Folks Points launch on Algorand

Folks Finance has an ongoing points campaign to complement the xChain expansion. The Points system has now been expanded to reward Folks Algorand users as well! Algorand users will also be retroactively rewarded with additional points to accurately reflect their historical usage of Folks. Please note that retroactive points will not be distributed on the day Algorand Points goes live. The Folks team will share details about the retroactive points distribution in the near future.

How to check Algorand Points:

Simply go to app.folks.finance, click “Points” in the top-menu, and connect your Algorand wallet.

How to maximize Points collection:

1. Deposit and Collateralize
The more assets you deposit into Folks Finance and the longer you leave them, the more points you’ll rack up.

2. Borrow
If you’re borrowing, you’re earning points. The higher the borrowed amount, and the longer it’s borrowed for, the more points are accumulated.

3. Repay Your Loan
Repaying interest accrued in loans earns points.

4. Social Tasks
Complete on-chain tasks or social activities, like following and reposting, for extra points. Folks Finance is using quest platforms like Galxe to facilitate this aspect of the Points system.

5. Refer Friends
After creating your account, you can copy your referral link and share it with friends. You will collect points based on the points they generate, and they will get rewarded for using your link.

6. Liquid Staking: Staking your ALGO in xALGO will be rewarded.

7. Swaps and Flash Loans: Usage of the swap and flash loan features on Folks also generates points.

Linking Your Algorand Address to xChain:
Got an Algorand address? Linking it to xChain is easy:

If you already have a xChain account:

1. Open xChain and grab your account ID.
2. Go to Folks Finance Algorand, connect your Algorand wallet.
3. Click “Points” in the header, paste your ID, and hit “Complete linking.”

If you’re new to xChain:
Follow the “Create an account” guide first, then follow the steps above.

FAQ Highlights

• Dual Points? Yes, you can earn on both xChain and Algorand.
• Retroactive Points? Yep, early users will receive points for past activity.
• Multiple Addresses? Sure, link as many Algorand addresses as you like.
• Do I need to create an xChain account? You don’t need to create an xChain account to check Algorand points. However the points are tallied cumulatively between xChain and Algorand. You can link your xChain and Algorand addresses to start collecting and seeing points across both platforms.

Your points are waiting for you. Click here to get started.

Folks Finance offers crosschain lending, borrowing, staking and trading across a range of elite blockchains. Folks is building a DeFi platform with the security and optionality of traditional finance on a foundation of transparency and decentralization, empowered by onchain tech.

Be sure to follow Folks’ X, join our Discord, and Telegram to stay updated with Folks Finance’s news. https://linktr.ee/FolksFinance