Pichi Finance Embraces ERC-6551 Standard for Pre- and Post-Token Generation Event Point Trading
Pichi Finance, a pioneering platform in the decentralized finance (DeFi) space, has introduced an innovative solution to transform the way users interact with Non-Fungible Tokens (NFTs). By integrating the ERC-6551 token standard, Pichi Finance is enabling NFTs to function as programmable accounts, acting as wallets that can hold assets, execute transactions, and manage permissions.
ERC-6551: Empowering NFTs as Wallets
The ERC-6551 token standard, introduced on the Ethereum mainnet in May 2023, defines token-bound accounts. This groundbreaking feature allows NFTs themselves to act as wallets that can hold assets, execute transactions, and manage permissions. In essence, an NFT can now own other tokens, NFTs, or assets via a smart contract account uniquely bound to it.
Points as Tradeable NFTs on Pichi Finance
In the context of Pichi Finance, ERC-6551 enables the trading of points as NFTs. By binding user points or rewards to a token-bound account linked to a specific NFT, points can be represented, managed, and traded on-chain as NFTs. This linkage gives points the flexibility and composability of token-bound accounts, allowing them to be transferred, traded, or interacted with in DeFi ecosystems like Pichi Finance.
A New Era of NFT Usage
This mechanism extends beyond simple NFT ownership, enabling new use cases where NFTs can hold and manage various assets dynamically. For instance, loyalty or reward points traded as NFTs can open up a world of possibilities, enabling users to securely trade their points with ease.
Funding and Expansion
Pichi Finance recently secured $2.5 million in a seed round led by UOB Venture Management, Signum Capital, and Mantle Network. The fundraising also attracted participation from DWF Ventures, Wise3 Ventures, and Genesis Block Ventures. With this funding, Pichi Finance plans to expand its platform to other blockchain networks, further democratizing the use of ERC-6551 and its potential applications.
Trading on Day 1
The seed round will also enable Pichi Finance to target new points programs and enable trading on day 1. Users on Pichi Finance can create a 'Michi Wallet NFT' and deposit tokens that earn points into the associated ERC-6551 wallet. Once points accumulate in the ERC-6551 wallet, users can withdraw the points-earning tokens and sell the Michi Wallet NFT, effectively selling the accrued points.
Interacting with Web3 Apps
The integration of the ERC-6551 token standard allows NFTs on Pichi Finance's platform to interact with Web3 apps like blockchain games, Decentralized Autonomous Organizations (DAOs), and real-world assets. This opens up a plethora of opportunities for users to engage with a wide range of DeFi applications, enhancing the overall user experience.
Pichi Finance's innovative approach to NFT trading, powered by the ERC-6551 token standard, is set to revolutionize the way users interact with digital assets. By enabling points to be traded as NFTs, Pichi Finance is empowering users to take control of their financial futures in a transparent and accessible way.
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