diff --git a/CHANGELOG.md b/CHANGELOG.md
index 62117cbaa2..568027a363 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -276,6 +276,7 @@
 - [9693](https://github.com/vegaprotocol/vega/issues/9693) - Add missing validation for general account public key in governance transfer
 - [9691](https://github.com/vegaprotocol/vega/issues/9691) - Refactor referral engine snapshot
 - [8570](https://github.com/vegaprotocol/vega/issues/8570) - Ensure pagination doesn't trigger a sequential scan on block-explorer transactions table.
+- [9704](https://github.com/vegaprotocol/vega/issues/9704) - Fix referral program snapshot
 - [9705](https://github.com/vegaprotocol/vega/issues/9705) - Ensure vote events are sent in the same order.
 
 ## 0.72.1
diff --git a/core/referral/engine.go b/core/referral/engine.go
index cc6d3b02b1..ea83c14608 100644
--- a/core/referral/engine.go
+++ b/core/referral/engine.go
@@ -550,7 +550,8 @@ func (e *Engine) computeFactorsByReferee(ctx context.Context, epoch uint64, take
 			partyTakerVolume = takerVolume
 		}
 		refereeStats := &types.RefereeStats{
-			TakerVolume: partyTakerVolume,
+			TakerVolume:    partyTakerVolume,
+			DiscountFactor: num.DecimalZero(),
 		}
 		e.factorsByReferee[party] = refereeStats
 		setStats.RefereesStats[party] = refereeStats
diff --git a/core/referral/snapshot_test.go b/core/referral/snapshot_test.go
index be51481ff9..d18f62577e 100644
--- a/core/referral/snapshot_test.go
+++ b/core/referral/snapshot_test.go
@@ -16,6 +16,7 @@
 package referral_test
 
 import (
+	"bytes"
 	"testing"
 	"time"
 
@@ -180,5 +181,5 @@ func TestTakingAndRestoringSnapshotSucceeds(t *testing.T) {
 
 	// Comparing the hash after restoration, to ensure it produces the same result.
 	hash2, _, _ := snapshotEngine2.Info()
-	require.Equal(t, hash1, hash2)
+	require.True(t, bytes.Equal(hash1, hash2))
 }
diff --git a/core/types/referral_program_snapshot.go b/core/types/referral_program_snapshot.go
index 387b2cfe4d..169cafa3ae 100644
--- a/core/types/referral_program_snapshot.go
+++ b/core/types/referral_program_snapshot.go
@@ -45,6 +45,7 @@ func (p *PayloadReferralProgramState) IntoProto() *snapshotpb.Payload_ReferralPr
 			NewProgram:         p.NewProgram,
 			LastProgramVersion: p.LastProgramVersion,
 			ProgramHasEnded:    p.ProgramHasEnded,
+			Sets:               p.Sets,
 		},
 	}
 }
@@ -62,5 +63,6 @@ func PayloadReferralProgramStateFromProto(payload *snapshotpb.Payload_ReferralPr
 		NewProgram:         payload.ReferralProgram.NewProgram,
 		LastProgramVersion: payload.ReferralProgram.LastProgramVersion,
 		ProgramHasEnded:    payload.ReferralProgram.ProgramHasEnded,
+		Sets:               payload.ReferralProgram.Sets,
 	}
 }