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.

How Points Are Earned

1. 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.

2. Borrowing:

   Points are awarded for borrowing assets from the protocol. The longer the borrowed position is maintained, the more points the user earns.

3. Repaying:

   Users accumulate points by repaying borrowed funds.

4. On-Chain and Social Tasks: Additional points can be earned by completing tasks on-chain or via social platforms like Galxe and other integrations.
5. Referral:

   Users can earn points by inviting others to join the platform, with points granted to both the referrer and the referred user.

In line with Folks Finance’s cross-chain philosophy, assets that are natively cross-chain are assigned a higher score in the point system. This reflects their unique ability to facilitate interoperability across different blockchain ecosystems, aligning with Folks Finance's mission to support and promote a more connected and efficient DeFi landscape.

Algorand users get points through the above methods plus the following:

1. Liquid staking: Users earn points by staking ALGO. The more ALGO deposited and the longer it remains staked, the more points are earned. Stake now.
2. Swaps: Users collect points performing swaps through Folks Router aggregator.

3. Flash Loans: Users who performs flash loan are eligible to earn points.

To start earning points Algorand users need to link their Algorand address to their xChain account. Here is how:

I already have a xChain account:

• Open your account on xChain.
• Copy your account ID.

• Open Folks Finance Algorand app.
• Connect your Algorand wallet.

• From the header, click on Points.

• Paste your Account ID and click on "Complete linking".

I do not have a xChain account:

• Follow the instructions from the Create an account guide.
• Copy your account ID.

• Open Folks Finance Algorand app.
• Connect your Algorand wallet.

• From the header, click on Points.

• Paste your Account ID and click on "Complete linking".

FAQ

1. Can I get points on depositing on Algorand and xChain? Yes, xChain and Algorand points are collected separated and they are merged in a single leaderboard.

2. Will Algorand users who interacted with the Algorand app before the introduction of the points system receive a retroactive drop? Yes.

3. Can I link multiple Algorand addresses to my xChain account? Yes.

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

The leaderboard offers a transparent way to track progress and performance within the Folks Finance Incentives Program. Points accumulated through various activities and contributions are reflected here, allowing participants to see how they rank compared to others.