UPDATED: Mar 13, 2024 7:51am EDT
Derivatives network Vega has created a market for points trading in derivatives, starting with EigenLayer. The goal is to allow users to hedge the value of their points.
Points are a web2 mechanism – think airline miles – that have made their way into the crypto space in relation to airdrops. Often, projects hand out points in exchange for activity on their platforms, with the underlying assumption that these points could help determine the distribution of a potential airdrop, if one were to occur.
Since these points have the potential to turn into tokens at some point, traders have started speculating on them. This could be to buy more points or to hedge against a possible airdrop. Platforms like Whales Market and Pendle have added points features, with the former allowing users to buy and sell points and the latter allowing users to leverage their points 100x.
Vega enters this emerging market with its points derivatives market. It started with EigenLayer – a network focused on recapture – but the underlying network supports market creation without permission. This means that anyone can set up a market for trading points for any other points project.
Since points may or may not lead to a future token airdrop, it’s complicated to create a system for trading the potential outcome when it’s so uncertain. Vega addresses this by using a cash-settled futures market with options for fixed and dynamic settlement dates.
There are certainly plenty of projects offering points and there are a lot of points available. At last check we counted 115 billion points spread across 14 projects. One project even symbolized these points. As more projects adopt them, it is not surprising that markets will emerge to facilitate trading in them.
However, there are some risks associated with trading points prior to airdrops. Some projects may choose not to give tokens to those who exchanged their points before an airdrop. For example, Says explosion all users who exchange a liquid proxy for points will have their allocation reset to zero.
About the author
Tim is editor-in-chief of The Block. Before joining The Block, Tim was news editor at Decrypt. He has a bachelor’s degree in philosophy from the University of York and studied news journalism at the Press Association Training. Follow him on X @Timccopeland.
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