Quick guide to Summer.fi’s new points system $RAYS

Summer.fi, a decentralized finance (DeFi) platform, recently launched its $RAYS points program. The program is designed to reward users with high-quality DeFi protocols through the Summer.fi interface.

Whether you're a longtime Summer.fi user or new to the platform, understanding the $RAYS program will help you maximize your DeFi experience and rewards.

What are $RAYS?

$RAYS is Summer.fi's new point 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 spaces.

While $RAYS currently work as points on the leaderboard, they are poised to play a significant role in Summer.fi's future developments, including a new production aggregation protocol planned for early 2025.

$RAYS Airdrop: Retroactive Rewards

Summer.fi took a snapshot of eligible wallets on the Ethereum, Optimism, Arbitrum and Base networks. Climate includes four levels of competence:

1. Active wallet holders: 100$ RAYS for holding at least 0.2 ETH

2. Defi users: 200$RAYS per supported protocol with active space

3. Summer.fi users: 500$RAYS per protocol interacted through Summer.fi (triple for active users in snapshot)

4. Summer.fi Power users: 2000$RAYS used per power feature (triple for active users in snapshot)

To claim over-the-air $RAYS, users must open a minimum $500 position on Summer.fi and maintain it for more than 14 days before September 20, 2024.

Earning $RAYS: Continued Opportunities

After the first airdrop, users can continue to earn $RAYS through various activities on Summer.fi:

1. Vacancies: Earn approximately 690$RAYS per $10,000 per year managed (capped at $10M)

2. Multipliers:

Automation: 1.1x to 1.5x leverage for using features like Stop Loss or Auto BuyTime: 1.2x to 2x leverage for holding open positions for 30 to 180+ days Protocol Diversity: 1.2x to 3x leverage for leveraging multiple supported protocols

3. Transactions and Exchanges: Get instant $RAYS for making exchanges in Summer.fi

4. Migration: Instantly earn 20% annual value points by importing positions from other platforms.

5. Referrals: Earn 5% of $RAYS accumulated by referred users

Why participate in the $RAYS program?

While the full $RAYS service has yet to be announced, participating in the program offers several benefits:

1. Potential future value: $RAYS may play a role in Summer.fi's upcoming product summary protocol

2. Participation Rewards: Earn points for your activities in DeFi

3. Incentives for best practices: Encourage replication and encourage long-term strategies

4. Community participation: climb the leaderboards and become part of Summer.fi's active user base

How to start

To start earning $RAYS:

1. Visit Summer.fi/rays to check your eligibility and claim any points that have been dropped

2. Connect your wallet to Summer.fi and browse your portfolio

3. Open or manage positions to start earning continuous $RAYS

4. Implement automation and vary in protocols for multiple attachments

5. Share your referral link to earn extra $RAYS from friends' activities.

In conclusion

The $RAYS program cleverly combines retroactive rewards with ongoing incentives to encourage long-time users and newcomers to actively participate in the platform. By participating, users can position themselves for future opportunities while enhancing their current DeFi strategies.

As Summer.fi continues to evolve, being active in the $RAYS ecosystem can be beneficial for DeFi enthusiasts looking to make the most of their crypto assets. Overall, $RAYS offers a well-designed system that can greatly enhance user experience and loyalty on Summer.fi.

As the platform map unfolds, the value of the system becomes clear. For now, it provides an engaging way for users to benefit from their DeFi activities beyond direct cashback.

For more information, check out the Everything You Need to Know About $RAYS video.