Summer.fi Announces Launch of $RAYS Points to Reward User Engagement

The DeFi platform Summer.fi has unveiled $RAYS, a novel points-based incentive system. This program aims to boost user engagement with the Summer.fi app and its affiliated protocols.

The $RAYS reward structure is divided into three main stages:

1: Retroactive Participation

A snapshot occurred on June 18th, 2024, capturing the activity of both current and former Summer.fi users. This snapshot also included users of various DeFi protocols and services across the broader ecosystem and individuals with active wallets. As a result, more than 2 million wallet addresses will receive $RAYS allocations, with the amount awarded correlating to their level of engagement.

2: Retroactive points claiming

The $RAYS claiming period runs from June 20th to September 17th, 2024, giving eligible users a 3-month window to claim their allocated points. Users who have engaged with Summer.fi, currently or in the past, will have their $RAYS automatically claimed. However, those who haven’t used Summer.fi must open and maintain a position on the platform for at least 14 days to become eligible to claim their $RAYS allocation.

3: Accruing of $RAYS

Starting June 18th, active Summer.fi users began accruing $RAYS based on their platform usage and position sizes. This point accumulation will continue for three years, ending on June 17th, 2027. Users can boost their $RAYS earnings through various activities, including:

1. Adding automations to their positions
2. Migrating positions from other frontends
3. Using Multiply and Yield Loop features for token swaps
4. Maintaining longer-term open positions

The $RAYS program is a key component of Summer.fi’s strategy to enhance user experience and promote the adoption of its advanced DeFi solutions. By offering these incentives, Summer.fi aims to strengthen its standing as a leading DeFi platform and foster user loyalty.