Pichi and Mantle, the L2 Ethereum network, have recently teamed up for a strategic partnership. This partnership will aim to enhance price discovery before and after the Token Generation Event of coins.
The Mantle Ecosystem comprises an Ethereum layer 2 (L2) Network, a decentralized autonomous organization (DAO), Mantle Governance, one of the largest on-chain treasuries, Mantle Treasury, and an Ether (ETH) liquid staking protocol, Mantle LSP—all built on Ethereum.
We’re excited to introduce our chain integration with @0xMantle and accelerate our vision of allowing for price discovery of tokens pre & post-TGE, to all!
Mantle users can now deposit mETH, USDe, sUSDe, YT (mETH, USDe) to earn Pichi Points & trade points in Pichi’s Marketplace… pic.twitter.com/kH5cEXleuR
— Pichi Finance (@PichiFinance) August 26, 2024
Pichi Finance is the first trustless points trading protocol, enabling users to trade points from their favorite protocols before TGE. Conventionally, points are stored off-chain and tied to wallet addresses, limiting their tradability on an open market. Users can create a Michi Wallet NFT and deposit tokens to earn points into the ERC-6551 wallet. Once points accumulate in the wallet, users can withdraw the points-earning tokens and sell the Michi Wallet NFT, effectively selling the accrued points.
About TGE & How Pichi Facilitates Token Discovery
Token Generation Event is the period when a blockchain start-up issues tokens and makes them available to the public (for instance, via initial coin offerings). These tokens are designed with utility in mind and initially only represent a small portion of the finished product. Although they lack a value store, they are designed so that applications may be built around them.
One of the problems with TGE is the price discovery before and after it happens. Many users need help finding the exact price of a token. Pichi allows for price discovery of tokens pre & post-TGE to everyone.
With this new collaboration, Mantle users can now deposit mETH, USDe, sUSDe, and YT (mETH, USDe) to earn Pichi Points & trade points in Pichi’s Marketplace easily. Michi Protocol enables users to earn points securely while gaining access to a liquid market for trading these earned points.