Author: Yogita Khatri, The Block; Translated by: Deng Tong, Golden Finance
Gif launched a points program before the token was launched.
The Filecoin Liquidity Lease Protocol will allocate 75 million points in the program.
One source noted that Glif plans to convert points into its native token at a 1:1 ratio.
Glif, the Filecoin liquidity leasing platform and the largest protocol in the Filecoin ecosystem, launched a points program before the token launch.
Glif said on Thursday that points are the first step toward decentralizing protocol decision-making. Both parties in the Glif system – Filecoin Storage Providers (SPs) and Liquidity Providers (LPs) – are eligible to receive points, Glif said, adding that points will be awarded to historical and future SPs and LPs.
As a liquidity leasing protocol, Glif allows Filecoin (FIL) token holders to deposit FIL into the liquidity pool and receive Glif's native liquidity leasing token iFIL in return. SPs rent out the deposited FIL and pay rent to LPs and the protocol. LPs earn corresponding rent after depositing FIL.
With more than $372 million in total value locked, Glif is currently the largest protocol in the Filecoin ecosystem, according to Filfox.
75 million Gif Points
Glif’s points program was launched two days before its first anniversary. The agreement allocates 75 million points to historical (50 million) and future (25 million) SPs and LPs, with each party receiving 50% of the total points.
The start date for historical points distribution is March 30, 2023, at the launch of the agreement. The starting date of future points will be March 28 and will last until September 26. The frequency of points issuance will be every two weeks.
Glif Token
A source with direct knowledge of the matter noted that Glif plans to convert its points into the upcoming native token at a 1:1 ratio. The token is expected to launch sometime this summer, sources said. It was recently reported that Glif plans to launch a “governance token” that would work similarly to other “voting escrow” governance token models such as veCRV.
According to sources, Glif also plans to launch a mission program, a gamified experience that will give users new ways to earn more points.
Points are becoming increasingly popular in crypto projects as a way to reward loyal users, with over 40 billion reward points reportedly having been issued by cryptocurrency projects to date.