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Bitcoin Summer is a multi-phase campaign in partnership with Lombard, EtherFi, Solv, Bedrock, Wrapped Bitcoin, Structured, Mars, Amber Finance, and Babylon that brings real yield opportunities to BTC and unlocks leveraged BTC looping for the first time. The campaign distributes up to $10M in NTRN rewards, in addition to partner airdrops, over multiple phases to participants who provide liquidity and engage with Neutron’s DeFi protocols. Neutron is uniquely positioned thanks to three innovations:

maxBTC

A high, real yield BTC derivative. MaxBTC has been live for > 230 days with an average BTC APY of ~10% before incentives.

Supervaults

Advanced automated market makers that leverage in-consensus oracles to protect LPs from loss while offering best execution to traders.
For users, this campaign represents an opportunity to:
  • Earn sustainable risk-adjusted BTC rewards without the hassle of frequently cycling through ecosystem campaigns.
  • Manage your exposure according to your preferences: from most conservative (lending yields) to most aggressive (Leveraged Looped MaxBTC positions).
For detailed reward and incentive mechanics, see Rewards Guide. For important eligibility requirements and campaign terms, please review Bitcoin Summer Campaign Terms.

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Campaign Structure

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Phases & Timeline

The campaign is structured in successive 2-month phases, with at least 6 phases planned (12+ months total duration). Each phase has predetermined parameters set before launch:
  • Phase Budget: Dollar value distributed as incentives (e.g., Phase 1: $250,000 in NTRN Rewards)
  • Eligible Opportunities: List of participating positions and protocols
  • NTRN Reward Multipliers: Boost mechanisms and qualification criteria
Earlier phases have smaller budgets to account for initial visibility, while later phases scale up to drive broader participation.
Breakdown of campaign timeline and epochs

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How Rewards Work

Ethereum vaults were deprecated on November 1st, 2025 following Valence’s wind down. All deposits now go directly to Neutron positions. Learn more
The campaign rewards actual DeFi positions on Neutron. Participants earn rewards by depositing directly into eligible Neutron protocols (Amber lending or Supervaults LP).

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Dollar-Denominated Rewards

Unlike traditional token farming, rewards are calculated in dollar terms throughout each phase and converted to NTRN tokens at phase end based on the final NTRN price. Example:
  • Alice deposits 1 BTC ($100,000) at phase start
  • Earns $1,660 in rewards over 2 months (~10% APR)
  • At phase end, if NTRN = $1, Alice receives ~1,660 NTRN tokens
This structure means campaign costs decrease if NTRN price appreciates, aligning incentives with network growth.
Rewards use a points-based accounting system to ensure fair distribution:Points=USD Value of Deposit×Days Staked×(1+Bonus Multipliers)\text{Points} = \text{USD Value of Deposit} \times \text{Days Staked} \times (1 + \text{Bonus Multipliers})
  • Daily Calculation: Points accrue daily based on USD deposit value
  • Pro-rata Distribution: Phase budget distributed proportionally to total points earned
  • Bonus Multipliers: Additional rewards for advanced strategies (learn more)
  • Protection from Dilution: Daily calculation locks in dollar-denominated rewards

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Reward Claiming & Vesting

After each Bitcoin Summer phase ends, participants have three options to claim NTRN rewards:
  1. Boost & Earn Staking Rewards: Stake and lock instantly to boost NTRN rewards in upcoming phases by up to 3x and earn NTRN staking rewards
  2. Instant Claim: Instantly claim 50% and forfeit the other 50%
  3. Standard Vesting: Vest over 2 months to claim the full amount
The vesting mechanism promotes long-term ecosystem participation and prevents sudden token supply releases.

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Forfeitable Rewards Structure

Bitcoin Summer uses a “forfeitable” reward structure designed to balance liquidity with participation incentives:
ComponentTermsDetails
PrincipalNo lockupYour principal remains fully liquid at all times.
DeFi RewardsNo lockupLending yields and swap fees are automatically compounded into your position and can be withdrawn at any time.
NTRN RewardsForfeitableWithdrawing mid-Phase forfeits that Phase’s NTRN rewards proportionally.
Partner RewardsNo lockup by defaultBTC LST issuers generally do not enforce forfeitable incentives. Check with specific asset issuers to confirm their approach.
Key Mechanic: Users can withdraw deposits at any time, but NTRN rewards are forfeited proportionally to withdrawals made before phase completion. Example: If you withdraw 50% of your deposit halfway through a phase, you’ll forfeit 50% of the NTRN rewards for that phase. Your principal, DeFi yields, and partner rewards remain fully accessible. For detailed reward optimization strategies and worked examples: NTRN Reward Structure & Examples Learn more about NTRN multipliers in Boost Mechanisms & Multipliers

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How to Participate

How to Deposit

Complete step-by-step guide covering wallet setup (Keplr), bridging assets to Neutron, depositing into eligible positions, and earning rewards.