR, GRADIENT } from './constants';
 import { Tag } from './tag';
 import type { ComponentProps, ReactNode } from 'react';
-import { ExternalLink } from '@vegaprotocol/ui-toolkit';
+import { ExternalLink, truncateMiddle } from '@vegaprotocol/ui-toolkit';
 import {
   DApp,
   DocsLinks,
+  TOKEN_PROPOSAL,
   TOKEN_PROPOSALS,
   useLinks,
 } from '@vegaprotocol/environment';
@@ -28,12 +29,10 @@ const Loading = ({ variant }: { variant: 'large' | 'inline' }) => (
 
 const StakingTier = ({
   tier,
-  label,
   referralRewardMultiplier,
   minimumStakedTokens,
 }: {
   tier: number;
-  label: string;
   referralRewardMultiplier: string;
   minimumStakedTokens: string;
 }) => {
@@ -49,30 +48,38 @@ const StakingTier = ({
         'overflow-hidden',
         'border rounded-md w-full',
         'flex flex-row',
+        'bg-white dark:bg-vega-cdark-900',
         GRADIENT,
         BORDER_COLOR
       )}
     >
-      <div aria-hidden className="max-w-[120px]">
-        {tier < 4 && (
-          // eslint-disable-next-line @next/next/no-img-element
-          <img
-            src={`/${tier}x.png`}
-            alt={`${referralRewardMultiplier}x multiplier`}
-            width={240}
-            height={240}
-            className="w-full h-full"
-          />
+      <div
+        aria-hidden
+        className={classNames(
+          'w-full max-w-[80px] h-full min-h-[80px]',
+          'bg-cover bg-right-bottom',
+          {
+            "bg-[url('/1x.png')]": tier === 1,
+            "bg-[url('/2x.png')]": tier === 2,
+            "bg-[url('/3x.png')]": tier === 3,
+          }
         )}
+      >
+        <span className="sr-only">{`${referralRewardMultiplier}x multiplier`}</span>
       </div>
-      <div className={classNames('p-3')}>
-        <Tag color={color[tier]}>Multiplier {referralRewardMultiplier}x</Tag>
-        <h3 className="mt-1 mb-1 text-base">{label}</h3>
-        <p className="text-sm text-vega-clight-100 dark:text-vega-cdark-100">
-          {t('Stake a minimum of {{minimumStakedTokens}} $VEGA tokens', {
-            minimumStakedTokens,
-          })}
-        </p>
+      <div
+        className={classNames(
+          'p-3 flex flex-row min-h-[80px] h-full items-center'
+        )}
+      >
+        <div>
+          <Tag color={color[tier]}>Multiplier {referralRewardMultiplier}x</Tag>
+          <p className="mt-1 text-sm text-vega-clight-100 dark:text-vega-cdark-100">
+            {t('Stake a minimum of {{minimumStakedTokens}} $VEGA tokens', {
+              minimumStakedTokens,
+            })}
+          </p>
+        </div>
       </div>
     </div>
   );
@@ -116,47 +123,93 @@ export const TiersContainer = () => {
 
   return (
     <>
-      {/* Benefit tiers */}
-      <div className="flex flex-col items-baseline justify-between mt-10 mb-5">
-        <h2 className="text-2xl">{t('Referral tiers')}</h2>
+      <h2 className="text-3xl mt-10">{t('Current Program Details')}</h2>
+      {details?.id && (
+        <p>
+          <Trans
+            defaults="As a result of <0>{{proposal}}</0> the program below is currently active on the Vega network."
+            values={{ proposal: truncateMiddle(details.id) }}
+            components={[
+              <ExternalLink
+                key="referral-program-proposal-link"
+                href={governanceLink(TOKEN_PROPOSAL.replace(':id', details.id))}
+                className="underline"
+              >
+                proposal
+              </ExternalLink>,
+            ]}
+          />
+        </p>
+      )}
+
+      {/* Meta */}
+      <div className="mt-10 flex flex-row items-baseline justify-between text-xs text-vega-clight-100 dark:text-vega-cdark-100 font-alpha calt">
+        {details?.id && (
+          <span>
+            {t('Proposal ID:')}{' '}
+            <ExternalLink
+              href={governanceLink(TOKEN_PROPOSAL.replace(':id', details.id))}
+            >
+              <span>{truncateMiddle(details.id)}</span>
+            </ExternalLink>
+          </span>
+        )}
         {ends && (
-          <span className="text-sm text-vega-clight-200 dark:text-vega-cdark-200">
+          <span>
             {t('Program ends:')} {ends}
           </span>
         )}
       </div>
-      <div className="mb-20">
-        {loading || !benefitTiers || benefitTiers.length === 0 ? (
-          <Loading variant="large" />
-        ) : (
-          <TiersTable
-            windowLength={details?.windowLength}
-            data={benefitTiers.map((bt) => ({
-              ...bt,
-              tierElement: (
-                <div className="rounded-full bg-vega-clight-900 dark:bg-vega-cdark-900 p-1 w-8 h-8 text-center">
-                  {bt.tier}
-                </div>
-              ),
-            }))}
-          />
-        )}
-      </div>
 
