Filecoin protocol Glif will distribute 75 million points ahead of coin launch

Author: Yogita Khatri, The Block; Compiler: Deng Tong, Golden Finance

• < p>Gif launched a points program before the token was issued.

• The Filecoin Liquidity Leasing Agreement will allocate 75 million points in the program.

• One source noted that Glif plans to convert points into its native token at a 1:1 ratio.

Glif is a Filecoin liquidity leasing platform and the largest in the Filecoin ecosystem The protocol launched a points program before the token was released.

Glif  said on Thursday that Points are decentralized for protocol decision-making first step. Glif means that the two parties in the Glif system - Filecoin storage provider (SP) and liquidity provider Business (LP) – are all eligible to receive points, adding that points will be awarded to historical and future SPs and LPs.

As a liquidity leasing protocol, Glif allows Filecoin (FIL) Token holders deposit FIL into the liquidity pool and, in return, receive Glif's native liquidity leasing token iFIL. The SP leases the deposited FIL and pays rent to the LP and the protocol. LP earns corresponding rent after depositing FIL.

According to Filfox data, Glif has more than $372 million in total value locked and is currently the largest protocol in the Filecoin ecosystem.

75 million Gif points

Glif’s points program launches just two days before its first anniversary. The agreement allocates 75 million points to historical (50 million) and future (25 million) SPs and LPs, with each party receiving 50% of the total points.

The start date for historical points allocation is March 30, 2023, when the protocol is launched. The starting date of future points will be March 28 and will last until September 26. The frequency of points issuance will be every two weeks.

Glif Token

A source with direct knowledge of the matter stated that Glif It plans to convert its points into the upcoming native token at a 1:1 ratio. The token is expected to launch sometime this summer, sources said. It was recently reported that Glif plans to launch a "governance token" that would work similarly to other "voting escrow" governance tokens such as veCRV The currency model is similar.

According to sources, Glif also plans to launch a mission plan, This is a gamified experience that will provide users with new ways to earn more points.

Points are increasingly popular in crypto projects to reward loyal users. Cryptocurrency projects have reportedly given out over 40 billion reward points to date.