Token Airdrops Made Tradable! Pre-Trade Agreement by Whales Market Enables Instant Trading of Airdrop Tokens
With more and more projects adopting a points system to calculate airdrops and user benefits, the market is starting to see pre-market decentralized protocols for points trading. One such protocol is Whales Market, where the current value of EigenLayer points is about $0.15 per point.
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Decentralized pre-market points trading protocol
On-chain points becoming mainstream
Whales Market releasing points liquidity
EigenLayer points are now cashable
The composability of on-chain points is just beginning
Recently, many projects have started distributing airdrops because there are many benefits to using a points system, such as information disclosure, composability, resistance to witch attacks, and so on. Therefore, the use of points to evaluate airdrop quotas is becoming more and more common.
Before distributing airdrops, points do not have liquidity. Therefore, there is a market demand for cashing out points for airdrop hunters who seek capital utilization efficiency.
Addressing this demand, Whales Market in the Solana ecosystem, in addition to providing over-the-counter trading functionality for tokens, has identified the growing points market and provides a unique on-chain points trading market that allows users to trade points for unreleased token airdrops at any time.
Unlike previous point trading, which usually took place through private transactions, Whales Market uses smart contract technology to protect the rights and responsibilities of both buyers and sellers, thus enhancing transaction security.
Any user who wants to buy or sell points can choose to create a trading contract or find an existing contract in the market. Sellers of points need to deposit collateral when creating or signing a contract to ensure that they will deposit the tokens into the contract after the airdrop is distributed. If the seller fails to fulfill the contract within 24 hours, the collateral will be transferred to the buyer to protect the rights of both parties.
Whales Market uses the contract model to minimize the complexity of calculating and contracting various points, and uses economic means and smart contracts to ensure the rights of both parties.
The most important on-chain points recently are undoubtedly EigenLayer, which is currently being traded in the market at a price of about $0.15 per point. This allows users to evaluate the value of airdrops earlier.
In addition to EigenLayer, other on-chain protocol points that are expected to have airdrops are also traded in the Whales Market, including projects such as Magic Eden, Friend.Tech, and Hyperliquid, each with different points values.
Now that on-chain points can be released for liquidity, it is very likely that there will be other ways of operating and products for on-chain points in the future. For example, the emergence of AMM trading, collateralized lending, derivatives, and other related products involving points. The application scenarios for on-chain points may be the new applications in the market.
However, since Whales Market is relatively new and the contracts have not been tested over time, the security is lower. If you need to use it, you should pay attention to your own risks and the security of on-chain assets.
(This article is not investment advice)
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