Slide, one Filecoin FIL
+1.90%
liquid leasing platform and the largest protocol in the Filecoin ecosystem, has launched its points program ahead of the token launch.
Points are the first step toward decentralizing protocol decision-making, Glif said Thursday. Both parties in the Glif system – Filecoin storage providers (SPs) and liquidity providers (LPs) – are eligible to earn points, Glif said, adding that points are rewarded for both historical and future SPs and LPs.
As a liquid leasing protocol, Glif allows holders of Filecoin (FIL) tokens to deposit FIL into a liquidity pool and in return receive iFIL, Glif’s native liquid leasing token. SPs rent deposited FIL and repay rents to LPs and to the protocol. LPs earn their prorated rental fees after depositing FIL.
With a total value of over $372 million, Glif is currently the largest protocol in the Filecoin ecosystem, according to Filfox facts.
75 million Glif points
Glif’s points program comes two days before its first anniversary. The protocol has allocated 75 million points to historical (50 million) and future (25 million) SPs and LPs, with each party receiving a 50% share of the total points.
The start date for historical points distribution is March 30, 2023, when the protocol was launched. The start date for future points is March 28 and runs until September 26, and the frequency of points distribution is once every two weeks.
Glif token
Glif plans to convert its points into its upcoming native token at a 1:1 ratio, a source with direct knowledge of the matter told The Block. The source said the token launch is expected sometime this summer. The Block recently reported that Glif plans to launch a ‘governance token’ that would work similarly to other ‘vote escrowed’ governance token models such as veCRV.
Glif also plans to launch a quest program, a gamified experience that will give users new ways to earn more points, the source said.
Points are becoming increasingly popular among crypto projects to reward loyal users. As The Block recently reported, crypto projects have handed out more than 40 billion reward points to date.
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