Ajna Is Back On Summer.fi with Token Rewards

LONDON , Jan. 10, 2024 (GLOBE NEWSWIRE) —

Summer.fi is thrilled to share the relaunch of Ajna protocol after the series of reaudits to fix the griefing vector. The protocol is once again ready to expand DeFi lending and borrowing. With the integration, Summer.fi users can create new pools to borrow and lend against any ERC-20 token. 

Together with Ajna’s redeployment, Summer.fi reintroduces Ajna token rewards and providing Bonus tokens to old Ajna supporters.

Rewards for Lenders and Borrowers

The rewards initiative once again offers token incentives to users engaging in transactions through Summer.fi’s Smart Defi account, incentivizing usage of the Ajna protocol. These incentives are tailored to encourage both lending and borrowing, fostering liquidity in the ecosystem. 

In appreciation to lenders, the program is tailored to reward any deposits made within the “active liquidity” zone. Active liquidity refers to lender deposits that are actively utilized in the pool thereby enhancing overall liquidity.  As more tokens enter the active liquidity range, they become eligible for rewards.

To maintain sufficient liquidity in Summer.fi pools, rewards are biased towards lenders, but borrowers are not excluded. Borrowers are rewarded according to the amount of tokens borrowed throughout the week. Each borrower is treated equally, borrowing from a shared pool.

Configuration of Rewards

Tokens will accumulate to each account, updating daily and being claimable once a week once the token is distributed. Token amounts and pool weights are updated weekly, remaining fixed for the duration of each week. The distribution of rewards between lenders and borrowers are determined by pool and will be announced by Summer.fi as it changes.

Previously accumulated rewards still count and will continue to be displayed in the UI, claimable once the token is launched. Summer.fi plans to announce via its communication channels any changes to the pools and distributions.

Bonus Rewards for Early Adopters

Summer.fi is also launching a Bonus Token Rewards initiative exclusively for early adopters. Those who engaged with the Ajna protocol through Summer.fi before the griefing vector was identified will be included in a special token distribution. Over six weeks, five million Ajna Tokens will be distributed to early adopters. 

Summer.fi’s comprehensive incentive program represents another step in the platform’s pioneering of new lending and borrowing paradigms, further highlighting the company as a leader in the DeFi sector.

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 while being able to maximize returns.

Contact
press@summer.fi

About Ajna

The Ajna protocol is a non-custodial, peer-to-peer, permissionless lending and borrowing system designed with no governance or external price feeds. The protocol consists of pools with lenders and borrowers. Ajna expands the universe of accepted collateral tokens used within DeFi, letting users borrow and lend against almost any ERC-20 or ERC-721 token. No governance process or gating mechanism controls which assets can be used in a pairing. For more information, visit: https://www.ajna.finance 

Contact
david@ajna.finance