Introducing the Folks Finance Points System: A New Way to Reward Active Users

Folks Finance is launching its Points System to reward users for engaging with the protocol and fostering long-term participation.

Whether you’re a seasoned user or new to Folks, every interaction with the protocol will contribute to your growth and success. Points will be earned based on a variety of activities, from depositing and borrowing assets to daily interactions and social tasks.

Algorand users who interacted with Folks before the Points System launch will receive a retroactive points drop. Additionally, these users can continue to accumulate points, so both new and old users will benefit from the system. The points systems for Algorand and xChain Lending will soon be combined, allowing users to maximize their rewards across the full Folks ecosystem.

Start collecting points today on the Folks Finance app.

Learn about xChain on the Folks Blog.

How Points Are Earned

• Depositing and Collateralizing: The more you deposit and the longer you hold your assets within the protocol, the more points you’ll accumulate.
• Borrowing: The longer the assets remain borrowed, the more points you earn over time.
• Repaying: Earn points by repaying borrowed funds. The more interest repaid, the greater the point reward.
• Daily Interactions: Engage with the protocol regularly by logging in and completing daily actions to earn additional points.
• On-Chain and Social Tasks: Beyond platform interactions, users can earn extra rewards by completing quests on social platforms like Galxe and other integrations.

Referral System: Earn More by Inviting Friends

Our Referral System is another way for users to earn points while encouraging platform growth. When you refer a new user to Folks Finance, both you and the referred user benefit.

• New User Bonus: When a new user signs up via a referral link, they earn points after creating their first account, helping them kickstart their journey on the platform.
• Referrer Rewards: Referrers earn a percentage of the referred user’s accumulated points over time. As the referred user engages with Folks, both parties continue to benefit.

You can easily track your referral points directly from your Folks Finance dashboard.

Coming Soon: Leaderboard

To add some friendly competition to the mix, we’ll soon be launching a Leaderboard where users can see how they stack up against other participants. Stay tuned for further updates on this feature!

The Folks Finance Points System is all about empowering users and rewarding engagement. Whether you’re depositing, borrowing, or making social posts about Folks, every action counts toward earning more points and rising up the leaderboard.

For more information about the points system, visit our documentation. Follow us on X @folksfinance for the latest updates!