gALGO Points Retrodrop Makes it Rain on Algorand DeFi

Folks is excited to announce the first phase of the Folks Points Retrodrop, which will be the first step of rewarding the Algorand community for historical usage of Folks Finance.

During the lifespan of Liquid Governance,
3,486,759,928 gALGO were minted over 40,981 user entries,
averaging
290,563,327 ALGO and 3,415 users per-quarter.

For this first retrodrop, points were awarded to people who minted gALGO, distributing more to those who have consistently used Folks over time. A scaling multiplier that increases your total points based on the number of periods you participated in, combined with the amount of gALGO minted. It’s one way of recognizing and celebrating your ongoing support and commitment.

How is the gALGO Points Retrodrop calculated?

Your points are calculated using a simple formula: the total amount of ALGO you committed across all governance periods is converted to USD using historical prices taken on the closing day of each Governance Commitment Period. The sum (total) is then found, and multiplied by a ratio equal to 36.

A multiplier boost is applied based on how many governance periods you’ve been part of. For each eligible period of participation above 1, the multiplier increases. See the table below for details:

For example, if you participated in 4 governance periods with a total commitment of $10,000, you should receive 504,600 points.

User Points = Ratio × ∑ commitment_in_usd × Multiplier

User Points = 36 × $10,000 × 1.41= 504,600

For a period to be eligible, the amount you committed in a period must be more than 25% of your previously highest committed amount, and more than 100 ALGO. If these thresholds are not met, that period won’t count for the multiplier.

Curious to see how many points you’ve earned? Head over to the Points page in the Folks app to view your retroactive rewards. Share the screenshot on X and tag @folksfinance to enter a $200 giveaway.

This is just the beginning, and we’re excited to roll out more retrodrops in the future. Stay tuned to our social channels to never miss an update.

With over $300M in TVL and more than 18000 MAUs across 6 chains, Folks Finance offers crosschain lending, borrowing, staking and trading with the security and optionality of traditional finance on a foundation of transparency and decentralization, empowered by onchain technology.