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Filecoin, a liquid leasing platform and the largest protocol in the Filecoin ecosystem, has launched a points program ahead of the token launch.
Points is the first step toward decentralizing protocol decision-making, Glif said Thursday. Both parties in the Glif system, Filecoin storage providers (SPs) and liquidity providers (LPs), are eligible to earn points, he said, adding that points are rewarded to both past and future SPs and LPs.
Glif, a liquid leasing protocol, allows Filecoin (FIL) token holders to deposit FIL into a liquidity pool and receive in return iFIL, Glif’s native liquid leasing token. SP leases the deposited FIL and pays the rental fee back to LP and the protocol. LP receives proportional rent after depositing FIL.
With a total value pegged at over $372 million, Glif is currently the largest protocol in the Filecoin ecosystem, according to Filfox data.
75 million glyph points
Glif’s points program is available two days before your first anniversary. The protocol has allocated 75 million points for past (50 million) and future (25 million) SPs and LPs, with each party sharing 50% of the total points.
The historical points distribution start date is March 30, 2023, when the protocol was launched. The future point accumulation start date is from March 28 to September 26, and the point distribution cycle is once every two weeks.
glyph token
Glif plans to convert those points into its upcoming native token at a 1:1 ratio, a source with direct knowledge of the matter told The Block. Sources said the token launch is expected sometime this summer. The Block recently reported that Glif plans to launch a “governance token” that would operate similarly to other “voting escrow” governance token models such as veCRV.
Sources say Glif is also planning to launch a Quest program, a gamified experience that will give users new ways to earn more points.
Points are becoming increasingly popular in cryptocurrency projects to reward loyal users. As The Block recently reported, the cryptocurrency project has given out over 40 billion reward points to date.
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