-      {/* Staking tiers */}
-      <div className="flex flex-row items-baseline justify-between mb-5">
-        <h2 className="text-2xl">{t('Staking multipliers')}</h2>
-      </div>
-      <div className="mb-20 flex flex-col justify-items-stretch lg:flex-row gap-5">
-        {loading || !stakingTiers || stakingTiers.length === 0 ? (
-          <>
+      {/* Container */}
+      <div className="bg-vega-clight-800 dark:bg-vega-cdark-800 text-black dark:text-white rounded-lg p-6 mt-1 mb-20">
+        {/* Benefit tiers */}
+        <div className="flex flex-col mb-5">
+          <h3 className="text-2xl calt">{t('Benefit tiers')}</h3>
+          <p className="text-sm text-vega-clight-200 dark:text-vega-cdark-200">
+            {t(
+              'Members of a referral group can access the increasing commission and discount benefits defined in the program based on their combined running volume.'
+            )}
+          </p>
+        </div>
+        <div className="mb-10">
+          {loading || !benefitTiers || benefitTiers.length === 0 ? (
             <Loading variant="large" />
-            <Loading variant="large" />
-            <Loading variant="large" />
-          </>
-        ) : (
-          <StakingTiers data={stakingTiers} />
-        )}
+          ) : (
+            <TiersTable
+              windowLength={details?.windowLength}
+              data={benefitTiers.map((bt) => ({
+                ...bt,
+                tierElement: (
+                  <div className="rounded-full bg-vega-clight-900 dark:bg-vega-cdark-900 p-1 w-8 h-8 text-center">
+                    {bt.tier}
+                  </div>
+                ),
+              }))}
+            />
+          )}
+        </div>
+
+        {/* Staking tiers */}
+        <div className="flex flex-col mb-5">
+          <h3 className="text-2xl calt">{t('Staking multipliers')}</h3>
+          <p className="text-sm text-vega-clight-200 dark:text-vega-cdark-200">
+            {t(
+              'Referrers can access the commission multipliers defined in the program by staking VEGA tokens in the amounts shown.'
+            )}
+          </p>
+        </div>
+        <div className="flex flex-col justify-items-stretch lg:flex-row gap-5">
+          {loading || !stakingTiers || stakingTiers.length === 0 ? (
+            <>
+              <Loading variant="large" />
+              <Loading variant="large" />
+              <Loading variant="large" />
+            </>
+          ) : (
+            <StakingTiers data={stakingTiers} />
+          )}
+        </div>
       </div>
     </>
   );
@@ -168,17 +221,14 @@ const StakingTiers = ({
   data: ReturnType<typeof useReferralProgram>['stakingTiers'];
 }) => (
   <>
-    {data.map(
-      ({ tier, label, referralRewardMultiplier, minimumStakedTokens }, i) => (
-        <StakingTier
-          key={i}
-          tier={tier}
-          label={label}
-          referralRewardMultiplier={referralRewardMultiplier}
-          minimumStakedTokens={minimumStakedTokens}
-        />
-      )
-    )}
+    {data.map(({ tier, referralRewardMultiplier, minimumStakedTokens }, i) => (
+      <StakingTier
+        key={i}
+        tier={tier}
+        referralRewardMultiplier={referralRewardMultiplier}
+        minimumStakedTokens={minimumStakedTokens}
+      />
+    ))}
   </>
 );
 
@@ -218,6 +268,7 @@ const TiersTable = ({
         },
         { name: 'epochs', displayName: t('Min. epochs') },
       ]}
+      className="bg-white dark:bg-vega-cdark-900"
       data={data.map((d) => ({
         ...d,
         className: classNames({