Points system
The Folks Finance points system is designed to reward users for engaging with the protocol, encouraging continued participation and long-term usage. Points are accumulated separately for each token type (e.g., USDC, ETH, AVAX), and users can track their total points across different activities and assets.
Algorand users who interacted with the Algorand app before the introduction of the points system will receive a retroactive drop of points for their past activities. They will continue to earn points in the future by using the protocol. Additionally, the points systems for Algorand and xChain will soon be cumulative, allowing users to benefit from both ecosystems.
How Points Are Earned
Depositing and Collateralizing:
Users earn points when they deposit assets into the protocol or use their assets as collateral. The more you deposit and the longer you keep your deposit or collateral, the more points you accumulate.
Borrowing:
Points are awarded for borrowing assets from the protocol. The longer the borrowed position is maintained, the more points the user earns.
Repaying:
Users accumulate points by repaying borrowed funds, with more points earned the more interest is repaid.
Daily Interactions:
Users can also earn points through daily log-ins and interactions with the platform.
On-Chain and Social Tasks:
Additional points can be earned by completing tasks on-chain or via social platforms like Galxe and other integrations.
Referral:
Users can earn points by inviting others to join the platform, with points granted to both the referrer and the referred user.
Referral system
Folks Finance's referral system is designed to incentivise users to invite other users to the platform by rewarding both the referrer and the referred user. When a new user joins the protocol using a referral link, they earn ‘first sign-ins’ points after creating their first account, and the referrer earns a percentage of the referrer's accumulated points over time. This system encourages community growth and engagement, offering a win-win scenario for both parties, who benefit from increased participation. Referrers can keep track of points earned through referrals directly in their dashboard.
Leaderboard
Coming soon
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