Hong Kong, Hong Kong, August 16, 2024, Chainwire
Token Generation Event (TGE) to Soon Offer Revenue Sharing MechanismPichi Finance, a trustless peer-to-peer trading protocol offering price discovery for Pre- and Post-TGE tokens, has announced the launch of its utility token, PCH, on Gate.io and MEXC and is available for trading starting August 19, 2024, at 16:30 UTC. This Token Generation Event and CEX listing follows the conclusion of the public token sale on Dao Maker.
The TGE is a key component of Pichi Finance’s comprehensive roadmap to enable users to securely earn points while gaining access to a liquid market to trade these earned points.
The Pichi (PCH) token will allow holders to participate in potential revenue sharing with the project. The protocol’s primary revenue stream comes from transaction fees and DeFi integrations on Pichi, and positions the protocol at the forefront of creating point infrastructure for users and projects alike.
TGE reaches milestone following successful completion of $2.5 million seed fundraising
On August 1, 2024, Pichi Finance announced the completion of a $2.5 million seed funding round, led by UOB Venture Management, Signum Capital, and Mantle Network.
Investors shared Pichi Finance’s vision of enabling trustless pips trading via the ERC-6551 standard, to unlock secure pips trading across protocols and bring another layer of liquidity to the ecosystem.
The investment allows Pichi Finance to target new points programs to enable trading from day 1, create vaults that allow users to earn yield and points together, and expand to other EVM chains.
As part of Pichi Finance’s extensive roadmap, the protocol will also launch on Arbitrum, the leading Layer 2 technology that allows users to explore and build on , and Mantle Network, the Layer 2 stack that combines the security of Ethereum with cheaper gas fees and higher throughput.
Price Discovery Offering (NASDAQ:) for tokens before and after TGE
Pichi Finance is the first trustless points exchange protocol, allowing users to exchange points from their preferred protocols such as EigenLayer, Ether.Fi, and HyperLiquid prior to TGE. Points are incentives on blockchain protocols to participate in activities such as staking, farming, and voting to track a user’s loyalty to the project, where points can be converted into their share of the project’s airdrop following TGE. Conventionally, points are stored off-chain and tied to wallet addresses, limiting their tradability on an open market.
Pichi offers significant design improvements to the points exchange process by leveraging ERC-6551 accounts. These are NFT-owned wallets and selling NFTs involves transferring ownership of the associated wallet along with the accumulated points.
Users can create a Pichi wallet and deposit tokens that earn them points into the associated ERC-6551 wallet. Once points are accumulated in the wallet, users have the ability to withdraw the tokens that earn them points and sell the Pichi wallet, effectively selling the accumulated points. By leveraging ERC-6551 accounts, Pichi Finance aims to unlock tradability by providing a secure, transparent, and trustless method for users to trade points pre- and post-TGE.
“The PCH token is the backbone of our technology stack. With the launch of our token generation event, Pichi Finance is redefining how points are considered as an integral component of incentives. Our token would allow users to deepen their participation in Pichi through revenue sharing and further drive ecosystem growth by allowing more projects with points to be integrated into Pichi, creating a flywheel effect.” – Wesley Tang, founder, Pichi Finance.
Pichi Finance is dedicated to unlocking the value of points in decentralized finance by creating a trustless marketplace to trade these rewards. The Pichi Finance team has been invited to participate in a discussion on Mario Nawfals' Twitter/X Spaces on Friday, August 16, 2024 at 16:00 UTC, during which users can learn about Pichi Finance's revenue sharing mechanism and points trading protocol.
About Pichi Finance
Pichi Finance revolutionizes the way users can earn and trade rewards in the DeFi space and introduces the innovative ERC-6551 account solution. Its trustless points exchange protocol enables token price discovery both before and after the token generation event (TGE), allowing users to seamlessly trade points from their preferred protocols.
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ContactAimee HillmanPublic Relations for the Peninsula for Pichi Finance[email protected]
This article was originally published on Chainwire
