Pichi Finance Launches PCH Token on Gate.io and MEXC, Boosts Ecosystem Growth
[PRESS RELEASE – Hong Kong, Hong Kong, August 16th, 2024]
Token Generation Event (TGE) will soon offer a revenue-sharing mechanism
Pichi Finance, a trustless points trading protocol offering price discovery to tokens Pre and Post-TGE, has announced the launch of its utility token, PCH, on Gate.io and MEXC and is available for trading from August 19, 2024, 16:30 UTC. This Token Generation Event and CEX listing follows the conclusion of the token’s public sale on Dao Maker.
The TGE is a key component of Pichi Finance’s comprehensive roadmap to enable users to earn points securely while gaining access to a liquid market for trading these earned points.
The Pichi (PCH) token will allow holders to take part in potential revenue sharing with the project. The protocol’s main revenue stream is through transaction fees and DeFi Integrations on Pichi, and positions the protocol at the forefront of building points infrastructure for users and projects alike.
Milestone TGE Follows Successful Completion of $2.5M Seed Fund Raise
On August 1, 2024, Pichi Finance announced the completion of a USD$2.5 million Seed Funding Round, led by UOB Venture Management, Signum Capital and Mantle Network.
The investors shared Pichi Finance’s vision to enable trustless points trading through the ERC-6551 standard, to unlock the secure trading of points across protocols and to bring another layer of liquidity to the ecosystem.
The investment enables Pichi Finance to target new points programs to enable trading on day 1, to create vaults which can allow users to earn yield and points together, and to expand to other EVM Chains.
As part of Pichi Finance’s extensive roadmap, the protocol is also set to launch on Arbitrum, the leading Layer 2 technology that empowers users to explore and build in Ethereum, and the Mantle Network, the Layer 2 rollup that combines Ethereum’s security with cheaper gas fees and higher throughput.
Offering Price Discovery to Tokens Pre and Post-TGE
Pichi Finance is the first trustless points trading protocol, enabling users the ability to trade points from their preferred protocols like EigenLayer, Ether.Fi, and HyperLiquid before TGE. Points are incentives in blockchain protocols for participating in activities like staking, farming, and voting to track a user’s loyalty to the project, in which the points can be converted into their share of the project’s airdrop upon TGE. Conventionally, points are stored off-chain and tied to wallet addresses, limiting their tradability on an open market.
Pichi provides significant design improvements to the process of trading points by leveraging ERC-6551 Accounts. These are wallets owned by NFTs and selling the NFT entails transferring ownership of the associated wallet along with any accrued points.
Users can create a Pichi Wallet and deposit tokens that can earn points into the associated ERC-6551 wallet. Once points accumulate in the wallet, users have the ability to withdraw the points-earning tokens and sell the Pichi Wallet, effectively selling the accrued points. By leveraging ERC-6551 accounts, Pichi Finance aims to unlock tradability by providing a trustless, transparent, and secure method for users to be able to trade points before and after the TGE.
“The PCH token is the backbone of our tech stack. On the launch of our Token Generation Event, Pichi Finance is redefining how points are seen as an integral component to incentives. Our token would allow users to deepen their involvement with Pichi through revenue sharing and further boost 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 for trading these rewards. The Pichi Finance team have been invited to participate in a Mario Nawfals’ Twitter/X Spaces discussion on Friday August 16, 2024, 4:00 PM UTC during which users can learn about Pichi Finance’s revenue sharing mechanism and points trading protocol.
About Pichi Finance
Revolutionizing the way users can earn and trade rewards in the DeFi space, Pichi Finance introduces the innovative ERC-6551 account solution. Their trustless points trading protocol enables price discovery for tokens both pre- and post-token generation event (TGE), empowering users to have the ability to seamlessly trade points from their preferred protocols.
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