Pichi and Mantle, the L2 Ethereum network, recently teamed up for a strategic partnership. This partnership aims to improve coin price discovery before and after the Token Generation Event.
The Mantle ecosystem consists of 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. built on Ethereum.
We’re excited to introduce our on-chain integration with @0xMantle and accelerate our vision to enable token price discovery before and after TGE for everyone!
Mantle users can now deposit mETH, USDe, sUSDe, YT (mETH, USDe) to earn Pichi Points and trading points in Pichi’s Marketplace… pic.twitter.com/kH5cEXleuR
— Pichi Finance (@PichiFinance) August 26, 2024
Pichi Finance is the first trusted points trading protocol, allowing users to trade points from their favorite protocols before TGE. Conventionally, points are stored off-chain and linked to wallet addresses, limiting their tradability on an open market. Users can create a Michi Wallet NFT and deposit tokens to earn points in the ERC-6551 wallet. Once points have been accumulated in the wallet, users can withdraw the points-earning tokens and sell the Michi Wallet NFT, effectively selling the accumulated points.
About TGE and how Pichi powers token discovery
Token Generation Event is the period during which a blockchain startup issues tokens and makes them available to the public (e.g. through initial coin offerings). These tokens are designed with utility in mind and initially represent only a small portion of the final product. Although they have no store of value, they are designed so that applications can 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 enables price discovery of tokens before and after TGE for everyone.
With this new partnership, Mantle users can now deposit mETH, USDe, sUSDe, and YT (mETH, USDe) to easily earn Pichi Points and trading points in Pichi’s Marketplace. Michi Protocol allows users to securely earn points while gaining access to a liquid market for trading these earned points.