Pichi Finance raised $2.5 M Seed funding from Signum Capital, Mantle Network, others
Launched as a trustless points trading protocol, Pichi Finance provides price discovery for tokens both before and after TGE. UOB Venture Management, Signum Capital, and Mantle Network led the $2.5 million seed funding round.
Leading international investors DWF Ventures, Wise3 Ventures, and Genesis Block Ventures also participated in the round, according to a statement released by Pichi Finance on Thursday. These investors share Pichi Finance’s mission to enable trustless point trading via the ERC-6551 standard, to unlock the secure trading of points across protocols, and to add another layer of liquidity to the ecosystem.
Pichi Finance can now target new point programs to allow trading on day one, build vaults to earn points and yield jointly, and grow to other EVM Chains thanks to the investment.
The first trustless points trading protocol is Pichi Finance, which allows users to trade points from protocols they prefer, such as EigenLayer, Ether.Fi, and HyperLiquid, prior to TGE.
Blockchain protocols use points as rewards for engagement in tasks like farming, voting, and staking to monitor a user’s project loyalty. At TGE, points may be exchanged for a user’s portion of the project’s airdrop.
Points are not as easily traded on open markets because they are typically tied to wallet addresses and stored off-chain.
In order to improve NFT functionality, smart contract capabilities are being added through the ERC-6551 token standard, which was introduced on the Ethereum mainnet in May 2023.
Pichi uses ERC-6551 Accounts to give the trading point process significant design improvements.
Non-fungible tokens (NFTs) are the owners of these wallets, and selling an NFT means giving up ownership of the corresponding wallet and any points that have been accumulated.
In order to deposit tokens that accrue points into the corresponding ERC-6551 wallet, users can create a Michi Wallet NFT.
Users can withdraw the tokens that earn points and sell the Michi Wallet NFT, thereby selling the points they have accumulated, once they have accumulated in the wallet.
Pichi Finance wants to enable tradability by giving users a safe, transparent, and trustless way to exchange points both before and after the TGE by utilizing ERC-6551 Accounts.
With this model, neither the seller nor the buyer must provide collateral, and the sale procedure is similar to trading an NFT.
Once the sale is approved, the trade is assured, and the trading process is totally trustless.
With Pichi, users can safely accrue points and have access to a liquid market where they can exchange them for other points.
