Quick take:
Pichi Finance’s trustless points trading protocol offering price discovery to tokens Pre and Post-TGE (token generation events).
The ERC-6551 standard was introduced last year to bring more utility to NFTs.
The integration allows users to mint an NFT into a wallet, which they can use to earn points and trade it together with the points like a regular NFT.
Pichi Finance, a trustless points trading platform enabling users to trade experience points before and after a token generation event has secured $2.5 million in a seed round led by UOB Venture Management, Signum Capital and Mantle Network.
The fundraising also attracted participation from DWF Ventures, Wise3 Ventures and Genesis Block Ventures.
Pichi also announced the integration of the ERC-6551 token standard, which enables users to mint NFTs into wallets, that can then be used to hold experience points earned from integrating with Web3 apps on-chain. Users can then trade the wallet together with the points held as a regular NFT.
The ERC-6551 token standard was introduced on the Ethereum mainnet in May 2023 to bring more utility to non-fungible tokens. The standard adds smart contract capabilities, thus assigning an Ethereum account to the NFT.
This gives the NFT the ability to hold other assets like tokens, crypto and even other NFTs whilst also enabling it to interact with Web3 apps like blockchain games, DAOs and real-world assets.
Pichi Finance said the seed round will allow it to target new points programs whilst enabling trading on day 1. Pichi already supports EigenLayer and EtherFi on the Ethereum network and has plans to expand to other chains with the latest funding.
According to Pichi Finance, its platform allows users to “create a ‘Michi Wallet NFT’ and deposit tokens that earn points into the associated ERC-6551 wallet. Once points accumulate in the wallet, users can withdraw the points-earning tokens and sell the Michi Wallet NFT, effectively selling the accrued points.”
Wesley Tang who co-founded Pichi Finance in February 2024 said in a statement: “Our ERC-6551 account solution addresses the issue of points being tied to individual accounts, enabling users to securely trade their points with ease. We offer price discovery for tokens both pre- and post-TGE, empowering users to take control of their financial futures in a transparent and accessible way.”
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The post Pichi Finance Integrates ERC-6551 Standard to Enable Pre and Post-TGE Points Trading appeared first on NFTgators .