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The post Earn While You DeFi: A Quick Guide to Summer.fi’s New Points System $RAYS appeared first on Coinpedia Fintech News
Summer.fi, a decentralized finance (DeFi) platform, has recently unveiled its $RAYS points program. The program is designed to reward users for engaging with high-quality DeFi protocols through the Summer.fi interface.
Whether you’re a long-time Summer.fi user or new to the platform, understanding the $RAYS program can help you maximize your DeFi experience and potential rewards.
What are $RAYS?
$RAYS are Summer.fi’s new points system, launched on June 18, 2024. These points are earned by users for various activities on the platform, from simply holding assets to actively managing DeFi positions.
While $RAYS currently function as points on a leaderboard, they are poised to play a significant role in Summer.fi’s future developments, including a new yield aggregation protocol slated for early 2025.
The $RAYS Airdrop: Retroactive Rewards
Summer.fi has taken a snapshot of eligible wallets across Ethereum, Optimism, Arbitrum, and Base networks. The airdrop includes four levels of eligibility:
1. Active wallet owners: 100 $RAYS for holding at least 0.2 ETH
2. DeFi users: 200 $RAYS per supported protocol with an active position
3. Summer.fi users: 500 $RAYS per protocol interacted with through Summer.fi (tripled for active users at snapshot)
4. Summer.fi power users: 2000 $RAYS per power feature used (tripled for active users at snapshot)
To claim airdropped $RAYS, users must open a position on Summer.fi with at least $500 and maintain it for over 14 days before September 20, 2024.
Earning $RAYS: Ongoing Opportunities
After the initial airdrop, users can continue to earn $RAYS through various activities on Summer.fi:
1. Open positions: Earn approximately 690 $RAYS per $10,000 managed per year (capped at $10M)
2. Multipliers:
- Automation: 1.1x to 1.5x boost for using features like Stop Loss or Auto Buy
- Time: 1.2x to 2x boost for keeping positions open for 30 to 180+ days
- Protocol diversity: 1.2x to 3x boost for using multiple supported protocols
3. Trades and swaps: Earn instant $RAYS for performing swaps within Summer.fi
4. Migrations: Get 20% of a year’s worth of points instantly by importing positions from other platforms
5. Referrals: Earn 5% of the $RAYS accrued by referred users
Why Participate in the $RAYS Program?
While the full utility of $RAYS is yet to be revealed, participating in the program offers several benefits:
1. Potential future value: $RAYS are likely to play a role in Summer.fi’s upcoming yield aggregation protocol
2. Engagement rewards: Earn points for activities you’re already doing in DeFi
3. Incentives for best practices: Multipliers encourage diversification and long-term strategies
4. Community involvement: Climb the leaderboard and become part of Summer.fi’s active user base
How to Get Started
To begin earning $RAYS:
1. Visit summer.fi/rays to check your eligibility and claim any airdropped points
2. Connect your wallet to Summer.fi and explore your portfolio
3. Open or manage positions to start earning ongoing $RAYS
4. Implement automation and diversify across protocols for multipliers
5. Share your referral link to earn additional $RAYS from friends’ activities.
In Conclusion
The $RAYS program cleverly combines retroactive rewards with ongoing incentives, encouraging both long-term users and newcomers to participate actively on the platform. By participating, users can also position themselves for future opportunities while optimizing their current DeFi strategies.
As Summer.fi continues to evolve, staying active in the $RAYS ecosystem could prove valuable for DeFi enthusiasts looking to make the most of their crypto assets. Overall, $RAYS presents a well-designed system that could significantly enhance user experience and loyalty on Summer.fi.
The system’s value will likely become clearer as the platform’s roadmap unfolds. For now, it offers an engaging way for users to potentially benefit from their DeFi activities beyond direct financial returns.
For more information, see the video “Everything you need to know about $RAYS”
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