August 1, 2024
Pichi Finance, a novel trustless points trading protocol where you can buy and sell points from pre-token projects, has closed a $2.5 million seed funding round led by prominent investors including UOB Venture Management, Signum Capital, and Mantle Network.
Additional participation from DWF Ventures, Wise3 Ventures, and Genesis Block Ventures underscores the industry's interest in Pichi's innovative approach to unlocking the value of points within decentralized finance (DeFi).
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Pichi Finance | $2.5M | Aug 1, 2024 | Seed | $2.5M | Signum Capital | DeFI |
This funding empowers Pichi Finance to achieve several key objectives:
Expand Compatibility: Integrate new points programs, enabling users to trade points from various protocols immediately upon launch (Day 1 trading).
Enhance Yield Generation: Create DeFi vaults allowing users to earn both yield and points simultaneously.
Embrace Interoperability: Expand beyond the Ethereum blockchain and integrate with other EVM-compatible chains.
Points Trading with ERC-6551
Pichi Finance is the first trustless points trading protocol. It empowers users to trade points earned on various platforms (e.g., EigenLayer, Ether.Fi, HyperLiquid) before a token generation event (TGE). Traditionally, points function as loyalty incentives within blockchain protocols, rewarding user participation in activities like staking, farming, and voting. However, these points are typically stored off-chain and tied to specific wallet addresses, hindering their tradability on open marketplaces.
The ERC-6551 token standard, introduced in May 2023 on the Ethereum mainnet, empowers NFTs with enhanced functionality through smart contract capabilities. Pichi leverages ERC-6551 Accounts to significantly improve the points trading process. These accounts essentially function as wallets owned by NFTs. When a user sells an NFT representing an ERC-6551 Account, they effectively transfer ownership of the associated wallet along with any accumulated points.
Michi Wallet NFTs: Streamlining Point Trading
Users can generate a "Michi Wallet NFT" and deposit tokens that accrue points into the corresponding ERC-6551 wallet. As points accumulate, users can withdraw the point-earning tokens and sell the Michi Wallet NFT, essentially selling their accrued points. This method offers a secure, transparent, and trustless approach to trading points before and after a TGE.
Advantages of Pichi's Trustless Model
Collateral-Free Trading: Neither buyers nor sellers require collateral for transactions, simplifying the process and mirroring traditional NFT trading.
Guaranteed Trades: The trustless nature of the protocol ensures trades are completed once a sale is accepted.
Enhanced User Experience: Users can securely earn points while simultaneously gaining access to a liquid marketplace for trading these rewards.
Pichi Finance aims to unlock the true value of points within DeFi by establishing a trustless marketplace for trading these rewards. Their ERC-6551 account solution effectively addresses the limitations of points tied to individual accounts, enabling users to trade points securely and effortlessly. Additionally, Pichi offers price discovery for tokens before and after a TGE, empowering users to navigate their financial futures with greater transparency and control.
About Pichi Finance
Founded in February 2024 by Wesley Tang, David Zhu, and Eric Zhu, Pichi Finance boasts a team with over a decade of experience in Web2 and Web3 technologies, GameFi development, and marketing. Their dedication lies in building a trustless points trading protocol that empowers users to trade points and vested/locked tokens without requiring collateral.
Website: https://pichi.finance/
X Followers: 34,900
About Investors
Investor: Signum Capital
Description: Signum Capital invests in distributed ledger technologies and crypto assets. They support game-changing projects that advance us towards the future of blockchain-enabled socioeconomic transformation.
Founded in 2017, Signum Capital are a team of crypto enthusiasts with complementary backgrounds and interdisciplinary perspectives. They believe that the crypto natives are the engine of innovation, and what they build will spillover to the mainstream via cross-pollination with other domains. The Signum team assists founders to deploy their ideas, and to facilitate the adoption of their products both inside and outside the crypto community.
By empowering companies with specialized expertise and unique insights, we’re committed to driving the dynamic growth of high-quality infrastructure. Whether launching new initiatives or optimizing existing systems, our diverse team and network of partners offer valuable support and knowledge, enabling the successful kickstart of a variety of infrastructure endeavors.
Signum Capital are a registered fund management company with the Monetary Authority of Singapore and currently manage two active funds, one of them co-managed with UOB Venture Management:
Website: https://x.com/Signum_Capital
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