Pichi Finance, a trustless points trading protocol that discovers token prices pre- and post-TGE, acquired $2.5 million in seed funding from UOB Venture Management, Signum Capital, and Mantle Network.
Pichi Finance announced that leading global investors DWF Ventures, Wise3 Ventures, and Genesis Block Ventures joined the round to enable trustless points trading through the ERC-6551 standard, unlock secure point trading across protocols, and add liquidity to the ecosystem.
Pichi Finance can target new points programs to enable trading on day 1, establish vaults to earn yield and points, and grow to other EVM Chains with the investment.
Before TGE, Pichi Finance was the first trustless points trading system, allowing users to trade points from EigenLayer, Ether.Fi, and HyperLiquid.
Points are incentives in blockchain protocols for staking, farming, and voting to measure a user’s devotion to the project, which can be converted into an airdrop share upon TGE. Points are traditionally stored off-chain and attached to wallet addresses, limiting open market trading.
Read also- Hong Kong-Based Concept 4 has Partnered with PALO IT
The ERC-6551 token standard, introduced on the Ethereum mainnet in May 2023, adds smart contract features to NFTs. By using ERC-6551 Accounts, Pichi improves trade point design. Selling non-fungible tokens (NFTs) transfers ownership of the wallet and any points. Create a Michi Wallet NFT and deposit tokens that earn points into the ERC-6551 wallet.
Ash, Signum Capital x UOB Venture Management, said they are excited about Pichi’s NFT wallet (ERC-6551 tokenbound account) which simplifies farming across multiple protocols.
Users can now earn points directly within the wallet, which can then be seamlessly traded on Pichi’s trustless marketplace, As they gear up towards their token launch, we’re confident that Pichi Finance will redefine how points are seen as an integral component to incentives and we’re excited to partner with them in their vision,” he added.
Users can withdraw points-earning tokens and sell the Michi Wallet NFT to sell points. Pichi Finance uses ERC-6551 Accounts to enable trustless, transparent, and secure point trading before and after the TGE. The sale method is similar to NFT trading, except no collateral is needed. Trading is trustless and guaranteed after the deal is accepted.
Read also- Singapore-Based Analytic Edge Acquired with C5i
Pichi lets users earn points securely and trade them on a liquid market. Wesley Tang, David Zhu, and Eric Zhu founded Pichi Finance in February 2024 to build a trustless points trading protocol where users can trade points, vested / locked tokens without collateral. They have over 10 years of experience in Web2 and Web3 technologies, GameFi, development, and marketing.
“At Pichi Finance, we’re dedicated to unlocking the value of points in decentralized finance by creating a trustless marketplace for trading these rewards,” said Wesley Tang, Founder, Pichi Finance. Our ERC-6551 account solution addresses the issue of points being tied to individual accounts, enabling users to securely trade their points with ease, We offer price discovery for tokens both pre- and post-TGE, empowering users to take control of their financial futures in a transparent and accessible way,” he added
About Pichi Finance
Pichi Finance is the first trustless points trading protocol, letting users trade points from their favourite protocols before TGE. Points are traditionally stored off-chain and attached to wallet addresses, limiting open market trading.
