Introducing $RAYS: Summer.fi's point program
Introducing $RAYS: Get rewarded for using DeFi’s Highest Quality Protocols
It pays to be patient...
We always try to do things the right way at Summer.fi.
We’ve always set out to curate the best of what the industry offers instead of hazard giving anyone access to the newest, shiniest DeFi.
We’ve always striven to make the experience of using DeFi simple and intuitive instead of complicated and cumbersome.
When we onboard a new protocol, or release a new feature, we do it from the perspective of seeking to help our customers perform better in the ever-changing landscape of DeFi.
Doing things the right way takes time.
So, when considering how to reward our community for allowing us to help them engage with the best DeFi protocols, we took our time to ensure we’d get it right, but the wait is over.
What are $RAYS, and why now?
$RAYS is the new points system within Summer.fi.
The time is now because as the bull market approaches, there has never been a better time to deepen your usage of DeFi’s highest quality protocols, strategies and the tools that enable you to easily access them.
In accordance with our ethos of doing things the right way, we believe that one thing is critical when it comes to $RAYS:
$RAYS can be earned no matter your market view or you risk tolerance.
The accrual of $RAYS allows users to express any market view and risk preference whilst incentivizing the usage of Summer.fi tools and features that make DeFi’s best protocols even better.
$RAYS Phase 1: The Airdrop Checking your eligibility
On June 18th 2024, Summer.fi took a snapshot of all Summer.fi users and every wallet on Ethereum, Optimism, Arbitrum and Base to check for eligible users of the $RAYS points campaign.
There are over 2,000,000 eligible wallets, across two categories and four “levels” of users.
For all non-summer users who are eligible for $RAYS, you will have to open a position on Summer.fi with at least $500 and keep it open for more than 14 days before September 20th, 2024 otherwise, your $RAYS will disappear
Non-Summer.fi Users
- Active wallet owners receive 100 $RAYS for owning a non-custodial wallet on Mainnet, Arbitrum, Optimism or Base with at least 0.2 ETH.
- DeFi users receive 200 $RAYS per protocol for having an active position on a supported protocol and network.
In order to claim your $RAYS as a non-summer user, you will need to open a position on Summer.fi, with at least $500 and keep it open for at least 14 days.
You can earn extra rewards the sooner you start; boost your $RAYS from 5x in the first week, reducing each week to 1x from weeks 9-12. You will only have 3 months from the launch of $RAYS to open a position and claim your points otherwise you lose them.
Summer.fi Users
- Summer.fi Users receive 500 $RAYS for each protocol they have ever interacted with through Summer.fi since June 2021, and this is boosted 3x to 1,500 $RAYS if you are active at the time of the snapshot.
- Summer.fi Power Users receive 2000 $RAYS for each power feature you have used on Summer.fi since June 2021, including Multiply, Yield Loop Transactions, used migrate or refinance, or enabled automation, and again, your $RAYS will be boosted 3x if you are an active user at the time of the snapshot.
To claim your $RAYS and earn even more, go to summer.fi/rays
$RAYS Phase 2: How to earn $RAYS for using DeFi’s highest-quality protocols
Once you claim your $RAYS, or even if you were not eligible for the airdrop, $RAYS can be earned for using DeFi’s Summer.fi supported protocols by Borrowing, Earning, or Multiplying.
$RAYS can be earned by expressing any market view or risk preference
Open any Borrow, Multiply, or Earn position to get $RAYS. $RAYS accrue per $ managed per second, which means a base rate of approximately 690 $RAYS per $10k per year—capped at $10M.
Positions with less than $10k net value will earn less than the 690 $RAYS per $10k per year, so it’s not worth trying to open a lot of smaller positions and game the system—you will only lose out. Save, or Earn position to get $RAYS. $RAYS accrue per $ managed per second, which means a base rate of approximately 690 $RAYS per $10k per year— yourself the gas costs.
Using Multiply or Yield Loop Transactions
Whether opening, closing, or adjusting your positions, increase or decrease your exposure, for Borrow, Multiply and Yield Loop positions, and earn instant $RAYS.
For every swap you perform within Summer.fi, you will earn the following amount of $RAYS:
- Uncorrelated pairs (e.g., ETH/USDC) earn 20% of the swap size's yearly points allocation.
- Correlated pairs (e.g., stETH/ETH) earn 6% of the swap size's yearly points allocation.
For example, if you swap 100k USDC to ETH, you would earn 20% of the 6,900 $RAYS 100k would earn you in a position over 1 year, instantly (1,380 $RAYS) - on top of the points you’re already earning from having an open position.
The more often you use Summer.fi’s swap features to manage your positions, the more $RAYS you can earn for each swap you perform…
- Trades 6-10 - 1.5x boost
- Trades 11-25 - 2x boost
- Trades 25 and above - 5x boost
Get rewarded in $RAYS for switching to Summer.fi
Import or migrate a position into Summer.fi from another UI and earn 20% of a year's worth of points instantly, based on the size of the position. Positions must be kept open for at least 30 days or the migration bonus points will be lost.
Earn more $RAYS faster and get familiar with features that improve DeFi’s best protocols.
There are three more additional ways to boost your way up the $RAYS leaderboard;
- Automations
- Time
- Diverse protocol usage
Automation Multipliers: Earn more $RAYS to set and forget your strategy
Add any of the following automations to your Borrow or Multiply position and long-term
- Stop Loss, your positions with peace of mind 1.1x $RAYS
- Trailing Stop Loss, capture profits from new highs, automatically 1.5x $RAYS
- Auto Sell, reduce your risk automatically 1.5x $RAYS
- Auto Buy, take advantage of market momentum 1.5x $RAYS
- Auto Take Profit, automate your exit strategy 1.5x $RAYS
Time Multipliers: More $RAYS for being patient and long-term oriented
- Keep any position open for longer than 30 days, 1.2x $RAYS for that position
- Keep any position open for longer than 90 days, 1.5x $RAYS for that position
- Keep any position open for longer than 180 days, 2x $RAYS for that position
Protocol Multipliers: Earn more $RAYS for diversifying your usage of DeFi’s highest quality protocols.
Choose from any combination of Summer.fi supported protocols, including Spark, Morpho, Ajna, Maker, and Aave. Regardless of the position type, being a Borrow, Earn, or Multiply position to earn boosted $RAYS. However, you must have at least $5,000 net value in a position for it to count towards active protocol usage.
- Active on 2 Protocols, 1.2x $RAYS
- Active on 3 Protocols, 1.5x $RAYS
- Active on 4 Protocols, 2x $RAYS
- Active on 5 Protocols, 3x $RAYS
Refer friends to Summer.fi and earn even more $RAYS
Give and get: in addition to Multipliers, any user can use their referral link and earn an additional 5% of all the $RAYS of the users they refer for the first 12 months after they have been referred.
Recap
- Today marks the launch of $RAYS, the points program that rewards usage of DeFi’s top protocols on Summer.fi
- 4 levels of users are eligible for the airdrop at Summer.fi/rays
- $RAYS can be earned by borrowing, earning, or Multiplying on Summer.fi. Earning can be accelerated with Multipliers for automation, time usage, trades quantity, and diverse protocal usage.
Getting in touch
If you have any questions regarding Summer.fi, contact us at support@summer.fi or our social media.