Summer.fi Launches $RAYS Points to Reward User Engagement
London, The UK, June 20th, 2024, Chainwire
Summer.fi, the decentralized finance platform, has announced the launch of $RAYS, a new points system designed to incentivize and reward users for engaging with its app and supported protocols.
The reward program is designed with three key phases as described below:
1: Retroactive Participation
On June 18th, 2024, a snapshot was taken to recognize past and present Summer.fi users, as well as those currently using various protocols and services available throughout the wider DeFi ecosystem and those having an active wallet. Over 2 million user addresses will be awarded $RAYS based on their activity levels.
2: Retroactive points claiming
From June 20th, through to September 17th, 2024, users with $RAYS allocated to them from the Retroactive snapshot will have 3 months to claim their $RAYS. Users who use, or who have in the past used Summer.fi, automatically claim their $RAYS, but non-Summer.fi users will have to open a position on Summer.fi for at least 14 days in order to claim their $RAYS.
3: Accruing of $RAYS
From June 18th, points started accruing for active Summer.fi users based on their platform use and the size of their positions. $RAYS will be live and will accrue over a period of 3 years, until June 17th 2027 for any active positions, and may be amplified through performing additional activities like adding automations, migrating positions from other frontends or swapping tokens using Multiply and Yield Loop features. Users may gain more $RAYS by performing various additional activities like having longer open positions.
The $RAYS program is part of Summer.fi’s ongoing efforts to enhance the user experience and drive adoption of its cutting-edge DeFi solutions. By incentivizing engagement and rewarding loyal users, Summer.fi aims to further solidify its position as one of the leading platforms in DeFi.
About Summer.fi
Summer.fi is a platform for decentralized finance. It can be used to borrow stablecoins against users’ favorite cryptocurrencies, increase exposure against them using Multiply, or Earn a competitive yield. This can be done across multiple protocols and Layers — all in one place. Summer.fi’s mission is to provide the most trusted entry point to deploy capital into DeFi. The team is made of passionate thinkers and builders driven to create a better user experience for all of DeFi while putting the assets to work.
