Airdrop points turned into cash! Whales Market, a pre-trading protocol for points, allows airdrop points to be traded instantly.

As more projects adopt a point system to calculate airdrops and user benefits, the market is seeing the emergence of decentralized protocols for pre-market trading of points. In the Whales Market market, the current value of EigenLayer points is approximately 0.15 USD per point.

Decentralized Pre-Trading Protocol for Points

On-chain points are becoming mainstream

Recently, many projects have started distributing airdrops because using a points system has many benefits such as information disclosure, composability, resistance to Sybil attacks, etc., so it is becoming more common to assess airdrop quotas based on points.

However, points do not have liquidity before being distributed as airdrops, so there is a market demand for monetizing points for airdrop hunters who seek to maximize capital efficiency.

Whales Market Releases Points Liquidity

Seizing this demand, Whales Market from the Solana ecosystem, in addition to providing over-the-counter token trading, has identified the growing points market and offers a unique on-chain points trading market that allows users to trade points for tokens that have not been airdropped yet.

Unlike traditional points trading, which is usually done through private transactions, Whales Market uses smart contract technology to ensure the rights and responsibilities of both buyers and sellers, enhancing transaction security.

Users wishing to buy or sell points can choose to create a trading contract or find existing contracts in the market.

Sellers of points need to deposit a collateral when creating or signing a contract to ensure that after the airdrop is distributed, the sellers will deposit the tokens into the contract. If the seller does not fulfill the contract within 24 hours, the collateral will be transferred to the buyer to protect both parties' interests.

Whales Market uses a contract model to minimize the complexity of various points calculations and contracts, using economic means and smart contracts to ensure the rights of both parties.

EigenLayer Points Can Now Be Monetized

The most important on-chain points recently are undoubtedly EigenLayer, which is currently being traded in the market at around $0.15 per point. This provides users with an earlier evaluation of airdrop value.

In addition to EigenLayer, on-chain protocol points expected to be airdropped are also traded on the Whales Market, including projects like Magic Eden, Friend.Tech, Hyperliquid, each with different points values.

The Composability of On-chain Points is Just Beginning

Since on-chain points can now be made liquid, it is very likely that other operational methods and products for on-chain points will emerge in the future. For example, AMM trading between points, collateral lending, derivatives, and other related products may appear, making the application scenarios of on-chain points the new frontier in the market.

However, as Whales Market has just been launched, the team is still testing the market and the contracts have not been time-tested, so the security is relatively low. If you need to use it, be sure to pay attention to your own risks and the security of your on-chain assets.

This article is not investment advice.